DEVELOPMENT OF URBAN RENOVATION AND REHABILITATION PROGRAMMES IN THE HISTORIC CENTERS. EFFECTS ON THE EUROPEAN REAL ESTATE MARKET

Roberto Cervelló Royo, Baldomero Segura Gar del Rio, F.J. Ribal Sanchis and Blasco Riuz

ERES from European Real Estate Society (ERES)

Abstract: We analyze what effect the development of an urban rehabilitation program, mainly financed with public funds, has on the evolution of Real Estate values in the rehabilitated area and vicinity. We isolate the impact of the interventions over the value increase as a measure of the efficiency of the public rehabilitation performed in historical centers; the hedonic price function is seen as the most suitable methodology. For this, we study the average sale prices and the space-wise distribution, checking the evolution over the state intervention period. Moreover, we create a calculation index that allows us to measure any existing relation between the economical level of the intervention that has taken place by the public administration and the market values that have been observed.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2006-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2006_156

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