ECONOMICS UNIQUENESS

ECONOMIC VALUATION OF CULTURAL HERITAGE ■ 101
Variant 1 leads then to the following empirical fi ndings:
• A dwelling that is designated with a heritage status is worth approximately
21 percent more than a comparable house without a monument status (in
monetary terms, €33,600).
• An additional house with a heritage status raises the average value of all other
houses within a 50-meter radius by 0.24 percent (in monetary terms, €384 per
dwelling).
Variant 2 off ers the following results:
• A dwelling with the listed heritage characteristic has an additional value of
approximately 19.5 percent (in monetary terms, €31,200).
• Any dwelling located in a protected historic urban landscape is worth approximately
23.4 percent more (in monetary terms, €37,400).
A subsequent question can be raised regarding how sensitive the results are to
the assumed spatial distance parameter of 50 meters. Th is calls for an extensive
sensitivity analysis. If we use a spatial-econometric hedonic price model, it has
been estimated with a distance contiguity matrix of 1,000 meters. Using again
the two variants outlined above, the following results are found.
Variant 1 provides the following estimated results:
• A house with a heritage status commands an additional value of approximately
26.9 percent (in monetary terms, €41,100).
• An additional house with a listed heritage character in an urban area raises
the value of all other houses within the 50-meter action radius by 0.28 percent
(that is, €430).
Variant 2 leads to the following fi ndings:
• A dwelling with a listed heritage character has approximately 23.8 percent
more worth (that is, €31,200).
• Any house in a historic, protected urban area gains an additional value of
approximately 26.4 percent (that is, €42,200).
Based on the above presented empirical fi ndings, the following overall conclusions
can be drawn:
• A dwelling with a listed heritage status gains a direct value premium ranging
from 19.5 to 26.9 percent;
• Any additional dwelling obtaining a monument status leads to an additional
value premium of all houses in the vicinity (50-meter radius) ranging from
0.24 to 0.28 percent; and
• Dwellings in a protected historic-cultural area gain a 23.4 to 26.4 percent premium
compared to dwellings outside this area.