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Monument Protection: Internal and External Price Effects

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Author Info

  • Gabriel Ahlfeldt

    ()
    (Chair for Economic Policy, University of Hamburg)

  • Wolfgang Maennig

    ()
    (Chair for Economic Policy, University of Hamburg)

Abstract

This paper analyses the impact of heritage-listed buildings on condominium transaction prices in Berlin, Germany. We use transaction data to test for price differentials between listed and non-listed properties and to study their impact on surrounding property prices. Proximity to built heritage is captured by distance to listed houses and indicators capturing neighborhoods with built heritage. Impact is assessed by applying a hedonic model to micro-level data and a non-parametric approach to location. While our findings suggest that listed properties do not sell at a premium or discount, heritage-listed buildings are found to have positive external effects on surrounding property prices.

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File URL: http://www.hced.uni-hamburg.de/WorkingPapers/017.pdf
File Function: First version, 2008
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Bibliographic Info

Paper provided by Chair for Economic Policy, University of Hamburg in its series Working Papers with number 017.

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Length: 33 pages
Date of creation: 2008
Date of revision:
Publication status: Published in Hamburg Contemporary Economic Discussions, Issue 17, 2008
Handle: RePEc:hce:wpaper:017

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Related research

Keywords: Cultural economics; built heritage; heritage significance; real estate economics; Berlin;

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