Abstract
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 language | English |
|---|---|
| Pages (from-to) | F396-F420 |
| Journal | Economic Journal |
| Volume | 127 |
| Issue number | 605 |
| DOIs | |
| Publication status | Published - 2017 |
Keywords
- cultural heritage
- hedonic pricing
- historic amenities
- housing externalities
