sustainability

Article
Evolutionary Relationship between Tourism and Real Estate:
Evidence and Research Trends
Moaaz Kabil 1,2, * , Mohamed Abouelseoud 1 , Faisal Alsubaie 3 , Heba Mostafa Hassan 1 , Imre Varga 4 ,
Katalin Csobán 5 and Lóránt Dénes Dávid 2, *

1 Faculty of Urban and Regional Planning, Cairo University, Giza 12613, Egypt
2 Doctoral School of Economic and Regional Sciences, Hungarian University of Agriculture and Life
Sciences (MATE), 2100 Godollo, Hungary
3 Faculty of Management, Bournemouth University, Poole BH12 5BB, UK
4 Institute of Economics, Faculty of Social Sciences, Eötvös Loránd University, 9700 Szombathely, Hungary
5 Department of Tourism and Hospitality Management, Faculty of Economics and Business,
University of Debrecen, 4032 Debrecen, Hungary
* Correspondence: [email protected] (M.K.); [email protected] (L.D.D.)

Abstract: With the growing number of academic studies being published each year, scientific knowl-
edge is expanding at an unparalleled rate. Therefore, analyzing the scientific production in a particular
research area to identify future research directions and streams has become inevitable. This study
adopted a two-step methodological approach—bibliometric (294 articles) and content-based analyses
(63 articles)—to dissect tourism and real estate literature. Using different analytical modules and
software to answer the six proposed research questions, the study findings reveal that the tourism
and real estate literature still does not follow a specific research direction but is rather intertwined
with many other research areas. Additionally, the results highlight some distinctive points in the
tourism and real estate literature, including how it is predominantly composed of practical studies
based on primary data and applied in various spatial units as case studies (e.g., coastal areas, cities
Citation: Kabil, M.; Abouelseoud, M.;
and national and international units). Finally, this study explains how the findings will be beneficial
Alsubaie, F.; Hassan, H.M.; Varga, I.;
Csobán, K.; Dávid, L.D. Evolutionary for identifying the future research agenda in the tourism real estate scientific field by providing a
Relationship between Tourism and clear roadmap for the research streams of this field.
Real Estate: Evidence and Research
Trends. Sustainability 2022, 14, 10177. Keywords: tourism real estate; bibliometric; real estate; tourism
https://doi.org/10.3390/
su141610177

Academic Editor: Jun (Justin) Li

1. Introduction
Received: 21 July 2022 The real estate sector is one of the most lucrative sectors in the global economy, and
Accepted: 11 August 2022
it is one of the metrics for measuring the economic growth of any nation [1,2]. The real
Published: 16 August 2022
estate sector affects, and is affected by, other economic sectors, including tourism. In other
Publisher’s Note: MDPI stays neutral words, it can be considered a cross-cutting economic sector. There is no clear or precise
with regard to jurisdictional claims in definition of the “real estate” term; the definition varies according to the issuer, whether
published maps and institutional affil- it be an entity, institution, government, ministry, firm or individual. However, it can be
iations. said that most definitions of the term have two dimensions: first, real estate as a physical
context, which refers to different types of properties and lands with a right of utilization
and specific uses, and second, real estate as a business, which refers to the selling, purchase
or renting of different real estate units [3].
Copyright: © 2022 by the authors.
The link between real estate and tourism is shaped by the way the former contributes
Licensee MDPI, Basel, Switzerland.
to the latter. Tourism as a system consists of various intertwined components to make
This article is an open access article
a strong bond. These components can be summarized in what is known as the “5 A’s
distributed under the terms and
of tourism”: attractions, activities, accessibility, accommodation and amenities [4,5]. The
conditions of the Creative Commons
Attribution (CC BY) license (https://
aforementioned two dimensions of real estate highlight how this sector is involved in the
creativecommons.org/licenses/by/
five different components of tourism.
4.0/).

Sustainability 2022, 14, 10177. https://doi.org/10.3390/su141610177 https://www.mdpi.com/journal/sustainability

