Monument Protection: Internal and External Price Effects

Gabriel M. Ahlfeldt and Wolfgang Maennig ()

No 17, Working Papers from 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.

Keywords: Cultural economics; built heritage; heritage significance; real estate economics; Berlin (search for similar items in EconPapers)
JEL-codes: R21 R52 Z19 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cul and nep-ure
Date: 2008

Published in Hamburg Contemporary Economic Discussions, Issue 17, 2008

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http://www.hced.uni-hamburg.de/WorkingPapers/017.pdf First version, 2008 (application/pdf)

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Persistent link: http://EconPapers.repec.org/RePEc:hce:wpaper:017

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