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Article: Locale-varying Relationships Between Tourism Development And Retail Property Prices In A Shopping Destination

TitleLocale-varying Relationships Between Tourism Development And Retail Property Prices In A Shopping Destination
Authors
Keywordstourism development
retail property price
tourism shopping
tourist shopper
Granger causality test
Issue Date2020
PublisherVilniaus Gedimino Technikos Universitetas. The Journal's web site is located at http://www.ijspm.vgtu.lt
Citation
International Journal of Strategic Property Management, 2020, v. 24 n. 5, p. 323-334 How to Cite?
AbstractExisting literature has inadequately examined the nexus between tourism and property prices. Additionally, it mainly focuses on hotels and housing, thereby overlooking other property categories (e.g., retail properties). The relationship between tourism development and retail property prices in shopping destinations (e.g., Hong Kong and Singapore) may hinge on the locale. More specifically, the relationship may be different in the tourist precinct or popular tourism shopping area (PTSA) and the unpopular tourism shopping area (UTSA). This study examines locale-varying relationships between tourism development (measured by tourist volume and tourism expenditure) and retail property prices from 2002Q1 to 2014Q4 in Hong Kong using standard and error-correction-model-based (ECM-based) Granger causality tests. Results of standard Granger causality tests indicate that tourism development Granger causes the increase in retail property prices in the PTSA but not in the UTSA. Moreover, results of ECM-based Granger causality tests further verify the robustness and plausibility of the tourism-led growth (in retail property prices) hypothesis in the PTSA. In other words, we find that tourism development measures can be used to better predict changes in retail property prices in the PTSA than simply referring to the price history.
Persistent Identifierhttp://hdl.handle.net/10722/294148
ISSN
2020 Impact Factor: 2.093
2015 SCImago Journal Rankings: 0.518
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorYANG, L-
dc.contributor.authorChau, KW-
dc.contributor.authorLu, Y-
dc.contributor.authorCui, X-
dc.contributor.authorMeng, F-
dc.contributor.authorWang, X-
dc.date.accessioned2020-11-23T08:27:03Z-
dc.date.available2020-11-23T08:27:03Z-
dc.date.issued2020-
dc.identifier.citationInternational Journal of Strategic Property Management, 2020, v. 24 n. 5, p. 323-334-
dc.identifier.issn1648-715X-
dc.identifier.urihttp://hdl.handle.net/10722/294148-
dc.description.abstractExisting literature has inadequately examined the nexus between tourism and property prices. Additionally, it mainly focuses on hotels and housing, thereby overlooking other property categories (e.g., retail properties). The relationship between tourism development and retail property prices in shopping destinations (e.g., Hong Kong and Singapore) may hinge on the locale. More specifically, the relationship may be different in the tourist precinct or popular tourism shopping area (PTSA) and the unpopular tourism shopping area (UTSA). This study examines locale-varying relationships between tourism development (measured by tourist volume and tourism expenditure) and retail property prices from 2002Q1 to 2014Q4 in Hong Kong using standard and error-correction-model-based (ECM-based) Granger causality tests. Results of standard Granger causality tests indicate that tourism development Granger causes the increase in retail property prices in the PTSA but not in the UTSA. Moreover, results of ECM-based Granger causality tests further verify the robustness and plausibility of the tourism-led growth (in retail property prices) hypothesis in the PTSA. In other words, we find that tourism development measures can be used to better predict changes in retail property prices in the PTSA than simply referring to the price history.-
dc.languageeng-
dc.publisherVilniaus Gedimino Technikos Universitetas. The Journal's web site is located at http://www.ijspm.vgtu.lt-
dc.relation.ispartofInternational Journal of Strategic Property Management-
dc.rightsThis work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.-
dc.subjecttourism development-
dc.subjectretail property price-
dc.subjecttourism shopping-
dc.subjecttourist shopper-
dc.subjectGranger causality test-
dc.titleLocale-varying Relationships Between Tourism Development And Retail Property Prices In A Shopping Destination-
dc.typeArticle-
dc.identifier.emailChau, KW: hrrbckw@hku.hk-
dc.identifier.authorityChau, KW=rp00993-
dc.description.naturepublished_or_final_version-
dc.identifier.doi10.3846/ijspm.2020.13343-
dc.identifier.scopuseid_2-s2.0-85081602508-
dc.identifier.scopuseid_2-s2.0-85081602508-
dc.identifier.hkuros319870-
dc.identifier.volume24-
dc.identifier.issue5-
dc.identifier.spage323-
dc.identifier.epage334-
dc.identifier.isiWOS:000581728500003-
dc.publisher.placeUnited Kingdom-
dc.identifier.issnl1648-715X-

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