The virus that devastated tourism: The impact of covid-19 on the housing market()

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 Q...

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Autores principales: Batalha, Mafalda, Gonçalves, Duarte, Peralta, Susana, Pereira dos Santos, João
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier B.V. 2022
Materias:
Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9353041/
https://www.ncbi.nlm.nih.gov/pubmed/35945933
http://dx.doi.org/10.1016/j.regsciurbeco.2022.103774
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author Batalha, Mafalda
Gonçalves, Duarte
Peralta, Susana
Pereira dos Santos, João
author_facet Batalha, Mafalda
Gonçalves, Duarte
Peralta, Susana
Pereira dos Santos, João
author_sort Batalha, Mafalda
collection PubMed
description 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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spelling pubmed-93530412022-08-05 The virus that devastated tourism: The impact of covid-19 on the housing market() Batalha, Mafalda Gonçalves, Duarte Peralta, Susana Pereira dos Santos, João Reg Sci Urban Econ Article 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. Elsevier B.V. 2022-07 2022-03-03 /pmc/articles/PMC9353041/ /pubmed/35945933 http://dx.doi.org/10.1016/j.regsciurbeco.2022.103774 Text en © 2022 Elsevier B.V. All rights reserved. Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.
spellingShingle Article
Batalha, Mafalda
Gonçalves, Duarte
Peralta, Susana
Pereira dos Santos, João
The virus that devastated tourism: The impact of covid-19 on the housing market()
title The virus that devastated tourism: The impact of covid-19 on the housing market()
title_full The virus that devastated tourism: The impact of covid-19 on the housing market()
title_fullStr The virus that devastated tourism: The impact of covid-19 on the housing market()
title_full_unstemmed The virus that devastated tourism: The impact of covid-19 on the housing market()
title_short The virus that devastated tourism: The impact of covid-19 on the housing market()
title_sort virus that devastated tourism: the impact of covid-19 on the housing market()
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9353041/
https://www.ncbi.nlm.nih.gov/pubmed/35945933
http://dx.doi.org/10.1016/j.regsciurbeco.2022.103774
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