Sustainability 2022, 14, 10177 2 of 19

The first tourism component is attraction, which is considered the most powerful
influencer of all other components [6–9]. As the attraction is the first thing that tourists
pay attention to, it is the start of any tourism activity, and is ranked at the top of the
tourism supply chain [6]. Tourism attractions can be divided into two main types: natural
(e.g., beaches, mountains, protected areas, wildlife, water resources, landscape, fauna, flora
and safari) and manmade attractions (e.g., cultural sites, casinos, theme parks, monuments,
discos/clubs, gambling centers, museums, stadiums, zoos and entertainment centers) [6,9].
Based on this classification of tourism attractions, as well as the definition of real estate,
the real estate sector is involved in tourism through manmade attractions: these include
a range of different land uses and buildings subject to many real estate features, such as
purchase, profit, leasing and structure.
The second tourism component is activities, which represent the main factor that can
make any ordinary tourism trip extraordinary. Tourism activities can be physical (such as
trekking, hiking, diving, festivals/partying, swimming and boating) or nonphysical (such
as sunbathing and relaxing). All these different kinds of tourism activities are associated
with tourism attractions in specific geographical locations, and most of these locations are
designed, and may be operated, by real estate companies [10]. Consequently, the real estate
sector is linked to the tourism activities component.
The third tourism component is accessibility, which includes the different kinds of
infrastructure and transportation means that tourists use to reach tourism destinations
quickly, securely and appropriately [11]. Accessibility and mobility for different prop-
erties are divided into three main groups: surface (such as roadways and railways), air
(i.e., flights) and water transportation (such as cruise ships) [11,12]. In the tourism industry,
accessibility plays an important role in determining the market price of different real estate
physical elements, especially tourism elements (such as hotels), because real estate is a
heterogeneous product that is directly affected not only by its constituent features, but also
by the various characteristics of the surrounding environment [13]. Additionally, in some
cases, transportation means could be a tourism attraction; for example, tourism trains are
often managed by real estate firms.
The relationship between real estate and the fourth component of tourism, accom-
modation, is clear. Tourism accommodation refers to places or accommodations where
travelers/tourists stay [14]. There are two main types of tourism accommodations:
(a) serviced accommodations, which represent accommodation units that present prepaid
services (such as star-category hotels, guest houses, homestays, lodges and motels), and
(b) self-catering accommodations, which refer to nonservice provider accommodations
(such as youth hostels and tourist villages) [14,15]. Therefore, these accommodation units
are literally express real estate, as they are considered physical properties that have a
specific use and clear and predefined facilities, and they can be sold or rented.
Amenities, the fifth tourism component, represent the variety of facilities and services
required by tourists/travelers at various levels of accommodation and tourist destinations [16].
Amenities include, but are not limited to, food, recreation, entertainment, multipurpose
zones, picnic areas, signage, emergency services and other sports facilities (e.g., gyms and
fitness courts) [17]. All these tourism amenities are constantly improved, which, in turn,
affects the value of different uses of properties in the tourist area. Accordingly, it can be said
that these different tourism amenities not only affect the tourism sector, but also extend
their impact to the surrounding real estate, whether residential or service areas.
It is worthwhile mentioning that all the highlighted relationships between real estate
and the fifth tourism industry component are bidirectional or reciprocal relationships. In
other words, tourism and real estate mutually influence one another directly or indirectly.
For example, the presence of many tourist amenities in an area directly increases the prices
of different properties in the area, affecting the social level of residents of this geographical
area in the future. Alternately, the existence of properties with different uses may play
an important role in enhancing the tourism activities in this area, since these properties
Sustainability 2022, 14, 10177 3 of 19

could act as service supporters for tourist areas by providing self-catering accommodations,
which, in turn, may help to boom tourism in the area.
In addition to the strong relationships between real estate and the five components of the
tourism industry, many relationships have emerged between these two fields, which has led
to the emergence of some terms, such as “tourism real estate”. Tourism real estate emerged
in the 1990s, and has been addressed in different scientific directions and areas [14,18]. For
example, in the US, Canada and some European Union countries, with the start of the boom
of various tourist properties and the emergence of large economic returns that attracted
the attention of many investors, many research areas linking tourism with real estate have
appeared, such as timeshare [18]. Timeshare was the focus of academic researchers at
the time, especially after the conflicting views on the positive and negative impacts of
this phenomenon [19]. This reinforced the study of this timeshare phenomenon by many
researchers (such as [20–23]), thereby, deepening the relationship between tourism and real
estate, especially from the economic perspective. Another example of the appearance of
the tourism real estate term comes from China, where the term first appeared in 1996: [18]
discussed three main models for the development of regional tourism real estate: the
free, planning and hybrid models. Moreover, the integration between tourism and real
estate has been supported by many economic driving forces. The four forces are: high
market demand, competition between enterprises, technological innovation and different
national policies [18].
Additionally, one of the important forms of the relationship between tourism and
real estate is their connection to sustainability. On the one hand, real estate affects the
achievement of sustainability in various tourism areas and destinations. For example, in
coastal tourist areas, carbon emissions from different real estate products affect the tourism
resources in the area, which in turn causes damage to these resources, and this constitutes
an obstacle to achieving the principles of sustainability in the tourism sector. For this reason,
many tourism buildings are seeking to obtain an LEED certificate (Leadership in Energy and
Environmental Design) in order to be classified as green buildings; this is one of the pillars
of the green tourism destinations concept [24,25]. On the other hand, the various tourism
development policies and strategies, in turn, affect the concept of sustainability in real
estate. For example, the failure of establishing a legal framework for the transformations in
land uses and real estate uses that accompany the different tourism development policies
may affect the sustainability of real estate in terms of unplanned changes in its prices and
material value, as well as the waste of many different investments; this is inconsistent with
the principles of achieving sustainability for real estate products [24].
In summary, this interesting relationship between tourism and real estate is considered
the catalyst of this study and its main justification. This research aims to present a detailed and
comprehensive understanding of the relationship between the tourism and real estate sectors
from the literature perspective by answering the following six research questions (RQs):
• RQ1: How has the relationship between tourism and real estate evolved, what are the
main research streams, and which ones require further attention?
• RQ2: How has the tourism industry dealt with real estate: as an investment or as
a development?
• RQ3: What are the spatial units (cities, coastal areas, tourism destinations, etc.) in
which tourism studies have discussed the real estate sector?
• RQ4: What are the used data collection methods in tourism and real estate studies
(survey, questionnaire, official data, etc.)?
• RQ5: What are the most significant real estate areas of interest in which tourism
studies are concerned?
• RQ6: What are the key methodological frameworks of tourism studies in the real
estate field: theoretical or practical frameworks (case study)?
Sustainability 2022, 14, 10177 4 of 19

2. Materials and Methods

This study used a two-step methodological approach—bibliometric and content-based
analyses—to answer the specified RQs. First, the bibliometric analysis approach was
used to analyse the relationship between tourism and real estate, thus answering RQ1.
Then, content-based analysis was used to highlight the trends in the selected literature,
thus answering RQ2–RQ6. In general, the conceptual kernel of the content analysis was to
discover the hot and blind spots in the dataset. The combination of bibliometric and content
analyses increased the precision and reliability of the findings, and reduced the subjective
bias that might exist in some other literature review approaches. Before conducting these
two analytical approaches, the data collection process was reviewed.

