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Economic Impact of a Heritage Policy on Residential Property Values in a Historic District Context: The Case of the Old City of Quebec

Author

Listed:
  • Nicolas Devaux Etienne Berthold

    (Université Laval)

  • Jean Dubé

    (Université Laval)

Abstract

Previous studies have attempted to measure the willingness-to-pay to locate inside a historic district. Yet not enough attention has been paid to the implicit value attributed to the impact of heritage policies within the historic district. This paper fills that gap by investigating the impact of such policies on individual condominium properties for the case of the Old City of Quebec (Canada), designated by law as a protected area and included on the World Heritage List (UNESCO). More precisely, this research measures the impacts of the reorganization and landscaping of one particular street located south-west of the protection area in the old part of Quebec City. A difference-in-differences (DID) estimator based on a hedonic repeated sales approach is proposed to isolate such effects based on proximity to the site under study. Estimation results suggest that the reorganization of the street had no significant impact on the closest properties’ prices, but had negative effects for properties located within 150 to 450 meters of the street. These observations outline complex relations between heritage policies and urban landscaping projects.

Suggested Citation

  • Nicolas Devaux Etienne Berthold & Jean Dubé, 2018. "Economic Impact of a Heritage Policy on Residential Property Values in a Historic District Context: The Case of the Old City of Quebec," The Review of Regional Studies, Southern Regional Science Association, vol. 48(3), pages 279-297, Winter.
    • Handle: RePEc:rre:publsh:v48:y:2018:i:3:p:279-297
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    Citations

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    Cited by:

    1. Bello Musa Zango & Sanni Mohammed Lekan & Mohammed Jibrin Katun, 2020. "Conventional Methods in Housing Market Analysis: A Review of Literature," Baltic Journal of Real Estate Economics and Construction Management, Sciendo, vol. 8(1), pages 227-241, January.
    2. Heesun Lim & Chang-Deuk Eom & Byeong-il Ahn, 2021. "Estimation of the Values of Wooden Materials in Urban Regeneration: The Case of Seoullo in Korea," Sustainability, MDPI, vol. 13(17), pages 1-15, September.
    3. Mario A. Fernandez & Shane L. Martin, 2020. "What’s so special about character?," Urban Studies, Urban Studies Journal Limited, vol. 57(16), pages 3236-3251, December.

    More about this item

    Keywords

    historic districts; landscaping policy; urban policy; hedonic pricing model; urban regeneration;
    All these keywords.

    JEL classification:

    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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