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Monument Protection: Internal and External Price Effects

Author

Listed:
  • 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.

Suggested Citation

  • Gabriel Ahlfeldt & Wolfgang Maennig, 2008. "Monument Protection: Internal and External Price Effects," Working Papers 017, Chair for Economic Policy, University of Hamburg.
  • Handle: RePEc:hce:wpaper:017
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    File URL: http://www.hced.uni-hamburg.de/WorkingPapers/017.pdf
    File Function: First version, 2008
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    Cited by:

    1. Wolfgang Maennig, 2017. "Public Referenda and Public Opinion on Olympic Games," Working Papers 057, Chair for Economic Policy, University of Hamburg.
    2. Franziska K. Kruse & Wolfgang Maennig, 2017. "The future development of world records," Working Papers 061, Chair for Economic Policy, University of Hamburg.
    3. Wolfgang Maennig, 2017. "Governance in Sports Organizations," Working Papers 060, Chair for Economic Policy, University of Hamburg.
    4. Gabriel M. Ahlfeldt & Wolfgang Maennig & Felix J. Richter, 2017. "Zoning in reunified Berlin," Working Papers 059, Chair for Economic Policy, University of Hamburg.
    5. Wolfgang Maennig, 2017. "Major Sports Events: Economic Impact," Working Papers 058, Chair for Economic Policy, University of Hamburg.

    More about this item

    Keywords

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

    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

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