Valuation of landscape intangibles: Influence on the marina management

Abstract

The landscape values reflect the user’s preferences related to the landscape. It represents a genuine key in marina managing processes. However, there is no economic value of how much these intangibles represent within the marina management. This study estimated the monetary value associated with landscape intangibles in marinas by combining the hedonic pricing method (HPM) and the valuation of Marina del Este in the coastal locality of La Herradura in Almuñécar, Granada, Spain. The real estate data price of houses sold during 2023, from real estate data, was used as the dependent variable, and house structural, location, and neighborhood served as independent variables. Results showed that coastal residents considered proximity to the beach and expanded sea views two of the most important factors when buying a house. Other amenities related to landscape intangibles were quietness and exclusivity. Comparing the market with intrinsic value at nearby properties, the marina value can be estimated through a direct comparison approach and, hence, obtaining an estimation of the landscape intangibles' contribution to the marina’s valuation. They can represent a value of €2,386,736.87, representing 7.91% of the marina’s value. Findings can help marina management quantify the value loss of the marina if they are not considered. They also allow landscape policymakers to determine the economic impact of landscape policies. Maintaining the landscape and its values in the marina is an effective way to preserve an attractive environment for users and visitors, and it can be an effective way to make the marina a lively destination that not only offers environmental benefits but also creates economic opportunities.