Monument Protection: Internal and External Price Effects
AbstractThis 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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Bibliographic InfoPaper provided by Chair for Economic Policy, University of Hamburg in its series Working Papers with number 017.
Length: 33 pages
Date of creation: 2008
Date of revision:
Publication status: Published in Hamburg Contemporary Economic Discussions, Issue 17, 2008
Cultural economics; built heritage; heritage significance; real estate economics; Berlin;
Find related papers by JEL classification:
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
- R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations
- Z19 - Other Special Topics - - Cultural Economics - - - Other
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-07-20 (All new papers)
- NEP-CUL-2008-07-20 (Cultural Economics)
- NEP-URE-2008-07-20 (Urban & Real Estate Economics)
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