Distinctively Different: A New Approach to Valuing Architectural Amenities

• 成果类型: Article
• 署名作者: Ahlfeldt, Gabriel M.; Holman, Nancy
• 署名单位: University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12429
• 发表日期: 2018
• 页码: 1-33
• 关键词: quality-of-life; historic preservation; property-values; LAND; designation; buildings; ECONOMICS; benefits; heritage; IMPACT

摘要

We propose a method to estimate the capitalised value of the architectural design quality of an area. Our economic design premium is identified by spatially differentiating property prices and design quality within neighbourhoods and comparing the differences across neighbourhoods. We apply our method to 48 conservation area neighbourhoods in England in which we analyse around 7,900 property transactions and interview more than 500 residents. We find a capitalisation effect of about 6.6% (16k) pound associated with a one standard deviation increase in our index of distinctive design. Our results suggest that this effect is at least partially driven by architectural externalities.