Researchers from the Universitat Politècnica de València (UPV) have developed a new method that allows obtaining the economic valuation of intangibles in the landscape and, for example, quantifying how much it costs to have views of the sea, the tranquility and beauty of the landscape or the proximity of the beach .
In a first study they have applied it in marinasbut it could also be used to value the intangibles of a historic cathedral, a beach or a natural park such as the Albufera de València.
In the work, recently published in the Ocean and Coastal Management magazineresearchers Ricardo Martín and Víctor Yepes focused on the economic valuation of non-tangible elements of the landscape in marinas, “a key, but often underestimated, factor in the planning and sustainability of coastal infrastructure,” they point out.
The new method allows us to quantify how the non-tangible landscape featuressuch as sea views, tranquility and exclusivity, influence the economic value of marinas and their surroundings.
In the case studied -Marina del Este, in La Herradura (Granada)- these factors They contribute 7.91% to the total value of the portwhich is equivalent to more than two million euros.
“This shows that the intangible elementsalthough they are not directly marketed, they crucially influence the value of these spaces,” highlights Yepes.
Hedonic pricing method
The research used the hedonic pricing method (HPM) to estimate the economic value of the intangible landscape elements of the Eastern Marina. lhedonic prices allow you to break down the value of a property based on specific attributesboth structural (number of rooms, size of the terrace, presence of air conditioning) and intangible (proximity to the beach, panoramic views of the sea or mountains).
The UPV team collected data on real estate transactions in the area during the year 2023 and analyzed a total of 97 properties. The results of the study confirm that the intangible elements of the landscape are determining factors when valuing coastal properties.
“In fact, proximity to the beach can increase the price of a home by 0.21% For every 1% that the distance is reduced, and the wide views of the sea can increase their value by up to 14%,” says Ricardo Martín.
The study concluded that, in total, landscape intangible assets represent more than 2.4 million euroswhich is equivalent to 7.91% of the total value of the marina.
“Valuing intangible elements is crucialsince aspects such as the beauty of the landscape, the tranquility or the sea views generate real economic value, even if they are not directly marketed,” he points out.
“By quantifying these aspects, we show that they have an impact on property prices and the attraction of visitors or residentswhich is especially relevant for managers and politicians, since it allows them to justify investments in the conservation of these environments,” says Yepes.
Applicable to natural and cultural heritage
The developed method can be applied to other places, both natural and cultural, such as a historic cathedral, a beach or a natural park such as the Albufera de València.
“In all these cases, elements such as scenic beauty, tranquility or cultural value contribute to the well-being of visitors and residents and have an indirect economic impact,” he highlights.
Valuing these intangibles “helps make informed decisions about their conservation and, although they are not bought or sold on the market, they have a value that justifies invest in your protection and maintenance. This ensures that these assets continue to be a source of economic and social benefits,” he concludes.
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