Monument Protection: Internal and External Price Effects

Hamburg Contemporary Economic Discussion Paper No. 17

33 Pages Posted: 11 Dec 2009

See all articles by Gabriel M. Ahlfeldt

Gabriel M. Ahlfeldt

London School of Economics & Political Science (LSE) - Department of Geography and Environment

Wolfgang Maennig

Universit├Ąt Hamburg, Faculty of Business, Economics and Social Sciences

Date Written: April 2008

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.

Keywords: Cultural economics, built heritage, heritage significance, real estate economics, Berlin

JEL Classification: R21, R52, Z19

Suggested Citation

Ahlfeldt, Gabriel M. and Maennig, Wolfgang, Monument Protection: Internal and External Price Effects (April 2008). Hamburg Contemporary Economic Discussion Paper No. 17, Available at SSRN: https://ssrn.com/abstract=1520586 or http://dx.doi.org/10.2139/ssrn.1520586

Gabriel M. Ahlfeldt

London School of Economics & Political Science (LSE) - Department of Geography and Environment ( email )

Houghton Street
London, WC2A 2AE
United Kingdom

HOME PAGE: http://personal.lse.ac.uk/ahlfeldg/

Wolfgang Maennig (Contact Author)

Universit├Ąt Hamburg, Faculty of Business, Economics and Social Sciences ( email )

Von-Melle-Park 5
Hamburg, 20146
Germany

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