| The adjustment of the national real estate market overheated the development ofhousing market in recent years. The optimization of investment structure and the shiftof investment orientation have become the focuses of both academic and practicefield. As a combination of real estate and tourism, tourism real estate (TRE) has thefollowing characteristics: high value-added, wide service function, and diversifieddevelopment model. Because of its tremendous potential for development andinvestment, TRE has become a hot pursuit of the government, developers andconsumers. However, as a result of a short-term development in China, solidtheoretical research and practical experiences for TRE are rare. Exploring theprice-affecting factors of TRE and how the price fluctuation of TRE affecting thedistribution of urban housing prices have important theoretical and practical meaningsin order to standardize the TRE market, promote its healthy development, and providereferences for the shift of investment orientation in China.The present paper applied hedonic price theory into the research of TRE market tostudy the tourism residential real estate (TRRE). Kunming has been selected as thestudy area to investigate the factors affecting its TRRE prices as well as theconsequential impact to its urban housing prices caused by the development of TRREif any.Tourism area in downtown Kunming has been differentiated by different categoriesand levels of development and relevant TRREs has been recognized usingGeographic Information Systems (GIS). According to characteristics of the researchquestions of the present paper,24factors were included into the model asindependent variables. On-site inspections were conducted in208housing districtsand additional information was obtained from internet and GIS. A total of862samples were included into the GIS database for analysis.The hedonic model was optimized according to the characteristics of the variables tobetter address the research questions. Regression analysis was performed using SPSS software to test the effects on TRRE prices caused by each independent variable. Thespatial distribution of housing price in Kunming was estimated by comparing pricefluctuations of local housing caused by the construction of TRRE among differentareas.The results show that in addition to geographical factors, construction factors, andneighborhood factors, type of tourism resources which TRRE relies on also affect theprice of housing which has a stronger effect in comparison with the first three factors.For different types of tourism resources, comprehensive resources or tourism resortshave the highest price-raising effect on TRRE, followed by humane and naturetourism resources.By comparing the impact of spatial factors on housing prices, it shows thatdistribution of housing prices in Kunming has reached beyond single-core mode. Thedevelopment of tourism resources as the second core has been facilitating thedevelopment of the area and has a significant positive price-affecting effect onhousing prices and changed the spatial distribution of housing prices of the city. |
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