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Does tourism affect house prices?: evidence from Italy

Biagi, Bianca and Brandano, Maria Giovanna and Lambiri, Dionysia (2015) Does tourism affect house prices?: evidence from Italy. Growth and Change (in press). eISSN 1468-2257. Article.

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DOI: 10.1111/grow.12094

Abstract

The purpose of the present work is to analyze whether—and to what extent—tourism activity affects urban house price dynamics in Italy. Using a system Generalized Method of Moments (GMM-SYS) approach and after controlling for socioeconomic characteristics of the local housing markets as well as amenities and disamenities, we test for the effect of tourism by employing a composite index that enables us to capture the complexity of the tourism market. Data consist of yearly observations on the average house prices of 103 Italian cities over the period of 1996–2007. The results confirmed by several robustness checks demonstrate that tourism activity positively affects house prices. In addition, this work provides several first hints that this relationship might not be the same for all types of cities; hence, further developments of the present work should proceed in the direction of searching for different potential regimes through the use of mixture models.

Item Type:Article
ID Code:10953
Status:In Press
Refereed:Yes
Uncontrolled Keywords:Tourism activity, Generalized Method of Moments (GMM-SYS), local housing markets, urban house price
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/02 Politica economica
Divisions:002 Altri enti e centri di ricerca del Nord Sardegna > CRENoS-Centro Ricerche Economiche Nord Sud, Università di Cagliari e Università di Sassari
Publisher:Wiley-Blackwell
eISSN:1468-2257
Deposited On:10 Jun 2015 17:24

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