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This paper aims to explore the effects of a surge in tourism short-term rentals (STR) on housing prices in municipalities within Portugal’s two largest Metropolitan Statistical Areas.

This study applies the difference-in-differences (DiD) methodology by using a feasible generalized least squares (FGLS) estimator in a seemingly unrelated regression (SUR) equation model.

The results show that the liberalization of STR had a significant impact on housing prices in municipalities where a higher percentage of housing was transferred to tourism. This transfer led to a leftward shift in the housing supply and a consequent increase in housing prices. These price increases are much higher than those found in previous studies on the same subject. The authors also found that municipalities with more STR had low housing elasticities, which indicates that adjustments to the transfer of real estate from housing to tourism were made by increasing house prices, and not by increasing supply quantities.

The study suggests that an unforeseen consequence of allowing property owners to transfer the use of real estate from housing to other services (namely, tourism) was extreme housing price increases due to inelastic housing supply.

This is the first time that the DiD methodology has been applied in real estate markets using FGLS in a SUR equation model and the authors show that it produces more precise estimates than the baseline OLS FE. The authors also find evidence of a supply shock provoked by STR.

Being asked by the president of AIEST, Dr. Keller, to summarize the multitude of approaches and views being expressed in more than 30 papers by over 30 speakers represented both an honour but more so a challenge. Hence the notion of only an attempted review, which cannot possibly do full justice to the contextual and intellectual diversity of both the subject matter and the papers within the confines of this short summary.

The Geography of Tourism in Spain is now at a par in terms of its scientific production with other European countries. Since the middle of the '80s the quality and volume of contributions is analogous to the rest of the European Union, although as a part of University Geography in Spain it has not achieved the level of dedication reached by other subjects considering the importance of tourist activities to the economy, the society and the territory of Spain. It could be said that the Geography of Tourism in Spain is in the international vanguard in dealing with Mediterranean coastal tourism, with the relationships between the residential real estate and tourism sectors and with aspects related to tourism and leisure in rural and protected areas.

The significance of private equity as a form of financing and investing has led to growing interest in the real estate economy over the past few years. Anglo‐American investors in particular are currently engaged in large‐scale real estate transactions and have now become the most important group of investors in the European hotel real estate market. However, for private equity funds, the high risk of investing in complex tourism and specialized real estate such as hotels is always coupled with an expectation of returns well above the market average. Yet actually achieving above market returns is not always accomplished. This paper therefore deals with the question of why some real estate private equity investors succeed in getting returns above the total market average even in the overall bear Western European market environment while others fail to do so. It shows that one formula for success includes deliberately exploiting market imperfections und overcoming inefficient information policies.

Tourism accommodation is an affair for the real estate business. As a concept, tourism accommodation can only be defined and understood in terms of demand. When a tourist requires overnight accommodation, this product constitutes tourism accommodation. Looked at in this way a home for the aged, even when located in a tourism region, does not constitute tourism real estate. The World Trade Organisation (WTO) has classified different types of accommodation. This classification shows clearly what a great variety there is in types of tourism accommodation. The WTO list makes a particular distinction between collective types of accommodation and private accommodation. In the first category we find commercially operated hotels and para‐hotels. The second category concerns second homes which are either exclusively used by the owners or are at times made available to family and friends, at no charge.

The purpose of this conceptual paper is to explore how Africa has been branded, and to suggest ways the continent could be re‐branded to attract both international and domestic investments.

An extensive review of literature that encapsulates branding, nation branding, place/destination branding, foreign direct investment and issues associated with investment opportunities in Africa was conducted towards exploring how Africa has been branded and could be re‐branded.

This paper finds that the extant literature is replete with publications that essentially associate Africa, as a brand, to poverty, underdevelopment, corruption, doom, pestilence and several other inauspicious features. Nonetheless, the article also shows that there are several existing virtues especially in the form of business opportunities in several sectors that could be accorded extensive publicity to espouse the continents' brand equity. These range from agriculture, to tourism, to real estate, to sports and several existing foreign direct investments already thriving in several parts of the continent. Hence, the suggestion for re‐branding Africa as a viable continent for global business transactions is strongly emphasised in the article.

This paper has a significant implication for positioning Africa as a relevant business partner in the global marketplace by echoing the extensive business opportunities that await both the indigenous and foreign investors in the continent.

