Does the housing market reflect cultural heritage? A case study of Greater Dublin
Does the housing market reflect cultural heritage? We estimate several specifications of a hedonic price equation to establish whether distance to, and density of, cultural heritage site is capitalised into housing prices in Greater Dublin, Ireland. We use a very rich dataset of housing and neighbourhood characteristics and include 104 location-fixed effects, which represent very small areas, ensuring the identification of the price effects on similar houses in similar areas. Our results show that some types of cultural heritage sites, such as historic buildings, memorials, and Martello towers, provide positive spillovers to property prices while archaeological sites seem to be a negative amenity. We interpret these premiums (or lack thereof) as capturing aesthetic beauty. Keywords: cultural economics, cultural heritage, hedonic price, hedonic regression, nonmarket valuation, Ireland
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Victor Ginsburgh & David Throsby, 2006.
"Handbook of the Eonomics of Art and Culture,"
ULB Institutional Repository
2013/152412, ULB -- Universite Libre de Bruxelles.
- Forrest, David & Grime, Keith & Woods, Robert, 2000. "Is It Worth Subsidising Regional Repertory Theatre?," Oxford Economic Papers, Oxford University Press, vol. 52(2), pages 381-97, April.
- Jaap Boter & Jan Rouwendal & Michel Wedel, 2005. "Employing Travel Time to Compare the Value of Competing Cultural Organizations," Journal of Cultural Economics, Springer, vol. 29(1), pages 19-33, February.
- David Maddison & Terry Foster, 2003. "Valuing congestion costs in the British Museum," Oxford Economic Papers, Oxford University Press, vol. 55(1), pages 173-190, January.
- Bille, Trine & Schulze, Gunther G., 2006. "Culture in Urban and Regional Development," Handbook of the Economics of Art and Culture, Elsevier.
- Halvorsen, Robert & Pollakowski, Henry O., 1981. "Choice of functional form for hedonic price equations," Journal of Urban Economics, Elsevier, vol. 10(1), pages 37-49, July.
- John Whitehead & Suzanne Finney, 2003. "Willingness to Pay for Submerged Maritime Cultural Resources," Journal of Cultural Economics, Springer, vol. 27(3), pages 231-240, November.
- Lazrak, F. & Nijkamp, P. & Rietveld, P. & Rouwendal, J., 2009. "Cultural heritage: hedonic prices for non-market values," Serie Research Memoranda 0049, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
- Marilena Pollicino & David Maddison, 2001. "Valuing the Benefits of Cleaning Lincoln Cathedral," Journal of Cultural Economics, Springer, vol. 25(2), pages 131-148, May.
- P. Poor & Jamie Smith, 2004. "Travel Cost Analysis of a Cultural Heritage Site: The Case of Historic St. Mary's City of Maryland," Journal of Cultural Economics, Springer, vol. 28(3), pages 217-229, August.
- Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
- Stephen Malpezzi, . "Hedonic Pricing Models: A Selective and Applied Review," Wisconsin-Madison CULER working papers 02-05, University of Wisconsin Center for Urban Land Economic Research.
- Brereton, Finbarr & Clinch, J. Peter & Ferreira, Susana, 2008. "Happiness, geography and the environment," Ecological Economics, Elsevier, vol. 65(2), pages 386-396, April.
- Anna Alberini & Alberto Longo, 2007.
"Valuing the Cultural Monuments of Armenia: Bayesian Updating of Prior Beliefs in Contingent Valuation,"
2007.36, Fondazione Eni Enrico Mattei.
- Anna Alberini & Alberto Longo, 2009. "Valuing the cultural monuments of Armenia: Bayesian updating of prior beliefs in contingent valuation," Environment and Planning A, Pion Ltd, London, vol. 41(2), pages 441-460, February.
- Andrew Narwold & Jonathan Sandy & Charles Tu, 2008. "Historic Designation and Residential Property Values," International Real Estate Review, Asian Real Estate Society, vol. 11(1), pages 83-95.
When requesting a correction, please mention this item's handle: RePEc:pio:envira:v:45:y:2013:i:12:p:2884-2903. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Neil Hammond)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.