Impact of Sports Arenas on Land Values: Evidence from Berlin
Gabriel M. Ahlfeldt
London School of Economics & Political Science (LSE) - Department of Geography and Environment
University of Hamburg - Faculty of Economics and Business Administration
Annals of Regional Science, Forthcoming
This paper develops a hedonic price model explaining standard land values in Berlin. The model assesses the impact of three multifunctional sports arenas situated in Berlin-Prenzlauer Berg which were designed to improve the attractiveness of their formerly deprived neighbourhoods. Empirical results confirm expectations about the impact of various attributes on land values. Sports arenas have significant positive impacts within a radius of about 3000 meters. The patterns of impact vary, indicating that the effective impact depends on how planning authorities address potential countervailing negative externalities.
Keywords: Stadium Impact, Land Gradient, Hedonic Regression, Spatial Autocorrelation, Berlin
JEL Classification: L83, R31, R53, R5Accepted Paper Series
Date posted: December 17, 2009
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