Tourist rent and appraisal of recreational real estate

摘要

The paper discusses the theoretical concept of tourist rent and presents ways of applying this to the valuation of recreational property, focusing on the holiday cottage within 20-50 km of an urban centre, which is used by both the owner and let tovisitors, often through the local tourist authority. Tourist rent is identified as payment for use of recreational facilities to the owner or occupier, who may pass on part of this income to the local authority as resort tax. There may be differentiationaccording to the locality's perceived amenity value, standard of facilities, and accessibility. A three year projection for a cottage near a lake in the Olsztyn region of Poland which had been let for 45 days in the summer of 1994 at 50 DM/day gave a value of 211 000 zlotys/m, given average local amenities. Transactional prices of 72 properties in three districts during 1993-94 averaged 53 100 zlotys/m. From these results it is concluded that attractive recreational areas will be characterized by higher prices of land, agricultural produce, and services than elsewhere, especially since such areas become increasingly appreciated by urban based consumers.