2.1. Data Acquisition

This research depended on the WOS and Scopus databases to extract the required
literature. Using the snowball technique, we conducted a brainstorming session with
14 researchers in the tourism and real estate field, and found two main groups of keywords
linked together through the Boolean operator “AND”—“tourism” AND “real estate”. After
that, research queries were identified as shown in Table 1.
Table 1. Research protocol for the data collection.

TITLE ((“touris*”) AND (“real estate” OR “land use” OR “landed propert*”

OR “land propert*” OR “real propert*” OR “propert*” OR “landed interest*”
Search Query OR “land interest*” OR “Realtor” OR “estate surveyor*” OR “estate valuer*”
OR “estate agent*” OR “rent*” OR “Landowner*” OR “Land owner*”
OR “apartment*”))
Database WOS and Scopus
Database Period 1980–2021

This research query resulted in about 294 documents, which represent the main dataset
of this research. Regarding the criteria for selecting the eligible documents, all documents
published in 2022 have been excluded because the year has not yet ended. Furthermore, all
duplicate documents in the two databases (WOS and Scopus) were excluded. Regarding
the language criterion, although there is a debate about language bias in the tourism
literature review articles, many studies support the idea that place-specific research should
be enhanced by studies conducted in the native language of the area, so that they can be
generalized and applied [26]. Therefore, place-specific research can be trustworthy and
provide reliable findings. On that basis, in our study, all the languages of the articles were
taken into consideration without any kind of exclusion. The study considered the article
title as the main search field to reduce irrelevant records. Finally, all the information of the
selected publications was exported, such as citation information (i.e., authors, publication
year, sources and citation count), bibliographical information (i.e., affiliations, language
and publisher), abstracts and keywords.

2.2. Analysis Levels

To present a comprehensive description of the evolutionary relationship between
tourism and real estate, this research was developed based on two main levels of analysis:
bibliometric and content-based analysis.
Bibliometric analysis was first proposed at the end of the 1980s by Campbell, and has
since been used as an approach for analyzing scientific production in various scientific fields,
from medicine to social sciences [27]. Even though the approach is old, it is still considered
one of the most important techniques for analyzing different literature. Bibliometric analysis
consists of several analytical modules using direct statistical techniques to analyse literature,
such as the analysis of authors, keywords, countries, universities and so on [28,29]. Given
the multiplicity of different analytical modules for bibliometric analysis, this research
relied on seven different modules: scientific production, documents, journals, authors,
Sustainability 2022, 14, 10177 5 of 19

institutions, countries and keywords. For each analytical module, different bibliometric
techniques were used for both statistical analysis and visualization.
Several software packages can be used to conduct bibliometric analysis, including (but
not limited to) BibExcel, Sci2 Tool [30], CitNetExplorer [31], SciMAT [32], VOSviewer [33]
and R [34]. Each software has a different analytical capacity and focuses on conducting
specific functions. In other words, each software has its strengths and weaknesses. For
example, some of these software packages do not have any free access versions, so can
only be accessed if paid for. Additionally, the interests of these programs differ from one to
another, as some are used for statistical analysis, while others are used for visualization,
and vice versa. For these reasons, this research relied on three main software programs: R,
VOSviewer and CiteSpace. Regarding the R programing language, the bibliometrix pack-
age was used to present a statistical description of the collected dataset. The bibliometrix
package was developed by Aria and Cuccurullo in 2017, and provides a collection of quan-
titative tools that can be used to perform scientometric and bibliometric analyses [35]. The
main reasons to use R (in general) and the bibliometrix package (in particular) compared
to the other software for scientific computation are probably the availability of robust and
efficient statistical algorithms, availability of top-notch numerical routines and integrated
data visualization views [34–36]. VOSviewer and CiteSpace were used in this research to vi-
sualize the different bibliometric networks. VOSviewer is a freely available Java application
presented to the bibliometric research community by van Eck and Waltman in 2010 [33]. It
uses the VOS mapping technique to visualize the similarities and present high-quality bib-
liometric network maps. CiteSpace is also a free Java application that produces interactive
visuals aimed at identifying the research trends of a certain scientific field [37].
The main goal of using content-based analysis in this research was to link the biblio-
metric analysis results to their context to answer specific proposed RQs. The content-based
analysis is defined as “a research method that provides a systematic and objective means to
make valid inferences from verbal, visual or written data in order to describe and quantify
specific phenomena” [38]. The content-based analysis in this research was conducted
through three major steps. First, the extracted dataset was divided into four quarters
based on two main criteria: total number of citations (NC) and publishing journal ranking.
Consequently, 74 out of 294 documents were approved for conducting the content analysis.
The approved documents went through a screening phase based on the availability crite-
rion, resulting in 63 documents for the content analysis. Second, a literature matrix was
created that included the main elements carefully selected to help answer the proposed RQs.
Finally, the content-based analysis was conducted by precisely examining and text mining
each section of the whole article (title, abstract, keywords and research body). This text
mining process was performed through four workshops facilitated by the researchers, and
took two months. The main aim of these workshops was to find answers to the proposed
research questions. Subsequently, to avoid bias, the content-based analysis findings were
presented to a group of experts for review, and to answer the question: to what extent
did the answers to the research questions match the information in the examined records
(63 articles)?

3. Results and Discussion: Identification of the Tourism and Real Estate Streams
Figure 1 shows the key information of the dataset derived from the bibliometric and
content-based analyses. In general, the dataset contains 294 articles published in the period
1980–2021, with a citation rate of 8.8 per article. A total of 716 authors participated in
writing these articles, which were published in 199 different sources. These articles contain
around 897 keywords associated with tourism and real estate.
Sustainability 2022, 14, 10177 6 of 19

Figure 1. Key information of the collected dataset.

