Competitive Research Projects
EL IMPACTO DE LOS APARTAMENTOS DE ECONOMIA COLABORATIVA EN LA RESILIENCIA DE LAS CIUDADES ANTES Y DESPUES DEL COVID-19 (2022-2024). Ministerio de Ciencia e Innovación
TED2021-130385B-I00
In the years leading up to the pandemic, the rental supply of large cities has been undermined by the increase in the supply of tourist apartments. It is argued that the sharing economy has positive externalities: it encourages cultural exchange, reduces the prices of tourist accommodation and creates additional income for families with economic difficulties. But it also generates negative externalities: unfair competition with the hotel industry (more regulated) and attraction of predominantly low-quality tourism that ignites urban conflicts and reduces the resilience of cities by modifying the quality of life in certain neighborhoods where rental prices rise and increases evictions, gentrification, pollution or noise. However, there appears to be a research gap on the implications of the sector's rapid growth through 2020 and its decline after COVID-19 (only Horn and Merantea, 2017; Garcia-López et al., 2019 and Barron et al., 2018, have analyzed the effects of sharing economy accommodation on the housing market). All in all, what has been the impact of tourist apartments on the resilience of the two main Spanish cities? How the covid-19 has changed this impact? What impact has the behavior of tourist apartments had on the effects of the Catalan rent control law (11/2020)? This project aims to answer these questions, starting from the learning and databases obtained with the projects ECO2016-78816R (already executed) and PID2020-113093RB-I00 (in execution) and merging them with innovative data on the city resilience. Among other sources, data that comes from the use of optical images or images obtained by satellite or radar and analyzed through an artificial intelligence data engine will be used to capture exposure to pollution, noise and other environmental impacts (https: //earthpulse.ai/). This proposal contributes to generating a resilience index for the two main Spanish cities (Madrid and Barcelona) and measuring the impact that sharing economy tourist apartments have had on this index both before and after the covid-19 pandemic. The resilience index will take into account environmental aspects such as pollution or noise as well as other aspects related to the quality of life of people such as rents, evictions, urban conflicts or gentrification. In sum, the main objective of this project is to estimate the effects of collaborative economy tourist accommodation on the resilience of the city (urban conflicts, exposure to pollution ...). The study will be carried out for the two large Spanish cities (Madrid and Barcelona) in a first phase, with the aim of extending it to other cities later. The study will aim to test the following 3 hypotheses: 1) A greater supply of peer to peer apartments reduces the resilience of the city; 2) In the pandemic period, the previous effects have been reversed; 3) The effects of the Catalan rent control law (11/2020) have been greatly affected by the behavior of the supply of peer to peer apartments in times of pandemic.
Equipo de investigación
IP: Josep M. Raya, Tecnocampus (Universitat Pompeu Fabra)
Mariona Segú, Cergy Paris Université
Catalina llaneza (Tecnocampus, Universitat Pompeu Fabra)
Media
Papers accepted
Working papers
Precios de la vivienda: diferencias de género en las decisiones hipotecarias y la medición del impacto de la economía colaborativa y la criminalidad. (2021-2024). Ministerio de ciencia e Innovación
PID2020-113093RB-I00
The price of any heterogeneous good (such as an apartment) can be broken down into the price of its characteristics and attributes from the hedonic pricing model (Rosen, 1974). Literature of hedonic prices applied to the housing market is extensive (Palmquist, 1984; Garcia
and Raya, 2011, among others). Through housing prices and using the hedonic pricing model, literature have valued aspects such as transport or educational infrastructure (Bowes and Ihlandfelt, 2001; Gibbons and Machín, 2003), environment (Smith and Huang, 1995), tourism destination (Juaneda et al, 2011) or criminality (Buonanno et al, 2011). This research project is the natural continuation of the project entitled The right price of housing in Spain. Implications for the real estate, financial and public sectors (2017-2019, ECO2016-78816R). The aim is to measure, through housing prices, the impact of various phenomena: sharing economy and crime and political events. Likewise, housing price will be a key element when measuring gender differences in financial behavior related to housing. Many authors have applied the hedonic model to the tourism sector: either to traditional apartments (Juaneda et. Al., 2011) or to sharing economy (Kakar et al, 2016 and Wang and Nicolau, 2017 ). Finally, only Horn and Merantea (2017), Garcia-López et al (2019) and Barron et al (2018) have analyzed the effects of sharing economy accommodation on the housing market, despite the obvious overlap between both markets. The first objective of this project is to know the effect of sharing economy accommodation (and urban conflicts around them) on the housing market of the two major Spanish cities: Madrid and Barcelona. With our data we can also analyze the impact of covid-19 on these effects. There is also a large established literature that analyzes the impact of crime on residential property prices (Thaler, 1978; Gibbons, 2004;Buonanno et al, 2013). The second objective of this project is to evaluate how crime affects housing prices. For this we use data that allow us to refine the effects of crime both in space (using geocoded crimes and homes), and in time (using information about all the offers that the home have received during the time on market). Finally, according to Charness et al. (2013), gender is a determining factor in the level of risk tolerance. This finding is aligned with Sundén and Surette, ((1998). However, there are papers that indicate that these differences are not so clear (Schubert et al., 1999). Therefore, addressing whether this hypothesis is applicable for housing investment is relevant and hitherto unpublished in the literature. Therefore, the aim is to know if the mortgage loans granted to women are less risky than those granted to men.