The article espouses the brand equity of Africa as a continent and suggests avenues for constantly communicating the inherent virtues of the content to the world towards maintaining her rightful position in the international business community.

Holy cities in India are seeing tremendous gentrification. This study aims to investigate the effect of the changing lifestyle of people towards spirituality and the changing lifestyle's impact on consumer buying behavior on properties in Indian holy cities which has not been studied anecdotally.

The research is exploratory in nature. A questionnaire has been sent to collect primary data through SurveyMonkey. Simple random sampling was used to collect a sample of 450 respondents which was also verified using G* software. The data were analyzed using descriptive statistics and partial least square–structured equation modeling (PLS-SEM).

Findings obtained through the structural model using bootstrapping technique suggest that intrinsic and extrinsic factors are attracting tourists leading to an increase in the demand for real estate in holy cities.

The research findings may vary as per the cultural differences and belief in spirituality, which is subject to perceptual biases in different holy cities.

The traditional determinants of property buying behavior are considered inadequate to attract real estate investments. The inclusion of these behavioral aspects – intrinsic and extrinsic factors may improve the investment inflows in India.

Spirituality connects to the concept of behavioral real estate, where the decision to buy property is largely affected by the emotional attachment of people.

This research adds value to fill the gap by finding out the latent determinant – emotional reasons impacting transnational gentrification in India.

Sal Island has been the object of strong tourism development in the last decades, to the point that Cape Verde is now the African country with the highest relative weight of tourism in employment and economy. This study aims at knowing: the perceptions of Sal residents towards the environmental, cultural, social and economic impacts of tourism activity; the opinion of the people regarding public information and participation; and possible divergences with the “official” discourse present in governmental strategic plans.

A survey was carried out among a sample of residents and descriptive statistics, t‐student and Pearson correlation were computed to study the existence of relations between the impacts and the demographic characteristics of the respondents (age, education, gender and years living in the area). The most relevant plans concerning tourism activity were object of content analysis.

Negative social impacts and positive economic ones are well perceived by the residents, especially the improvement of women's situation. There is a lack of public participation in the decision‐making processes. In general, the population supports tourism development, but there are wearing signs that ought to be taken into consideration by planners and decision makers.

It is the first study about the perception of the resident population concerning the tourism development on Sal Island. The information may be relevant to planners and public policy makers to substantiate future decisions.

The purpose of this paper is to examine the effects of real estate market factors on foreign real estate investment (FREI).

Applying panel data technique, this paper uses related observations from 31 countries (inclusive of developed countries and emerging market economies) between 2000 and 2008 to investigate the relationships between real estate market factors and FREI.

Controlling for market size, infrastructure and political stability, the results for all countries indicate that lower financing costs and higher levels of transparency in real estate market attract greater amounts of FREI. Moreover, the paper finds that foreign real estate investors favor countries with higher property prices. Interestingly, when the paper splits the sample in developed countries and emerging market economies the paper finds that there are some differences in results in terms of determinants of FREI.

While FREI is a large component of service FDI, currently there are no analyses of FREI determinants across a broad set of countries over time. Therefore, the present study has filled this gap.

The purpose of the paper is to identify the state-of-the-art of scientific research on externalities generated in cities by the sharing economy in tourism (SET) based on an extensive literature review.

This review detected benefits and costs of the SET in cities development described in the literature using the economic externalities theory approach. The SALSA (Search, AppraisaL, Synthesis and Analysis) research procedure was used to collect relevant academic articles. For findings, the qualitative and quantitative content analysis combined to make a critical analysis of selected papers was conducted.

Thirty articles devoted to the impact of the SET in cities were identified. Five topics that gained researchers’ attention were recognized: real estate market; transportation; quality of life and gentrification; entrepreneurship and innovativeness of citizens; and local budgets’ incomes. The studies that present externalities of development of the SET in a more complex way are extremely rare.

Research limitations are related to the methods used. The subjectivism of the research is a limitation to possibilities to achieve similar results when analyzing the same set of papers by different researchers. The results then are not to be generalized.

The research reveals a list of problems with externalities of the development of the SET in tourism destinations. Those problems are to be solved by policymakers in cities.

This study identified the gaps of previous research on the impacts of the SET on cities’ development. The paper presented an original conceptualization of future research.