3.1. Bibliometric Analysis

3.1.1. Annual Scientific Production
Figure 2 shows a slight increase in the scientific production of research studies dis-
cussing tourism and real estate from 1980 to 2021, with a growth rate of up to 4.8%. This
scientific production peaked in 2020 with 41 published articles. This noticeably increased
relationship between tourism and real estate in the second millennium illustrates the ex-
tent to which this relationship is considered an emerging trend in the economic scientific
society. This fact can be described with numbers: the proportion of articles published in
this academic area, starting with the second millennium, represents about 94% of the total
articles published since 1980. Comparing the number of published articles with the total
citation number (see Figure 2), the scientific content linking tourism and real estate has
high citation rates, up to 8.5 citations per article. In 2009, the total citations record reached
a peak of 286 citations. According to many scholars, this increase in the interest in the real
estate and tourism field was due to the global economic crisis of 2008–2009, which greatly
affected the tourism sector, directing the academic trend towards the importance of land
use and real estate in different tourism areas and destinations [39–41]. These studies are
considered part of a significant research trend in this period focused on identifying new
tourism patterns (e.g., rural and mountainous tourism) to help the tourism and real estate
sectors recover from the severe damage caused by the crisis.

Figure 2. Annual scientific production in tourism and real estate studies. TGC: total global citations.

3.1.2. Document Analysis

Regarding the most relevant publications on tourism and real estate, Table 2 outlines
the 20 most relevant documents ranked based on the average global citation per year
(TGC/Y). The most significant article in this list is [42], with 20 total global citations per
year. Most of the articles included in this list discuss the change in land use and its policies
in the different tourism areas, as well as short-term rentals.
Sustainability 2022, 14, 10177 7 of 19

Table 2. Most relevant articles on tourism and real estate filed in the present study (sorted by total
global citations per year).

Rank Author (Year) TLC/Y TLC TGC/Y TGC

1 Yrigoy (2019) [42] 1.33 4 20.00 60
2 Magano et al. (2021) [43] 0.00 0 18.00 18
3 Ayhan et al. (2020) [44] 0.50 1 16.00 32
4 Blanco-Romero et al. (2018) [45] 0.75 3 13.50 54
5 J. Li et al. (2020) [46] 0.50 1 13.50 27
6 Rico-Amoros et al. (2009) [41] 0.38 5 11.46 149
7 Boori et al. (2015) [47] 0.14 1 8.71 61
8 Hjalager (2020) [48] 0.00 0 8.50 17
9 Hof and Schmitt (2011) [49] 0.00 0 8.00 88
10 Cucari et al. (2019) [50] 0.33 1 8.00 24
11 Martín Martín, Rodriguez Martín, et al. (2018) [51] 0.25 1 7.75 31
12 Martín Martín, Guaita Martínez, et al. (2019) [52] 0.00 0 7.67 23
13 Robertson et al. (2020) [53] 0.00 0 7.50 15
14 Tyrväinen et al. (2014) [54] 0.00 0 7.13 57
15 Boavida-Portugal et al. (2016) [55] 1.33 8 7.00 42
16 Shabrina et al. (2021) [56] 0.00 0 7.00 7
17 Petrov et al. (2009) [40] 0.31 4 6.31 82
18 Katsinas (2021a) [57] 0.00 0 6.00 6
19 Chai et al. (2021) [58] 0.00 0 6.00 6
20 Yrigoy (2017) [59] 0.00 0 5.80 29
TLC, total local citations; TLC/Y, average TLC per year; TGC, total global citations; TGC/Y, average TGC per year.

By analyzing the published articles in a co-citation network (see Figure 3), the sci-
entific production in tourism and real estate can be divided into 10 co-citation clusters.
The first cluster (red color), entitled “short-term rental”, is the largest cluster, containing
108 members. The peak in the articles published in this cluster was in the period 2011–2020,
specifically in 2019 (see Figure 4). The main theme of this cluster was short-term rental in
the tourism real estate, especially with the boom of many organizations supporting the
sharing economy concept, such as Airbnb, Vrbo and Zillow. This cluster included several ar-
ticles focusing on this theme, such as [42,60–62]. Additionally, it is worthy of note that most
of the articles in this first cluster adopted different case studies in different geographical
regions, such as New Orleans, Dublin, Barcelona, Madrid, Lisbon and Salzburg.

Figure 3. Clustered co-citation document network of tourism and real estate literature.
Sustainability 2022, 14, 10177 8 of 19

Figure 4. A timeline view of clustered co-cited documents in tourism and real estate literature.

The second cluster (orange color), which has 72 members under the heading “sus-
tainable tourism”, addressed the concept of sustainability in real estate tourism. Figure 4
shows that the peak of this cluster was between 2005 and 2020. In this period, the term
sustainability generally flourished, and the United Nations set the 2030 Agenda, which
encompassed the Sustainable Development Goals in 2015. This cluster includes research
articles interested in applying sustainability to tourism real estate, such as [25,52,63,64].
The third cluster, entitled “real estate tourism development”, includes 52 members
that all discuss different ideas related to real estate tourism development, such as ecological
tourism, tourism in mountain areas, environmental real estate, eco-fishery tourism, tourism
in biodiversity hotspots and wilderness tourism. The fourth cluster (yellow color), entitled
“wine tourism development”, contains articles discussing the relationship between wine
tourism and land use policies in various countries and geographical regions, such as [65,66].
The fifth cluster, named “land use change”, refers to articles that discuss land use as
one of the main aspects of real estate tourism. This cluster contains many articles published
from 1999 to 2018 (see Figure 4), such as [67–69]. The sixth and seventh clusters, entitled
“tourism industry” and “changing determinant”, respectively, contain articles that explored
changing the price of tourism properties, and presented this as a determinant and key
element in the real estate tourism industry. Examples of such articles are [70–73].
Regarding the eighth cluster, entitled “adaptation”, the articles in this cluster focused
on addressing the question of to what extent is the real estate adapted to various tourism
development concepts, especially those related to sustainability and the conservation of
natural tourism resources [74]. The ninth cluster, entitled “heritage property tourism”,
included articles discussing real estate tourism in the historical heritage areas, and identified
to what extent these areas were affected by various tourism activities [75,76]. The 10th
cluster, named “tourism demand”, includes articles explaining the relationship between
tourism demand and real estate in different tourism areas. While the 11th and final cluster
was entitled “assessing tourists preferences”, and includes articles that discuss tourists’
preferences and their impact on changing the real estate tourism demand from one tourism
destination to another, especially in coastal areas [77].
Through a general observation of the co-citation network in Figure 3, it is apparent
that some articles are disconnected from others and do not belong to any cluster. These
articles explored scientific topics that are emerging and represent future research in tourism
and real estate, such as the changing preferences of tourists due to the COVID-19 pandemic,
postcrisis development and knowledge base. Examples of such articles include [57,78,79].

