Historic Amenities and Housing Externalities: Evidence from the Netherlands

Hans R.A. Koster*, Jan Rouwendal

*Corresponding author for this work

Research output: Contribution to JournalArticleAcademicpeer-review


We study the economic effects of public investments in historic amenities by looking at their impact on house prices. We distinguish between direct and indirect effects of investments. A nationwide housing transaction is used as well as data on investments in cultural heritage. A 1 million euro per square kilometre increase in investments in cultural heritage leads to a price increase of 1.5–3.0% of non-targeted buildings. We do not find evidence that the maintenance state of non-eligible properties is improved, suggesting that any price effect due to investments in cultural heritage is a direct effect of investments.

Original languageEnglish
Pages (from-to)F396-F420
JournalEconomic Journal
Issue number605
Publication statusPublished - 2017


  • cultural heritage
  • hedonic pricing
  • historic amenities
  • housing externalities


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