Analysis of the Location Factors Affecting the Price of Tourist Houses: The Role of Accessibility to Public Transport Stations in Madrid

Patricia Valenzuela, Armando Ortuño, María Flor and Begoña Guirao ()
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Patricia Valenzuela: Departamento de Ingeniería del Transporte, Territorio y Urbanismo ETSI Caminos, Canales y Puertos, Universidad Politécnica de Madrid, Profesor Aranguren s/n, 28040 Madrid, Spain
Armando Ortuño: Department of Civil Engineering, University of Alicante, San Vicente del Raspeig, 03690 Alicante, Spain
María Flor: Department of Civil Engineering, University of Alicante, San Vicente del Raspeig, 03690 Alicante, Spain
Begoña Guirao: Departamento de Ingeniería del Transporte, Territorio y Urbanismo ETSI Caminos, Canales y Puertos, Universidad Politécnica de Madrid, Profesor Aranguren s/n, 28040 Madrid, Spain

Sustainability, 2024, vol. 16, issue 11, 1-15

Abstract: The location of tourist properties is a fundamental aspect in the determination of price, but in cities with dense and efficient public transport systems, the location being in the periphery can offer alternative advantages to central locations (such as better accessibility by private vehicles). This study analyses how the price of tourist housing is influenced by the characteristics of the accommodation itself and its location, using a hedonic pricing regression model estimated by ordinary least squares (OLS) in two periods of time: the high season (October 2022) and the low season (February 2023). The obtained results suggest that the characteristics of the properties, the local environment and the elements in the area influence the price of tourist accommodation. Similarly, the proximity to public transport stations and stops has a relevant influence on the choice of tourist properties. This latter factor is highly important for designing public policies that favour a denser public transport network in peripheral areas of the city. This would increase the number of tourist properties in these areas further away from the centre and, therefore, the number of reservations. In turn, the income of these more vulnerable areas would improve together with the social cohesion of the municipality.

Keywords: tourism; public transport; price; tourist housing; cities; collaborative economy; location; Madrid; district; hedonic pricing (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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