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Title:Monument protection: internal and external price effects PDF Logo
Authors:Ahlfeldt, Gabriel M.
Maennig, Wolfgang
Issue Date:2008
Series/Report no.:Hamburg contemporary economic discussions 17
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 nonlisted 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.
Subjects:Cultural economics
built heritage
heritage significance
real estate economics
Berlin
JEL:R21
R52
Z19
ISBN:978-3-940369-49-9
Document Type:Working Paper
Appears in Collections:Hamburg Contemporary Economic Discussions, Lehrstuhl für Wirtschaftspolitik, Universität Hamburg

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