Trade and value developments in the Danish second-home sector: implications for tourism policies
Authors: Hjalager, Anne-Mette; Staunstrup, Jan Kloster; Ibsen, Rikke
Source: Tourism Economics, Volume 17, Number 3, June 2011 , pp. 677-691(15)
Publisher: IP Publishing Ltd
Abstract:The 220,000 second homes in Denmark are very important tourism and leisure resources. This study documents the development in property values and the trade in second homes during the period 1994–2008 and links property values to socio-economic characteristics, events in the lives of the owners and geography. The study finds that ownership of second homes is still fairly well distributed socially, but that there is a clear trend towards the exclusion of those with lower incomes and of families with children. The average age of owners is rising. Second homes play a subtle role not only as holiday resources, but also in the combined housing economy and investment of Danish families. Indirectly, the developments in the trade and value of second homes have implications for future tourism policies. The continuous availability of privately owned second homes on the rental market is of immense importance for the attractiveness of the Danish tourism product in general, and for specific destinations in particular. Rising property prices in the years up to 2008 and a lack of incentives to upgrade the standard of these houses may compromise mainstream Danish tourism policies.
Document Type: Research Article
Publication date: June 1, 2011
Tourism Economics, published bimonthly, is a peer-reviewed journal devoted to the economics and finance of tourism worldwide. Articles address the components of the tourism product (accommodation; restaurants; merchandizing; attractions; transport; entertainment; tourist activities); and the economic organization of tourism at micro and macro levels (market structure; role of public/private sectors; community interests; strategic planning; marketing; finance; economic development).
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