The Impacts Of Tourism On Property Prices In Cyprus

The Impacts Of Tourism On Property Prices In Cyprus

Research Proposal

Proposed Title of Dissertation: The Impacts of Tourism on Property Prices in Cyprus

Subtitle: The roles tourism plays in determining property prices in Cyprus

Statement of objectives

This study’s major objective will be to investigate the impact of tourism in determining property prices in Cyprus. From this main objective the following ancillary objectives can be drawn out. To investigate:

The impact of impact of European Union market on property prices in Cyprus.

The impact of global economic and socio-political trends on property prices in Cyprus.

Discrepancies between property prices in Cyprus and other European Union nations.

Property prices discrepancies across the major cities and region in the country.

The role of local private property owners in determining the prices of immovable properties.

The role of the internal economic and socio-political policies in determining property prices.

Theoretical framework

This research study will employ an explorative qualitative theoretical framework. As Lincoln and Guba (1985) suggest an exploratory research is a fundamental framework that helps to draw out clear insights as well as conclusions into a social issue that has not received prior research. Basically, this framework accords researchers an opportunity to make appropriate decisions regarding the best methodologies of carrying their studies. Perhaps this is because the framework espouses relatively simple procedures to complex research problem that otherwise may pose significant challenges in terms of organization, presentation and engagement of context. As a matter of fact, this research framework allows researchers a wide range of data collection and analysis methods hence making the investigation of complex social phenomena more enjoyable and meaningful. For instance, through the use of internet, research can get to easily unearth large volumes important data as well as interact with the sampled study participants. No doubt this allows for deeper understanding and insights into the critical social determinants that underlies major social happenings (Shields & Tajalli, 2006).

This research framework will be of great use to my study given that it will accord the researcher the opportunity to investigate the socio-economic determinants pertaining to the property prices in Cyprus. Prior studies in this area have tended to address the “big-picture” and have missed significant details particularly in the area about the impacts of tourism on the prices of houses in Cyprus. As a matter of fact, existing studies only give a general overview of the Cypriot real estate sector and does not dwell into pertinent details such as how prices of immovable property in Cyprus are impacted by global economic trends. As such, through the use of simple methods of research such as interviews, questionnaires, direct retrieval of information, this study will be able to determine how different socio-economic, political and cultural factors affect the pricing of immovable property in Cyprus.

Literature references

The nature and scope of this research study calls for a deeper and wider analysis of literature. In this case, a wide range of literature from socio-economic, political, cultural, social policy, economic domains will be utilized. This will enable the achievement of the above outlined objectives. Ideally, this literature will include both local (Cyprus) and international readings published in scholarly journals, text books, newspapers, and magazines. Unfortunately, preliminary search on most local and international academic databases has revealed very little in terms of scholarly sources tackling the study’s topic perhaps due to the fact that Cyprus is still a small economy compared to global economies such as the United States, Japan, and German among others. In this regard, the study will also utilize unpublished sources such as websites. Even so, the selection of such websites will be restricted to the authentic ones, that is, those hosted by government agencies, local and international institutions of higher learning as well as international agencies.

Hypothesis

A critical analysis of the various property prices determinants in the Cypriot real estate sector reveals one exclusively strong factor: input from the country’s bulging tourism sector.

Methodology

Rationale

Essentially, this study will utilize a qualitative research methodology. The decision to utilize this methodology derives its impetus from the fact that it will accord the researcher a greater opportunity to identify many price determinants on the Cypriot immovable property sector. As Babbie (2004) asserts, a qualitative methodology ensures that all key issues that affect a particular social phenomenon such are clearly outlined. In this case, it is hoped that this research methodology will enhance the chances of determining the extent which the Cypriot property market is influenced by both internal and external price determinants. Such sentiments are also shared by Creswell (2003) when he postulates that a qualitative research methodology offer the best results particularly if intensive interviews and questionnaires are employed. As it will be explained later, the envisaged research study will utilize interviews and questionnaires as its major data collection instruments. On the other hand, and as it has been hinted in the preceding sections, there has never been an intensive empirical research carried out to determine the determinants of property prices in the Cyprus real estate sector. In this regard, a qualitative research is the most appropriate methodology given that it will accord the research the opportunity to put at task some of the meta-narratives as well as held notions regarding how particular price determinants are considered more influential to the Cypriot immovable property sector in general as well as how such determinants fair in various regions of the country (Denzim & Lincoln, 2005).

Sample Size

Due to the intensive nature of this study, a wide range of participants will be targeted. The study sample will comprise of persons working in the real estate sector, home owners, private property owners, real estate investment experts, tourists, as well as persons working with tourist agencies. Ideally, owing to the large number of the potential participants only a small fraction of this number will be considered for the study – about ten participants from each of the above named groups. The decision to have a relatively small sample size was advised by Ader, Mellenbergh, and Hand (2008) postulations regarding the ideal size of a study sample. Precisely, it is opined that a study sample should neither be too big nor too small. This is because a big study sample may pose challenges in data collections, compiling and analysis and may also end up consuming a lot of resources. On the other hand, it is opined that a very small sample size may not reflect the ideal situation of the targeted demographic (Ader et al, 2008).

