Does the housing market reflect cultural heritage? A case study of Greater Dublin

Mirko Moro, Karen Mayor, Seán Lyons, Richard S J Tol

Research output: Contribution to JournalArticleAcademicpeer-review

Abstract

Does the housing market reflect cultural heritage? We estimate several specifications of a hedonic price equation to establish whether distance to, and density of, cultural heritage site is capitalised into housing prices in Greater Dublin, Ireland. We use a very rich dataset of housing and neighbourhood characteristics and include 104 locationfixed effects, which represent very small areas, ensuring the identification of the price effects on similar houses in similar areas. Our results show that some types of cultural heritage sites, such as historic buildings, memorials, and Martello towers, provide positive spillovers to property prices while archaeological sites seem to be a negative amenity. We interpret these premiums (or lack thereof) as capturing aesthetic beauty.

Original languageEnglish
Pages (from-to)2884-2903
Number of pages20
JournalEnvironment and Planning A
Volume45
Issue number12
DOIs
Publication statusPublished - 2013

Fingerprint

cultural heritage
housing market
housing
historic building
amenity
beauty
memorial
premium
esthetics
Ireland
building
aesthetics
price
lack
effect

Keywords

  • Cultural economics
  • Cultural heritage
  • Hedonic price
  • Hedonic regression
  • Ireland
  • Nonmarket valuation

Cite this

Moro, Mirko ; Mayor, Karen ; Lyons, Seán ; Tol, Richard S J. / Does the housing market reflect cultural heritage? A case study of Greater Dublin. In: Environment and Planning A. 2013 ; Vol. 45, No. 12. pp. 2884-2903.
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Does the housing market reflect cultural heritage? A case study of Greater Dublin. / Moro, Mirko; Mayor, Karen; Lyons, Seán; Tol, Richard S J.

In: Environment and Planning A, Vol. 45, No. 12, 2013, p. 2884-2903.

Research output: Contribution to JournalArticleAcademicpeer-review

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