IATE Research Seminar Series
Seminar of the Tourism Economics in Focus: IATE Research Seminar Series, delivered by Jiaqi Yang (Hong Kong PolyU and University of Surrey).
Title: Policy-Induced Tourism Shocks and Local Real Estate: Causal Evidence from Visa Liberalization
Authors: Fei (Faye) Hao (The Hong Kong Polytechnic University) & Jiaqi Yang(Hong Kong Polytechnic University and University of Surrey)
Abstract:
Demand-side tourism promotion policies can reshape destination economies beyond the tourism sector, with important implications for housing markets. We examine this relationship by exploiting Japan’s Multiple-Entry Visa liberalization as an exogenous tourism policy shock. Linking transaction-level housing data to prefecture-level inbound tourism exposure, a staggered difference-in-differences design shows that housing prices in treated prefectures increased by approximately 6.5-9.0 percent. The effects are stronger for apartments, which are more adaptable to visitor use, and are amplified in areas with tighter floor-area-ratio constraints, indicating that limited housing supply intensifies tourism-driven capitalization. Conceptually, we integrate classical tourism theories into a unified framework linking destination policy, visitor flows, and housing prices. The findings advance understanding of destination-side capitalization of tourism demand and highlight the importance of coordinating tourism promotion with housinG and land-use policy.
This paper was awarded the Best Paper Award at IATE 2026.
📅 Date: Wednesday, July 13, 2026
🕒 Time: 1:00 PM CET (UTC +2; Madrid Time),
🌐 Format: Online — open to all
We look forward to seeing you there!
For any queries, please contact the seminar organizers: veronica.leoni@uib.es & oriol.anguera@cett.cat
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