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Development Of Urban Renovation And Rehabilitation Programmes In The Historic Centers. Effects On The European Real Estate Market

Author

Listed:
  • Roberto Cervelló Royo
  • Baldomero Segura Gar del Rio
  • F.J. Ribal Sanchis
  • Blasco Riuz

Abstract

We analyze what effect the development of an urban rehabilitation program, mainly financed with public funds, has on the evolution of Real Estate values in the rehabilitated area and vicinity. We isolate the impact of the interventions over the value increase as a measure of the efficiency of the public rehabilitation performed in historical centers; the hedonic price function is seen as the most suitable methodology. For this, we study the average sale prices and the space-wise distribution, checking the evolution over the state intervention period. Moreover, we create a calculation index that allows us to measure any existing relation between the economical level of the intervention that has taken place by the public administration and the market values that have been observed.

Suggested Citation

  • Roberto Cervelló Royo & Baldomero Segura Gar del Rio & F.J. Ribal Sanchis & Blasco Riuz, 2006. "Development Of Urban Renovation And Rehabilitation Programmes In The Historic Centers. Effects On The European Real Estate Market," ERES eres2006_156, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2006_156
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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