Equipo de investigación
IP: Josep M. Raya, Tecnocampus (Universitat Pompeu Fabra)
Mariona Segú, Cergy Paris Université
Ozlem Akin, University of Istambul
Daniel Mcmillen, University of Illinois
El proyecto en prensa y blogs especializados
Papers publicados
Llaneza, C. y Raya, J. (2022): The effect of covid-19 on peer-to-peer rental market. Tourism Economics 28(1):222-247
Working papers
Gender differences and housing finance (with Helena Hernández and Llorenç Bartomeu)
Llaneza y Raya (2022): Covid-19, the mid-term rental and the boom of remote workers
Llaneza y Raya (2023): Schoks on the urban rental market during and after pandemics
Presentaciones del proyecto
29 de abril de 2022: Las ciudades que imaginamos. Congreso utopias, distopias y otras nostalgias. https://www.circulobellasartes.com/humanidades/congreso-utopias-distopias-nostalgias/
30 de Junio 2022 (Perpignan): The effect of Airbnb on transnational gentrification, city resilience and evictions. THE 8TH CONFERENCE OF THE INTERNATIONAL ASSOCIATION FOR TOURISM ECONOMICS: https://iate2021perpignan.com/program/
12 december de 2022 (Niza): Covid-19, the mid-term rental and the boom of remote workers. Workshop. Nice University.
Proyectos anteriores
El verdadero precio de la vivienda en España. Implicaciones para los sectores inmobiliario, financiero y público
ECO2016-78816R
Resumen: Los índices de precios de la vivienda son un instrumento fundamental de la política económica. Su relevancia social y económica se observa en que los índices de precios de la vivienda son necesarios para determinar la demanda hipotecaria, las ejecuciones hipotecarias, la probabilidad de impago, la morosidad, la valoración de los activos bancarios, así como para obtener medidas de la riqueza familiar o del coste de vida, entre otras. La finalidad de este proyecto es conocer todas las posibles tipologías de precios de la vivienda en España (oferta, venta, tasación y registro notarial), así como sus interrelaciones. Así, se conocerá cuáles son las implicaciones de utilizar un precio de la vivienda incorrecto por parte de los agentes del mercado immobiliario, del sector financiero o del sector público. Asimismo, se estudiarán las diferencias en el precio final (y el descuento sobre el precio de oferta) según si la venta ha sido llevada a cabo por una agencia inmobiliaria o un banco.En este sentido, la disponiblidad de una base de datos única en la que se tiene información acerca de todos los tipos de precios de la vivienda (varios de ellos tanto par un piso vendido por una agencia inmobiliaria como para un piso vendido por un banco), ofrece la posibilidad de estudiar para la economía española aspectos como: el tamaño de la reducción de precios de la vivienda verdaderamente acontecido desde que se alcanzó el máximo en 2007, el impacto sobre el IPC de utilizar precios de la vivienda en lugar del índice de alquileres, la dimensión de la sobretasación (o sesgo al alza de los precios de tasación respecto a los precios de venta y que está detrás de la crisis financiera) en la época de boom inmobiliario, la posible subtasación en la época de crisis, el impacto en el balance de los bancos españoles de valorar activos immobiliarios a precios de tasación históricos en lugar de a precios de venta actuales, los determinantes de los desahucios, si los bancos mejorarían sus modelos de riesgo si incluyeran información personal pública de los individuos accesible a partir de las redes sociales. Todos ellos son importantes aspectos para la política económica y financiera. Asimismo, la obtención de indicios para la lucha contra el fraude fiscal como el dinero negro (y el cálculo del mismo) o la proposición de medidas para una correcta definición de la política directa e indirecta de la vivienda por parte del sector público.
Equipo de investigación
IP: Josep M. Raya, Tecnocampus (Universitat Pompeu Fabra)
Catia Nicodemo, Oxford University
Ozlem Akin, University of Istambul
Daniel Mcmillen, University of Illinois
El proyecto en prensa y blogs especializados
Presentaciones del proyecto
Papers publicados
Raya, Josep Maria (2018): "The determinants of the foreclosures: evidence from the Spanish case.", Papers in Regional Science 97(4), 957-970
Raya, J., Nicodemo, C. i Mcmillen (2020): Does Juan Carlos or Nelson Obtain a Larger Price Cut in the Spanish Housing Market? Urban Affairs Review 56(5), 1581-1604.
Tax Evasion in the housing Market (with Jose Garcia Montalvo and Amedeo Piolatto), Regional Science and Urban Economics 103526 DOI: https://doi.org/10.1016/j.regsciurbeco.2020.103526
Giusti, G. y Raya, J. (2021): Can information regarding previous sales stabilize the house price index? Evidence from a field experiment in Spain. Journal of Housing and the Buid Environment 36, 353-366: DOI: 10.1007/s10901-020-09775-z
Raya (2022): Evaluating Different Housing Prices: Marketing and Financial Distortions. International Real Estate Review (forthcoming)
Raya, J. (2022): Can social capital variableshelp to determine loan to value approved by banks? Journal of Real Estate Research (forthcoming)
Working papers:
Real Estate companies versus Banks. Who is the best seller? (With Jose Garcia Montalvo)
Did bank better governance improved the quality of mortgage loans during the Spanish boom? (With Ozlem Akin and Jose Luis Peydró)
How fiscal policy affects housing market dynamics: evidence from Spain (with Alek, Kucel).