The Research Of Influencing Factors Of Tourism Residential Real Estate Prices Based On Hedonic Price Model

As a new marriage industry between tourism industry and real estate industry,tourism real estate has great potential benefits which set off a wave of futuristic investment in the real estate industry.The study of the influence factors on tourism real estate prices is great significant to prevent tourism real estate price bubble and promote the healthy development of tourism real estate.In current academic circles,there are many research results of empirical analysis on the impact of traditional housing prices with the use of hedonic model.Instead,the analysis on the hedonic price of tourism residential real estate are few.Moreover,in current domestic tourism real estate market,there are many real estate developers who sale the house under the name of tourism development.They only pursuit the short-term rapid return brought by real estate sales,but ignore the environmental benefits of tourism resources,which ultimately causes the investment of funds can't get long-term economic returns.Therefore,it's necessary to explore this hot industry both in theory and practice from the aspect of price influence factors.Based on the theoretical knowledge of Hedonic model,this paper explores the research on the factors that affect the price of tourism real estate in combination with the actual situation of tourism residential real estate.The main research contents are as follows:First,through combing the domestic and foreign literatures on the theoretical analysis and application status of the hedonic price model,and learning exprience from the empirical analysis of the excellent scholars,this paper constructs a solid foundation for the construction of the hedonic price model of tourism residential real estate.Second,considering the characteristics of traditional residential real estate and the particularity of tourism real estate,to determine the main factors influencing the price of tourist housing and construct the index system of tourism residential real estate price.Third,to determine the function form which best meets the hedonic price model of tourism residential real estate,and take Julong town of Quanzhou as a casestudy to construct the hedonic price model of tourist residential real estate.Last,to verify and evaluate the results of the model,analyze the influence direction and influence degree of the tourism residential price characteristics,and determine the significant factors that affect the price of tourism residential,finally find the degree of correlation between the tourism residential and the influencing factors.This paper uses the statistical tool SPSS 18.0 to study the hedonic price model of tourism residential real estate,and determines the significant factors that affect the price of tourism real estate.Finally,the following conclusions are drawn:First,screening out 13 characteristic variables into the tourism residential real estate hedonic price model,which are whether it is near the city main road,the distance to the highway junction,the bus line number,the construction area,the decoration degree,the floor,the room age,the orientation,volume rate,supporting facilities,landscape sight,the distance to the core tourism resources,green rate.Second,choosing the logarithmic form to make multiple regression analysis to the tourism residential real estate hedonic price model.Third,according to the results of multiple regression analysis,a total of eight characteristic variables were entered into the model,and the logarithmic model of the hedonic price of tourism residential real estate was obtained:ln Residential price =9.008+(1.022*lnconstruction area)+(0.042*decoration degree)-(0.031*room age)+(0.004*floor)-(0.228*In volume rate)+(0.076*landscape view)-(0.046*In distance to the core tourism resources)+(0.340*In green rate).Fourth,according to the model,the influence direction and influence degree of each characteristic variable on tourism residential price are obtained.The degree of impact from large to small are:construction area,green rate,volume rate,landscape view,distance to the core tourism resources,decoration,room age,floor.Fifth,calculate the price elasticity/semi-elasticity of the eight characteristic variables of the model,and obtain the highest value of the contribution rate of tourism residential price,which is 7.896%.The green rate,the distance to the core tourism resources and the volume rate which are related to landscape also have a significant influence to the residential price,indicating that the maintenance of tourism landscape resources and improvement of landscape environment is very important to enhance the value of tourism residential real estate.The innovation of this paper:The use of hedonic price method on tourism real estate prices for a quantitative study fill the vacancy of the application of hedonic price on the tourism real estate.