3.1.3. Most Relevant Journals, Authors, Institutions and Countries

Table 3 presents the 20 most relevant journals that published the selected articles. The
list was ranked based on the number of publications (NP). Of the 199 journals published on
tourism and real estate, only four journals published more than six papers: Land Use Policy
(eight articles), Current Issues in Tourism (eight articles), Tourism Management (seven articles)
Sustainability 2022, 14, 10177 9 of 19

and Sustainability (six articles). Regarding the impact of the journal output and performance
through the h-index, Land Use Policy was at the top of the list (8 h-index score), followed by
Current Issues in Tourism and Tourism Management.
Table 3. The 20 most productive journals in tourism and real estate literature (sorted by number
of publications).

Rank Source/Journal NP h_index TC

1 Land Use Policy 8 8 400
2 Current Issues in Tourism 8 6 109
3 Tourism Management 7 6 167
4 Sustainability (Switzerland) 6 4 99
5 Boletin De La Asociacion De Geografos Espanoles 5 3 16
6 Land 4 3 41
7 Tourism Geographies 4 3 62
8 Annals of Tourism Research 3 3 100
9 Revue De Geographie Alpine 3 3 18
10 Asia Pacific Journal of Tourism Research 3 2 31
11 Journal of Policy Research in Tourism, Leisure and Events 3 2 12
12 WIT Transactions on Ecology and The Environment 3 1 11
13 Ecosystem Services 2 2 37
14 Environment and Planning 2 2 14
15 Environmental Earth Sciences 2 2 23
16 International Journal of Environmental Research and Public Health 2 2 49
17 International Journal of Housing Markets and Analysis 2 2 29
18 International Journal of Strategic Property Management 2 2 16
19 Journal of China Tourism Research 2 2 15
20 Journal of Coastal Research 2 2 74
NP, number of publications; TC, total citations.

The research adopted author analysis, as another bibliometric analysis module, to

identify the scientific community structure in the tourism and real estate field. The author
analysis aimed to determine a clear answer to the main question: who are the most prolific
authors and experts in the tourism and real estate field? Table 4 outlines the most relevant
authors based on NP (to identify the most prolific authors), as well as the total citations
record (to identify the experts). According to the NP criterion, the most prolific authors are
Wang Y, Yrigoy I and Zhang H, with four published articles each, while the experts, based
on the total NC, were Olcina-Cantos J, Rico-Amoros AM and Sauri D (a citation record of
149 each), followed by Hof A (119 citations). Comparing the most prolific authors list with
the experts list, except for Hof A and Yrigoy I, the authors in these two lists are completely
different, referring to the diversity of the authors that have published in the tourism and
real estate field, as well as the specialization of some other authors.

Table 4. Top 10 most prolific authors and experts in the tourism and real estate literature.

Most Prolific Authors (a) Experts (b)

Rank Authors NP Rank Authors TC
1 Wang Y 4 1 Olcina-cantos J 149
2 Yrigoy I 4 2 Rico-amoros AM 149
3 Zhang H 4 3 Sauri D 149
4 Chapagain SK 3 4 Hof A 119
5 Fukushi K 3 5 Yrigoy I 94
6 Guilding C 3 6 Baker A 88
7 Hof A 3 7 Genty D 88
8 Li Y 3 8 Schmitt T 88
9 Liu Y 3 9 Blázquez-salom M 85
10 Liu Z 3 10 Kasanko M 82
NP, number of publications; TC, total citations. (a) The list of the most prolific authors based on NP. (b) The list of
experts based on TC.
Sustainability 2022, 14, 10177 10 of 19

Figure 5 presents the scientific production of the most prolific authors over the years.
Although the publication period of the collected data was 1980–2021, the most prolific
authors appeared only after 2005. Additionally, all the most prolific authors’ scientific
work was conducted between 2011 and 2021—except for Guilding C, who dominated the
five-year period from 2006 to 2011. This reflects the importance of the relationship between
tourism and real estate from the academic perspective, especially in recent years.

Figure 5. A timeline view of the top 10 prolific authors in the tourism and real estate literature.
NP, number of publications; TC/Y, total citations per year.

