ECONOMICS UNIQUENESS

102 ■ THE ECONOMICS OF UNIQUENESS
Th is study (Lazrak et al. 2011b) has clearly demonstrated that: (1) dwellings
on a heritage list capture a positive premium for their own value, (2) these heritage
houses also generate positive premium eff ects for other dwellings in the
50-meter vicinity, and (3) dwellings located in a “historic-cultural ensemble” also
capture an additional property value.
Conclusion
Cultural heritage is a broad concept that may have a multiplicity of meanings
and perceptions. Sometimes it is conceived of as a nation’s or city’s collection of
historic buildings, monuments, countryside, and landscapes that are—because of
their socio-cultural and historical importance—worthy of preservation. Others
may be inclined to interpret also a typical local ambience or atmosphere, a recognized
cultural environment, or an artistic neighborhood as cultural heritage—all
based on the concept of historic endowment that forms the historic environment.
Th ese two interpretations come close to the concept of cultural capital, as advocated
by Bourdieu (1984).
Th e societal role attached to cultural heritage designation is refl ected in the
economic surplus value that accrues to urban land rent in a competitive urban
economy. In particular, the premium on real estate located in historic-cultural
districts or the direct premiums accrued for a house as a result of being listed as
heritage off er a promising departure for a solid economic analysis of value capturing
in historic sites. From the perspective of a market evaluation of cultural
heritage, the hedonic pricing model off ers great potential to assess the additional
economic value of real estate in the case of its location being adjacent to cultural
assets. Th is approach also off ers many opportunities for value transfer of fi ndings
from a given case study to comparable sites or monuments. Needless to say, conducting
a thorough economic investigation into the market aspects of cultural
heritage—through advanced spatial hedonic price models—will pose a formidable
challenge in the years to come.
Notes
1. Th e National Oceanic and Atmospheric Administration (NOAA) reviewed the use of
contingent valuation and concluded that, if its guidelines and recommendations were
followed, “contingent valuation studies can produce estimates reliable enough to be
the starting point of a judicial process of damage assessment, including lost passiveuse
values” (NOAA, 1993, 24).
2. In this chapter it is presented in a summary form with the main methodology and
results.