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The effects of cultural heritage on residential property values: Evidence from Lisbon, Portugal

Sofia F. Franco and Jacob L. Macdonald

Regional Science and Urban Economics, 2018, vol. 70, issue C, 35-56

Abstract: We estimate the cultural heritage amenity impact on the residential real estate market of Lisbon, Portugal, paying particular attention to heterogeneity of types and capturing spatial dependencies through a spatial error model. Our heritage amenities include conservation areas, listed historic buildings, and designated heritage which includes churches, palaces, historic buildings and lithic structures. We construct gridded spatial fixed effects which mitigate biases from the modifiable areal unit problem, and further employ a geographic regression discontinuity ensuring the robustness of results. The analysis is complemented with spatial interactions and mixed geographically weighted regressions (MGWR) to explore spatial heterogeneity of impacts.

Keywords: Spatial hedonic models; Cultural heritage; Geographically weighted regression; C21; P25 (search for similar items in EconPapers)
Date: 2018
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