TY - JOUR
T1 - The virus that devastated tourism
T2 - The impact of covid-19 on the housing market
AU - Batalha, Mafalda
AU - Gonçalves, Duarte
AU - Peralta, Susana
AU - Pereira dos Santos, João
N1 - Funding Information:
We thank Gabriel Ahlfeldt (editor), two anonymous referees, Simon C. B?chler, Paulo C?rte-Real, Alex Coutts, and participants at the 77th Congress of the IIPF for their suggestions. Carolina Nunes generously provided us with her Covid-19 timeline, reproduced in the paper. Jo?o P. Santos gratefully acknowledges financial support by FCT PD/BD/128121/2016. This work used infrastructure and resources funded by Funda??o para a Ci?ncia e a Tecnologia (UID/ECO/00124/2013, UID/ECO/00124/2019 and Social Sciences DataLab, Project 22209), POR Lisboa (LISBOA-01-0145-FEDER-007722 and Social Sciences Data- Lab, Project 22209) and POR Norte (Social Sciences DataLab, Project 22209) and the research project PTDC/EGE-ECO/31213/2017. Additional financial support by Funda??o Francisco Manuel dos Santos is gratefully acknowledged. All errors are our own.
Funding Information:
We thank Gabriel Ahlfeldt (editor), two anonymous referees, Simon C. Büchler, Paulo Côrte-Real, Alex Coutts, and participants at the 77th Congress of the IIPF for their suggestions. Carolina Nunes generously provided us with her Covid-19 timeline, reproduced in the paper. João P. Santos gratefully acknowledges financial support by FCT PD/BD/128121/2016. This work used infrastructure and resources funded by Fundação para a Ciência e a Tecnologia (UID/ECO/00124/2013, UID/ECO/00124/2019 and Social Sciences DataLab, Project 22209), POR Lisboa (LISBOA-01-0145-FEDER-007722 and Social Sciences Data- Lab, Project 22209) and POR Norte (Social Sciences DataLab, Project 22209) and the research project PTDC/EGE-ECO/31213/2017. Additional financial support by Fundação Francisco Manuel dos Santos is gratefully acknowledged. All errors are our own.
Publisher Copyright:
© 2022 Elsevier B.V.
PY - 2022/7
Y1 - 2022/7
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=85128541859&partnerID=8YFLogxK
U2 - 10.1016/j.regsciurbeco.2022.103774
DO - 10.1016/j.regsciurbeco.2022.103774
M3 - Article
AN - SCOPUS:85128541859
SN - 0166-0462
VL - 95
JO - Regional Science and Urban Economics
JF - Regional Science and Urban Economics
M1 - 103774
ER -