HISTORIC AMENITIES AND HOUSING EXTERNALITIES: EVIDENCE FROM THE NETHERLANDS

• 成果类型: Article
• 署名作者: Koster, Hans R. A.; Rouwendal, Jan
• 署名单位: Vrije Universiteit Amsterdam; Tinbergen Institute
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12477
• 发表日期: 2017
• 页码: F396-F420
• 关键词: property-values; preservation; designation; households; heritage; QUALITY; prices

摘要

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.