•  I
• a · A  I
• Accesibility  I
• Map  I
• Search  I
• Staff directory

• ::  Iniciar sessió :: 

How much is it worth to have sea views or to be close to the beach? These are just two of the parameters that can be obtained with a new method developed by researchers at the Universitat Politècnica de València (UPV), which allows the economic valuation of intangible elements of the landscape. Their study was recently published in the journal Ocean and Coastal Management.

In their work, researchers Ricardo Martín and Víctor Yepes focused on the economic valuation of non-tangible elements of the landscape in marinas, ‘a key factor, but often underestimated in the planning and sustainability of coastal infrastructures’, they point out.

The method developed by the UPV team makes it possible to quantify how the non-tangible characteristics of the landscape, such as sea views, tranquillity and exclusivity, influence the economic value of marinas and their surroundings.

In the case studied - Marina del Este, in La Herradura (Granada) - these factors contribute 7.91 % to the total value of the port, which is equivalent to more than two million euros. ‘This shows that the intangible elements, although not directly marketed, have a crucial influence on the value of these spaces’, stresses Victor Yepes.

Hedonic pricing method

The research used the hedonic pricing method (HPM) to estimate the economic value of the intangible landscape elements of the Marina del Este. Hedonic pricing allows the value of a property to be broken down according to specific attributes, both structural (number of rooms, size of terrace, presence of air conditioning) and intangible (proximity to the beach, panoramic sea or mountain views). The UPV team collected data on real estate transactions in the area during the year 2023, analysing a total of 97 properties.

Results

The study results show 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 property by 0.21% for every 1% reduction in distance, and extensive sea views can increase its value by up to 14%2, notes Ricardo Martín. In total, the study concluded that intangible landscape assets represent more than 2.4 million euros, equivalent to 7.91% of the total value of the marina.

'Valuing intangible elements is crucial, as aspects such as the beauty of the landscape, the tranquillity or the sea views generate real economic value, even if they are not directly marketed. By quantifying these aspects, we show that they have an impact on the price of properties and on attracting visitors or residents. This is especially relevant for managers and politicians, as it allows them to justify investments in conserving these environments,' says Víctor Yepes.

Also applicable to natural and cultural heritage

The method developed by the UPV researchers can be applied to other places, both natural and cultural. For example, it could be used to value the intangibles of a historic cathedral, a beach or a natural park such as the Albufera in Valencia.

'In all these cases, elements such as scenic beauty, tranquillity, or cultural value contribute to the well-being of visitors and residents and have an indirect economic impact. Valuing these intangibles helps to make informed decisions about their conservation, showing that, although they are not bought and sold on the market, they have a value that justifies investing in their protection and maintenance. This ensures that these heritages continue to be a source of economic and social benefits,' concludes Víctor Yepes.

Reference:

MARTÍN, R.; YEPES, V. (2024). Valuation of landscape intangibles: Influence on the marina management. Ocean & Coastal Management, 259, 107416. DOI:10.1016/j.ocecoaman.2024.107416