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Substitutability and complementarity of urban amenities: external effects of built heritage in Berlin

Ahlfeldt, Gabriel M. and Maennig, Wolfgang (2010) Substitutability and complementarity of urban amenities: external effects of built heritage in Berlin. Real Estate Economics, 38 (2). pp. 285-323. ISSN 1080-8620

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Abstract

This article analyzes the impact of designated landmarks on condominium transaction prices in Berlin, Germany. We test for price differentials between listed and nonlisted properties and study their impact on surrounding property prices. The proximity to built heritage is captured by the distance to listed houses and heritage potentiality indicators. Impact is assessed by applying a hedonic model to microlevel data, and this process also addresses spatial dependency. While our findings suggest that designated landmarks do not sell at a premium or discount, landmarks are found to have positive external effects on surrounding property prices within a distance of approximately 600 m.

Item Type: Article
Official URL: http://www.wiley.com/bw/journal.asp?ref=1080-8620
Additional Information: © 2010 American Real Estate and Urban Economics Association
Library of Congress subject classification: G Geography. Anthropology. Recreation > G Geography (General)
H Social Sciences > HD Industries. Land use. Labor
Sets: Departments > Geography and Environment
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 15 Oct 2009 11:34
URL: http://eprints.lse.ac.uk/25516/

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