The virus that devastated tourism: The impact of covid-19 on the housing market
Susana Peralta and
João Pereira Dos Santos ()
Regional Science and Urban Economics, 2022, vol. 95, issue C
We study the causal impact of the negative shock on short-term rentals caused by covid-19 in the tourist-intensive city centre of Lisbon. Our difference-in-differences strategy uses a parish-level treatment relying on the pre-pandemic intensity of short-term rentals, using data between Q3 2018 and Q3 2020. The results suggest that landlords relocated properties into the long-term rental market, in which prices de-crease 4.1%, while listed quantities increase 20% in the treated civil parishes vis-`a-vis comparison ones. We also find evidence of an incremental negative impact on sale prices of 4.8% in treated areas. Our results are robust to the inclusion of Porto.
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Persistent link: https://EconPapers.repec.org/RePEc:eee:regeco:v:95:y:2022:i:c:s0166046222000059
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