Tourism's positive and negative externalities are of an extreme social and economic importance for the tourism dominant countries. In particular, studying tourism's impact on housing prices has experienced increased interest over the past decade as it has a relevant influence on real estate...

This study examines the impact of sentiment shock, which is defined as a stochastic innovation to the Housing Market Confidence Index (HMCI) that is orthogonal to past housing price changes, on aggregate housing price changes and housing price volatility. This paper documents empirical evidence...