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Koster H., Rouwendal J. Economic Journal. 2017. Vol. 127. No. 605. P. F396-F420.

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.

Added: Mar 30, 2018