Economic Value Estimation for Protected Forest Areas with Hedonic Pricing: Case of Uzungöl Natural Park

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Abstract
Due to the increase in recreational demands, the significance of protected areas and forests with recreational potential in forests increased with the demands of nature tourism, which in turn provided new income sources to the forestry industry. In the current study, the economic values of the Uzungöl Nature Park’s lake view, an international tourist destination, were estimated using the hedonic pricing method. In the study, 188 questionnaires were conducted with 89 businesses, and the hedonic price function (HPF) was determined based on the study data collected from the businesses in Uzungöl Nature Park. It was estimated that the mean lake view in-room accommodation price for the hotels in Uzungöl Nature Park was USD 207.38 and the lake causes an increase of $2.8 per square meter and $144.67 in total on the room price of the hotels. The study findings demonstrated that the lake view was a desirable quality for hotel rooms, which is reflected in the prices in Uzungöl. The significant contribution of the lake view to room prices would support the planning and management of protected areas that are usually rich in natural resources. Determining the economic value of the lake view will enable business owners operating in the region or those planning to establish new businesses to make more informed pricing strategies. It will also strengthen hotel owners’ marketing campaigns and enable them to think more rationally about new investments (such as adding rooms or services). Business owners will be able to optimize their rooms based on lake views in order to offer more lake-view rooms to customers. Determining the economic value of the lake view will raise awareness about the protection of natural areas. By investing in eco-friendly and sustainable practices, hotel owners will contribute to the conservation of natural resources. The value estimates determined in the present study would also contribute to the employment of total forest value calculations and resource accounting systems.
Funding Information
  • Türkiye Bilimsel ve Teknolojik Araştırma Kurumu (TOVAG-119O131)

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