Selection

Essentially, the participants will be selected on the basis of their willingness to take part in the study and most importantly on their availability within the entire study period. In this case, no form of coercion will be used. Potentially participants will be send formal request letters to seek their consent in taking part in the study. To enhance participation the participants will be assured that only the information they were willing to divulge would be used in the study. Ideally, a list will be prepared detailing those who will be willing to take part and available in the entire study period in each of the distinct categories hinted above (home owners, property owners, tourists, employees of tourist agencies, employees of real estate agencies, and real estate investment experts). This list will then be used to randomly select ten participants from each of the various categories.

Data Collection

The process of gathering data for this study will involve three levels as advanced by Babbie (2004). Data will be acquired through structured questionnaires and interviews as well as through secondary research carried out on relevant literary materials. To allow for maximum retrieval of information, the interviews and questionnaires will be structured according to the guidelines offered by Creswell (2003) and Kvale and Britmann (2008), where both open-ended and closed-ended questions will be used.

Questionnaires

Questionnaires will be carefully structured so as to capture pertinent data regarding the various property prices determinants. The prepared questionnaires will be dispatched to the participants through the post office, quick mail services, as well as hand delivery. Each participant will be expected to fill one such questionnaire. So as to enhance accuracy and validity the participants will be given a period of two weeks to study the questionnaires and fill them accordingly. Then the returned questionnaires will be studied, transcribed, coded and analyzed as per the selected data analysis methodology.

Interviews

The next level of data collection will involve in-depth interviews which ill be conducted through face-to-face encounters, over the phone, as well as through the internet. The prerogative to make a choice will be determined by the participants’ ease of availability as well as access any of the three options. Ideally, the interviews will be administered to the same sample that undertook the filling of the questionnaires. Even so, due to the involving nature of the structured interviews as well as the unpredictable work schedules on the part of the participants, it is anticipated that interviews will take a relatively long period of time to be satisfactorily completed. In this regard, it is envisaged that, the interview process will take at least three months to complete.

Desk research

The final level of the data collection method will entail the gathering of information from relevant secondary sources. A wide range of literary sources will be used here. This data collection method will offer an opportunity for comparison between the primary information collected from the participants.

Timetable

Week 1 – Week 2 Preparation of research materials such as questionnaires, interview templates, participants consent letters, etc.

Week 3 – Week 4 Distribution of the consent letters among the target demographic.

Sampling of the study participants.

Week 5

Week 6 Distribution of questionnaires.

Filling of questionnaires.

Week 7 Collection of the filled questionnaires.

Compiling of questionnaire data.

Week 8 – Week 20 Administration of the interviews.

Week 21- Week 22 Compiling and transcription of interview and questionnaire data.

Week 23 – Week 24 Analysis of data.

Reporting of data.

References

Ader, HJ, Mellenbergh, GJ, & Hand, DJ 2008, Advising on research methods: A consultant’s companion,. Johannes van Kessel Publishing, Huizen, The Netherlands.

Babbie, E 2004, The Practice of Social Research 10th Ed, Belmont, CA: Thomson/Wadsworth.

Creswell, JW 2003, Research design: Qualitative, quantitative, and mixed methods approach 2nd ed., Sage, Thousand Oaks, CA, retrieved August 16, 2010, from: HYPERLINK “http://books.google.co.ke/books?id=nSVxmN2KWeYC&dq=Research+design:+Qualitative,+quantitative,+and+mixed+methods+approach&printsec=frontcover&source=bn&hl=en&ei=lOJoTMTKA43U4gby9MyYBA&sa=X&oi=book_result&ct=result&resnum=4&ved=0CCkQ6AEwAw” l “v=onepage&q=Research%20design%3A%20Qualitative%2C%20quantitative%2C%20and%20mixed%20methods%20approach&f=false/”http://books.google.co.ke/books?id=nSVxmN2KWeYC&dq=Research+design:+Qualitative,+quantitative,+and+mixed+methods+approach&printsec=frontcover&source=bn&hl=en&ei=lOJoTMTKA43U4gby9MyYBA&sa=X&oi=book_result&ct=result&resnum=4&ved=0CCkQ6AEwAw#v=onepage&q=Research%20design%3A%20Qualitative%2C%20quantitative%2C%20and%20mixed%20methods%20approach&f=false/

Denzin, N.K. & Lincoln, Y. S. (Eds.) (2005). The sage handbook of qualitative research (3rd ed.). Thousand Oaks, CA: Sage.

Kvale, S & Britmann, S 2008, Interviewing: Learning the craft of qualitative interviewing, Sage, London.

Lincoln, Y. S., & Guba, E. G. (1985). Naturalistic inquiry. Beverly Hills, CA: Sage.

Shields, P. & Tajalli, H. (2006). Intermediate Theory: The Missing Link in Successful Student Scholarship. Journal of Public Affairs Education. Vol. 12, No. 3. Pp. 313-334.