Historic Amenities and Housing Externalities: Evidence from the Netherlands | Zendy

Koster Hans R.A. | Zendy; Rouwendal Jan | Zendy

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Historic Amenities and Housing Externalities: Evidence from the Netherlands

Author(s) -

Koster Hans R.A.,

Rouwendal Jan

Publication year - 2017

Publication title -

the economic journal

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 4.683

H-Index - 160

eISSN - 1468-0297

pISSN - 0013-0133

DOI - 10.1111/ecoj.12477

Subject(s) - externality , cultural heritage , transaction cost , economics , database transaction , traditional investments , public economics , state (computer science) , finance , foreign direct investment , microeconomics , geography , macroeconomics , archaeology , computer science , programming language , algorithm

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.

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