Moving to the most relevant institutions, Table 5 presents the list of the top 20 ranked
institutions that have published articles about tourism and real estate, based on the NP. The
Prince of Songkla University and the University of Alicante topped this list, contributing
11 and 10 articles, respectively. Most of the universities participating in publishing articles
about tourism and real estate are in Asian countries. In this study, China was the most
predominant (seven institutions), followed by other Asian countries (such as Thailand,
Bangladesh, India, Indonesia, Japan and Malaysia, with one institution each). Although the
Asian countries dominated this list, Spain ranked second as the country with the highest
number of institutions that have published articles about tourism and real estate, with
three institutions: the University of Alicante, the University of Cordoba and the University
of Extremadura.
Regarding countries’ collaboration networks, 55 countries participated in the pub-
lication of tourism and real estate literature. Figure 6 depicts the relationships between
countries with the most contribution, where the size of the circle represents the NP and the
linked lines represent the strength of the collaboration. Asian countries have high internal
and external collaboration ties (e.g., China and Indonesia), while European countries are
considered frequent collaboration partners (e.g., Italy, Finland and Portugal). However,
Spain has strong ties with both Asian and other European countries. Considering the
top 10 productive countries for tourism- and real-estate-related studies, China ranked first
(148 publications), followed by Spain (143). Far behind, the US ranked third, with only
about 36 articles published. Indonesia, Japan, Australia, UK, Italy, Finland and Portugal
ranked 4th to 10th, with total number of articles of 31, 28, 27, 25, 22, 19 and 1, respectively.
Sustainability
Sustainability 2022,
2022, 14,
14, xx FOR
FOR PEER
PEER REVIEW
REVIEW 12
12 of
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23
Sustainability 2022, 14, x FOR PEER REVIEW 12 of 23

the highest number of institutions that have published articles about tourism and real es-
the
the highest number of institutions that haveofpublished articles about tourism and real
12 ofes-
the highest number of
of institutions that
that have
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highest number institutions published articles tourism and and
real the
es-
Sustainability 2022, 14, 10177 tate,
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with
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tate, with 5. Top 10 most productive institutions in the tourism
three institutions: the University of Alicante, the University and real estate literature
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Rank
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the
Rank
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211 1 University
Sustainability 2022, 14, x FOR PEER REVIEW Prince of
Prince of Songkla
of Songkla
Prince
University
of Alicante
Songkla University
ofUniversity
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11
10 11
11
Thailand
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Thailand
2 University
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5.University most productive
of Alicante institutions in the tourism and11 real10 estate literature Thailand
Spain
3222 highest
Sustainability 2022, 14, x FOR PEER REVIEW University
2 Sichuan
University
University
of
ofofAlicante
University
of Alicante
Alicante 10 9
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10
Spain
China
Spain
Spain 12 of 23
33the number institutions that have published articles and real es-
University of Alicante Spain
Sichuan
Sichuan University
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4Rank
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tate,
Table
3 3 3with Affiliation
5.Simon
Sichuan
Top
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three most University
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productive
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of Cordoba
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Sustainability 2022, 14, x FOR PEER REVIEW2
4 7withGriffith
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and of 23
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the
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Portugal).
and in-
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ules, and it involves using keywords in any document to create and determine
ternal
tries
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However,
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Regarding external
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firstSpain has collaboration
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tiescollaboration
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Spain
Asian
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(143).
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(e.g.,
other Far Italy,
behind,
European
countries while
Finland
the European
US and
countries.
participated ranked
in coun-
Portugal).
third,
Consider-
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tries
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withthe
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only considered
oftop Spain
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strong
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10 productive ties collaboration
with both
real published.
countries partners
Asian
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Japan, Italy,
European
Australia, Finland
UK, and
countries.
Italy, Portugal).
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network and
of tourism estate realfor
andliterature. tourism-
estate Figure and
literature, real-estate-related
depicts
where thetop
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relationships
five frequent China
between
keywords
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ing
Portugal
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countries the first
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real-estate-related
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the
represents25,studies,
22, Consider-
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third,
and
are tourism (n = 86), tourism development (n = 51), land use (n = 41), land use change
ing
ranked
respectively.
with the
only top
first 10
(148 productive
publications), countries
followed for tourism-
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(143). real-estate-related
Far behind, the US studies,
ranked China
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= the Japan, Australia,
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it was UK, Italy,
countries that Finland
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ranked
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Portugal onlyfirst (148 36
about publications),
articles followed
published. byChina
Spainof
Indonesia, (143).
Japan, Farofbehind,
Australia, UK,the US
Italy, ranked
Finland third,
and
ternal would present terms/keywords related to real estate as major nodes of this network,1,the
and ranked
external 4th to 10th,
collaboration with total
ties number
(e.g., articles
and Indonesia), 31, 28, 27,
while 25, 22,
European 19 and
coun-
with
Portugal
respectively.
tries only about 36
ranked
are considered 4tharticles
to 10th,
frequent published.
with totalIndonesia,
collaboration number Japan,
of
partners Australia,
articles
(e.g., of
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Finland 25,
and Finland
22, 19its
andand
Portugal). 1,
terms/keywords that appear strongly in this network are related to land use and change.
Portugal
respectively.
However, ranked
Spain 4th
has to 10th,
strong with
ties with total
both number
Asian of
and articles
other
It is also worthwhile mentioning the appearance of nodes related to specific geographical
of
European 31, 28, 27, 25,
countries. 22, 19 and
Consider- 1,
respectively.
ingareas the top 10 productive
or regions, such ascountries
Spain, China, for tourism-
Canada, and real-estate-related
Australia, the Canarystudies, IslandsChinaand the
ranked first Islands.
Balearic (148 publications),
This co-word followed
network by Spain (143). Far
also shows behind, the
a prominent US ranked
absence third,
of keywords
with only about
related 36 articlesreflecting
to COVID-19, published. theIndonesia,
fact that manyJapan,articles
Australia, didUK,
not Italy, Finland and
pay attention to the
Portugal pandemic’s impact on the tourism real estate sector, despite the considerable impact of1,this
ranked 4th to 10th, with total number of articles of 31, 28, 27, 25, 22, 19 and
respectively. crisis on the different economic sectors in the last two years.
Sustainability 2022, 14, 10177 12 of 19

Figure 7. Co-word analysis network.

