VALENCIA, October 26 (.) – Researchers at the Polytechnic University of Valencia (UPV) have obtained an economic evaluation of the intangible assets contained in a landscape, e.g. how much it is worth to acquire it. We have developed a new method to quantify the The sea, the tranquility and beauty of the landscape, or the proximity of the beach.
Although the initial study applied it to marinas, it could also be used to assess the value of intangible assets in historic cathedrals, beaches, and natural parks such as Albufera de Valencia.
In their study, recently published in the journal Marine and Coastal Management, researchers Ricardo Martín and Víctor Yepes focused on the economic valuation of intangible elements of marina landscapes. “Infrastructure is a critical but often undervalued component of coastal planning and sustainability,” they point out.
New methods make it possible to quantify how intangible landscape features, such 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 contribute to 7.91% of the total value of the port, which corresponds to more than 2 million euros.
“This shows that intangible factors have a decisive influence on the value of these spaces, even though they are not directly sold,” emphasizes Yepes.
hedonic pricing method
This study used the hedonic pricing method (HPM) to estimate the economic value of intangible landscape elements at Eastern Marina.
Hedonic pricing allows you to classify the value of a property based on certain 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 region in 2023 and analyzed a total of 97 properties.
The results of the study confirm that intangible elements of the landscape are determining factors when valuing coastal assets.
“In fact, proximity to the beach can increase a home’s value by 0.21% for every 1% decrease in distance, and more ocean views can increase home values by up to 14%,” Ricardo points out. I will. Martin.
The study concluded that the intangible landscape assets were worth a total of more than €2.4 million, representing 7.91% of the marina’s total value.
“Aspects such as scenic beauty, tranquility and ocean views create substantial economic value, even if they are not directly sold, so valuing intangibles is critical,” he said. Point out.
“By quantifying these aspects, we demonstrate that they influence property prices and the attraction of visitors and residents. This allows us to justify investments in the conservation of these environments. “This is especially important for business owners and politicians,” he said. oh yeah.
Also applicable to natural and cultural heritage sites
The developed method can be applied to other locations, both natural and cultural, such as historic cathedrals, beaches, and natural parks such as Albufera de Valencia.
“In all these cases, factors such as scenic beauty, tranquility and cultural values contribute to the well-being of visitors and residents and have indirect economic effects,” he emphasizes.
Valuing these intangible assets “helps us make informed decisions about their preservation, and even if they are not bought or sold on the market, they still have value that justifies investments in their protection and maintenance.” , will ensure that these heritage sites remain a source of economic and sustaining “social benefits,” he concludes.
