Landscape Value in the Spanish Costa del Sol’s Real Estate Market: The Case of Marbella

Hugo Castro Noblejas (), Pierfrancesco De Paola () and Jesús Vías Martínez
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Hugo Castro Noblejas: Geography Department, University of Malaga, Avda. Cervantes, 2, 29071 Malaga, Spain
Pierfrancesco De Paola: Department of Industrial Engineering, University of Naples Federico II, Vincenzo Tecchio Sq. 80, 80125 Naples, Italy
Jesús Vías Martínez: Geography Department, University of Malaga, Avda. Cervantes, 2, 29071 Malaga, Spain

Land, 2023, vol. 12, issue 5, 1-16

Abstract: Housing prices are influenced by extrinsic and intrinsic factors. This study aims to highlight the economic impact of the perceived landscape on single-family houses prices in a Spanish Mediterranean urban area (Marbella). Considering the landscape an important added value in real estate markets, this study also explores the landscape elements that contribute the most to the value of housing. A particularly positive influence of mixed views (urban elements and Mediterranean scrub) and sea views is detected in the analysis. Sea views are highly requested in the local housing market, but due to the graded topographical layout of Marbella, it is not very difficult to have sea views for houses. The low importance of views on natural land areas is worth noting when one of the attractions of this municipality is that of a highly valued Mediterranean natural environment. Views on the old town centre are somewhere in between: although the old town centre is highly regarded, with a generally good state of preservation, the sampled properties have poorer quality perspectives, with reduced visual basins and views centred on the foreground, usually the houses opposite.

Keywords: landscape value; real estate market; Costa del Sol; geoadditive models; GIS (search for similar items in EconPapers)
JEL-codes: Q15 Q2 Q24 Q28 Q5 R14 R52 (search for similar items in EconPapers)
Date: 2023
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