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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Publisher Info
Paper 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 Handle: RePEc:hce:wpaper:017
Find related papers by JEL classification: R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand R52 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Land Use and Other Regulations Z19 - Other Special Topics - - Cultural Economics - - - Other
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