Regarding the burst period of the keywords, Figure 8 presents the strongest citation
bursts in tourism and real estate literature. The term “burst” refers to the prevalence
of each keyword over time. By tracking the trends of keyword bursts, it is possible to
identify the evolution trends in any scientific research area in a specific period. As shown in
Figure 4, prior to 2006, there was no specific interest research area in tourism and real estate
literature, as this period does not appear in the burst diagram. The year 2006 represents
the start of emerging research trends or interests in tourism and real estate literature. In
the initial period (2006–2009), the concentration of tourism and real estate research on
conducting studies in different geographical areas was high, with the appearance of burst
keywords such as Eurasia, Europe, Africa, Asia and GCC countries (Gulf Cooperation
Council countries). In the following nine years (from 2009 to 2018), the research interests
fluctuated between different themes of tourism and real estate, such as ecotourism, land use
change, developing world and tourist destinations. In recent times, specifically from 2018
to 2021, the tourism and real estate literature has been interested in the sharing economy
concept, leading to the appearance of keywords in the burst such as Airbnb, sharing
economy, housing market and tourism market.

Figure 8. Top 25 keywords with the strongest citation bursts in tourism and real estate literature.
Sustainability 2022, 14, 10177 13 of 19

3.2. Content-Based Analysis

Figure 9 represents the analytical graphs resulting from the content-based analysis
that helped to answer the RQs. According to RQ2 results, about 73% of the tourism
literature addressed real estate from a developmental perspective, compared to only 24%
of the literature that addressed it from an investment perspective. Many researchers are
confused about the difference between the two terms “tourism real estate investment” and
“tourism real estate development”. Consequently, this vagueness was addressed as one
of the main RQs in this research. Generally, the tourism real estate investment concept
refers to the different tourism real estate projects that usually have large constructions
and seek to achieve maximum profit, such as tourism resorts, hotels and restaurants.
Additionally, dealing with tourism real estate as an investment opportunity not only
reflects its impact on the tourism sector, but also has many other impacts, especially on the
investor’s side. For example, many countries (e.g., Turkey, Malta and Cyprus) consider
that owning a property and renting it for tourism purposes gives the owner the right to
acquire citizenship, which attracts many foreign investments. Moreover, the parameters
of the real estate investment decision are associated with the conceptual kernel of the
tourism sector [81]. The real estate investment decision is made through the investment
triangle parameters (return, risk and liquidity), and the tourism sector is a fragile, volatile,
resilient and sometimes seasonal sector that makes it a unique sector suitable for the
investment-minded [81]. Meanwhile, tourism real estate development represents the
different tourism real estate constructions and their impact on the surrounding urban
environment [82]. Additionally, from the development perspective, tourism real estate is
considered a driving force for both tourism and economic development [83]. For example,
in underdeveloped tourist areas/regions, tourism real estate development enhances the
positive agglomeration effects, and participates in the generation of economic growth in
the other developed locations. Basically, tourism development cannot be realized without
real estate development. Therefore, these two terms should be taken into consideration in
the tourism development process, but with a clear vision of the difference between them.

Figure 9. RQ2–RQ6 results according to the content-based analysis of tourism and real estate literature.
Sustainability 2022, 14, 10177 14 of 19

Despite the variety of the spatial units used as case studies in the tourism and real
estate literature, coastal areas dominated the case studies (about 49%); this reflects the
continuous changes and resilience of the tourism coastal destinations, resulting in many
studies being interested in them. Applying the tourism and real estate studies at the
regional level (such as towns) ranked second, comprising 22% of the literature. Moreover,
it is worth mentioning that the percentage of the studies that discussed tourism and real
estate in individual destinations, such as real estate projects or tourist destinations, was
approximately only 5%. These results reflect the spatial scales addressed as case studies in
the articles.
RQ4 results indicate that the data used in the tourism and real estate studies were
more primary (67%) than secondary (33%). Moving towards the areas of interest of the
tourism and real estate studies, RQ5 results rank development and economic as the first
and second areas of interest in the literature (62% and 17%, respectively). Finally, RQ6
findings confirm that most of the tourism and real estate studies used more practical
methodological frameworks than theoretical frameworks. With 81% of studies applying
their methodological frameworks in specific case studies, the importance of the uniqueness
of each geographical area or region from another was manifested.

4. Recommendations for Future Research Agenda

Based on the results of both bibliometric and content-based analyses of the tourism and
real estate literature, we present future research perspectives in five key points. First, the
scientific society needs more studies discussing the relationship between tourism and
real estate. Despite the growth rate of publications in this area, especially in the second
millennium, the importance of the relationship between tourism and real estate and their
impact on each other is increasingly growing. Therefore, a more solid synergy in the
academic community is required to have sufficient knowledge of the relationship between
these two areas, and to closely monitor the different variables affecting them.
Second, future research in the field of tourism and real estate should pay great attention
to implementing and studying various geographical areas and regions. The heterogeneity
of the characteristics of different tourist destinations and areas enhances the need to address
tourism and real estate studies in more geographical areas to achieve more accurate and
comprehensive results. In other words, the presence of diversity in case studies enriches
the scientific content of tourism and real estate, and provides the appropriate knowledge
for many decision makers to make the best decision based on real situation facts.
Third, an in-depth exploration of the difference between tourism real estate invest-
ment and tourism real estate development would be valuable. Through our analysis of
the tourism and real estate literature, we had difficulty identifying whether the selected
articles discussed the relationship between tourism and real estate from an investment or a
development perspective. Accordingly, research perspectives could explore, theoretically,
the differences between real estate investment and tourism real estate development, which
might improve comprehension beyond the studies’ objectives and outcomes.
Fourth, future research can involve producing more publications on some areas of
interest in the tourism and real estate literature (for instance, legal and financial). From
the legal perspective, tourism real estate remains a legal limbo in many tourist areas
and destinations [84]. This has caused a great loss in many investments in the tourism
sector, as well as the “freezing” and incompletion of many tourism real estate projects
(especially in developing countries), creating frustration among many investors and traders.
Consequently, future research could pay more attention to analyzing the legal framework
of tourism real estate. Similarly, further research could be beneficial for finding new metrics
to analyse and evaluate tourism real estate projects from a financial perspective, especially
considering that tourism real estate projects are commonly uncertain and complicated,
involve various phases and span long periods [85].
The fifth and final point relates more to the structure of scientific research for the
tourism real estate sector than to future research trends. The analytical results of this
Sustainability 2022, 14, 10177 15 of 19

