The Impact of Airbnb on Residential Property Values and Rents: Evidence from Portugal
Autor(a) principal: | |
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Data de Publicação: | 2019 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10362/82723 |
Resumo: | Short-term rentals have facilitated the upraise trend in tourism growth in several cities around the world. However, concerns for the negative effects that such home-sharing platforms may have on the housing market and traditional markets have driven community groups and housing advocates to intensely react against them. Whether or not shortterm rentals increase housing prices and rentsfor local residents is an empirical question. We quantify the causal effects of Airbnb´s short-term rentals on urban housing affordability in Portugal by estimating quarterly housing rents and prices as a function of Airbnb concentration. We take advantage of the 2014 regulatory reform and employ a differencein-differences (DiD) empirical strategy. We estimate an overall increase in property values of 34% and 10.9% for rents due to the short-term lease regulatory reform. We also find that these effects are particularly localized to the historical centers and areas attractive to tourists in the cities of Lisbon and Porto. A better understanding of the effects of shortterm home rentals on housing markets and of the magnitude of its impact on residential property prices and rents are crucial information to determine whether it needs to be regulated and how proper regulation should be designed. |
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The Impact of Airbnb on Residential Property Values and Rents: Evidence from PortugalProperty ValuesAirbnbShort-term RentalsRegulationShort-term rentals have facilitated the upraise trend in tourism growth in several cities around the world. However, concerns for the negative effects that such home-sharing platforms may have on the housing market and traditional markets have driven community groups and housing advocates to intensely react against them. Whether or not shortterm rentals increase housing prices and rentsfor local residents is an empirical question. We quantify the causal effects of Airbnb´s short-term rentals on urban housing affordability in Portugal by estimating quarterly housing rents and prices as a function of Airbnb concentration. We take advantage of the 2014 regulatory reform and employ a differencein-differences (DiD) empirical strategy. We estimate an overall increase in property values of 34% and 10.9% for rents due to the short-term lease regulatory reform. We also find that these effects are particularly localized to the historical centers and areas attractive to tourists in the cities of Lisbon and Porto. A better understanding of the effects of shortterm home rentals on housing markets and of the magnitude of its impact on residential property prices and rents are crucial information to determine whether it needs to be regulated and how proper regulation should be designed.Nova SBERUNFernandes Franco, SofiaSantos, Carlos DanielLongo, Rafael2019-09-30T10:00:04Z2019-05-082019-05-08T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10362/82723engFranco, Sofia F., Santos, Carlos Daniel and Longo, Rafael, The Impact of Airbnb on Residential Property Values and Rents: Evidence from Portugal (May, 2019). FEUNL Working Paper Series No. 630info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:36:39Zoai:run.unl.pt:10362/82723Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:36:11.722350Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The Impact of Airbnb on Residential Property Values and Rents: Evidence from Portugal |
title |
The Impact of Airbnb on Residential Property Values and Rents: Evidence from Portugal |
spellingShingle |
The Impact of Airbnb on Residential Property Values and Rents: Evidence from Portugal Fernandes Franco, Sofia Property Values Airbnb Short-term Rentals Regulation |
title_short |
The Impact of Airbnb on Residential Property Values and Rents: Evidence from Portugal |
title_full |
The Impact of Airbnb on Residential Property Values and Rents: Evidence from Portugal |
title_fullStr |
The Impact of Airbnb on Residential Property Values and Rents: Evidence from Portugal |
title_full_unstemmed |
The Impact of Airbnb on Residential Property Values and Rents: Evidence from Portugal |
title_sort |
The Impact of Airbnb on Residential Property Values and Rents: Evidence from Portugal |
author |
Fernandes Franco, Sofia |
author_facet |
Fernandes Franco, Sofia Santos, Carlos Daniel Longo, Rafael |
author_role |
author |
author2 |
Santos, Carlos Daniel Longo, Rafael |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
RUN |
dc.contributor.author.fl_str_mv |
Fernandes Franco, Sofia Santos, Carlos Daniel Longo, Rafael |
dc.subject.por.fl_str_mv |
Property Values Airbnb Short-term Rentals Regulation |
topic |
Property Values Airbnb Short-term Rentals Regulation |
description |
Short-term rentals have facilitated the upraise trend in tourism growth in several cities around the world. However, concerns for the negative effects that such home-sharing platforms may have on the housing market and traditional markets have driven community groups and housing advocates to intensely react against them. Whether or not shortterm rentals increase housing prices and rentsfor local residents is an empirical question. We quantify the causal effects of Airbnb´s short-term rentals on urban housing affordability in Portugal by estimating quarterly housing rents and prices as a function of Airbnb concentration. We take advantage of the 2014 regulatory reform and employ a differencein-differences (DiD) empirical strategy. We estimate an overall increase in property values of 34% and 10.9% for rents due to the short-term lease regulatory reform. We also find that these effects are particularly localized to the historical centers and areas attractive to tourists in the cities of Lisbon and Porto. A better understanding of the effects of shortterm home rentals on housing markets and of the magnitude of its impact on residential property prices and rents are crucial information to determine whether it needs to be regulated and how proper regulation should be designed. |
publishDate |
2019 |
dc.date.none.fl_str_mv |
2019-09-30T10:00:04Z 2019-05-08 2019-05-08T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10362/82723 |
url |
http://hdl.handle.net/10362/82723 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Franco, Sofia F., Santos, Carlos Daniel and Longo, Rafael, The Impact of Airbnb on Residential Property Values and Rents: Evidence from Portugal (May, 2019). FEUNL Working Paper Series No. 630 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Nova SBE |
publisher.none.fl_str_mv |
Nova SBE |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799137981241491456 |