research necessitate the recommendation of creating a source/journal specializing in the

scientific production of tourism real estate. Since tourism real estate discusses different
aspects/dimensions that overlap with various economic sectors, such as the institutional,
financial, development, individual and behavioral, investment, legal, governance and
socioeconomic dimensions. Additionally, having specialized search platforms comprising
tourism real estate studies should, in turn, facilitate the separation of tourism real estate
issues from overlapping topics such as land use/cover changing, thus ensuring more focus
in the future on the tourism real estate research area, and presenting more robust and
credible research outcomes.

5. Conclusions
This study presented a statistical analysis of the tourism and real estate literature. A
sample of 294 articles from the period 1980–2021 were investigated using different biblio-
metric analysis modules and techniques (e.g., scientific production, documents, journals,
authors, institutions, countries and keywords). Content-based analysis was conducted to
review the 63 most relevant articles based on total NC and publishing journal ranking.
The research findings answered the six proposed RQs. The bibliometric analysis results
focused on answering RQ1, which enquired about identifying the main research streams
in the tourism and real estate literature. Tourism and real estate scientific production was
categorized into 11 main clusters: short-term rental, sustainable tourism, real estate tourism
development, wine tourism development, land use change, tourism industry, changing
determinant, adaptation, heritage property tourism, tourism demand and assessing tourists’
preferences. Land Use Policy (eight articles) and Current Issues in Tourism (eight articles) were
the two most productive journals on tourism and real estate literature. The most prolific
authors in the tourism and real estate literature were Wang Y, Yrigoy I and Zhang H (four
articles each), while the experts in this field based on NC were Olcina-Cantos J, Rico-Amoros
AM, and Sauri D (citation record of 149 each). Regarding the most productive institutions,
Prince of Songkla University (Thailand) and the University of Alicante (Spain) ranked first
and second with (11 and 10 published articles, respectively). Asian institutions dominated
the list of the most productive institutions in the tourism and real estate literature; this list
comprised 16 Asian institutions (65% of the total list). The keyword analysis presented
an overall view of the tourism and real estate research directions. Despite the beginning
of the tourism and real estate literature at the end of the 1980s, its real prosperity was
from the beginning of the second millennium. At the beginning of this prosperity period,
tourism and real estate literature focused on geographical dimensions, and the published
articles were applied in a variety of case studies, resulting in the presence of keywords
related to various geographical regions (such as Europe, Asia and the GCC countries). In
the mid-2000s, tourism literature addressed many important tourism themes and their
impact on real estate, such as ecotourism, land use change, sustainable tourism and the
rental sector. The keywords of these concepts occupied the attention of researchers in this
period. Turning to the recent period, keywords discussing the sharing economy concept
have appeared in tourism and real estate literature, such as Airbnb, sharing economy,
housing market and tourism market.
The content-based analysis findings answered the remaining five RQs (RQ2–RQ6).
These findings present some facts about the tourism and real estate literature that could
structure the future research agenda in this scientific area. Nearly 73% of tourism and
real estate literature discussed real estate from a development rather than investment
perspective. Despite the variety of the spatial units used as case studies in tourism and real
estate publications, coastal tourism areas were the testing ground for most studies (49%),
followed by regional-level units (22%), such as tourism cities. Most of the tourism and real
estate studies relied on primary (67%) rather than secondary data, as well as on practical
methodological frameworks (81%) compared to theoretical frameworks. The diversity of
areas of interest for tourism and real estate literature, such as development, economic,
Sustainability 2022, 14, 10177 16 of 19

behavioral, governance and legal areas, reflects its significance and its overlap with many
research areas, which has importance for the further progression of tourism and real estate.
Generally, although the evolutionary relationship between tourism and real estate is
important, it is still undefined in some research areas. This research attempted to explore
tourism and real estate to determine the critical research gaps and present a clear road
map for future research. Like any scientific study, this research was not free of limitations.
Considering NC as the controlling element in many bibliometric analysis modules was
the first limitation of this research. Additionally, opting for WOS and Scopus as the two
main databases for extracting the tourism and real estate literature represented the second
limitation of this research. To curb the effect of these limitations on the study findings, we
conducted a content-based analysis of the most relevant publications in the tourism and
real estate literature. Moreover, the disregard for certain datasets, such as Google Scholar,
was due to the implicit quality inconstancy of the publications indexed in its records.

Author Contributions: Conceptualization, M.K. and L.D.D.; methodology, M.K. and L.D.D.; software,
M.K.; validation, M.K., M.A., H.M.H., F.A. and M.K.; formal analysis, F.A. and M.K.; investigation,
M.A., H.M.H., F.A. and M.K.; resources, M.K. and F.A.; writing—original draft preparation, M.K.,
M.A., H.M.H. and F.A.; writing—review and editing, M.K. and M.A.; visualization, M.K.; supervision,
K.C., I.V. and L.D.D.; project administration, K.C., I.V. and L.D.D.; funding acquisition, M.A. and
H.M.H. All authors have read and agreed to the published version of the manuscript.
Funding: This research received no external funding.
Conflicts of Interest: The authors declare no conflict of interest.

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