ECONOMICS UNIQUENESS

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254 ■ THE ECONOMICS OF UNIQUENESS MAP 9.1 (A) Fictionalized Map Showing Residents’ Willingness to Pay for Conservation of a City Monument, by Neighborhood (B) Fictionalized Map Showing Residents’ Willingness to Pay for Conservation of Three Different City Monuments a. b. Non-use values (WTP per district €) > 30 25–30 20–25 15–20 < 15 Source: Author. considering travel time starting from the city center. We assume that high travel time (= high travel cost) is an indication of high non-use values. Th e same kind of map, but on a very large scale, can describe non-use values for foreign visitors fl ying and further travelling to a remote country for visiting the heritage. We expect that the farther away they come from, the higher they consider the non-use values. Use Values Related to Real Estate Non-use values (WTP per monument) 20€ 30€ Economic values in historic city cores are embedded in the urban fabric. Heritage buildings and monuments have an economic signifi cance not just related to the past but also to future opportunities of the city. In fact, economic values oft en allow heritage to keep its cultural signifi cance as the city develops.
MAPPING HERITAGE ECONOMICS FOR SPATIAL ANALYSIS ■ 255 By adapting and re-using outstanding monuments for contemporary needs, cities seek to capture economic values to better preserve and utilize their cultural assets. Covent Garden, in central London, is an example of continuous rethinking and reuse of an urban fabric for changing needs. Originally an abbey—the Convent of St. Peter—the site was also a major source of fruit and vegetable production in London. Th e land was redeveloped by the early 17th century and became an architectural ensemble, with an open air market in its center. Th e site needed a redevelopment by the end of the 1960s when the market moved to a new location. With many of the buildings protected through heritage designation, the site was redesigned as a shopping center and tourist attraction. Many historic buildings have a residential function. Th e expression of a use value from buildings and monuments is given by real estate values, measured by property values or rental values (e.g., actual rental values for tenant-occupied housing, imputed rental value for owner-occupied housing). Many historic buildings and monuments also provide services to the city government (a historic town hall, for example) or serve as museums or performing arts venues. 8 Real estate values are thus market indicators of individual and collective demand for the use of historic buildings and monuments. Mapping of rental or property values requires the recording of heritage buildings and monuments to provide the baseline data onto which values will be visualized. Rental and property values are expressed in monetary terms or in indices. When individual or cadastral databases are not available, real estate values are estimated in average terms for blocks or building groups across the city. Th e mapping of real estate values requires comparing physical and architectural attributes of heritage buildings to rental or property values. Th e mapping of the following selected indicators describes the relationship between occupancy of heritage buildings and use values: • Occupancy versus vacancy of heritage buildings; • Use of buildings; • Rental and property values; • Property values (heritage versus non-heritage buildings); • Housing aff ordability; • Nonresident occupation (seasonal occupation, vacation rental housing); • New residents versus initial population; and • Conditions of conservation. Th e mapping aims to evaluate economic values as they are related to building occupancy, but also emphasizes such urban processes as gentrifi cation or poverty alleviation. Mapping side-by-side housing aff ordability, incoming new residents, and property prices highlights the relationship between the status of the heritage
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Public Disclosure Authorized Public
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Th e Urban Development Series discu
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© 2012 International Bank for Reco
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vi ■ CONTENTS Project Appraisal i
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viii ■ CONTENTS Appendix II: Addi
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x ■ CONTENTS 7.4 Tourism Is Coupl
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xii ■ CONTENTS 9.1 How to Organiz
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Exegi monumentum aere perennius reg
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ACKNOWLEDGMENTS ■ xvii Cultural O
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xx ■ OVERVIEW What Are the Object
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xxii ■ OVERVIEW and captures the
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xxiv ■ OVERVIEW periphery, especi
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xxvi ■ OVERVIEW tourism—by impr
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xxviii ■ OVERVIEW 3. Institutiona
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1 Livable Historic City Cores and E
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LIVABLE HISTORIC CITY CORES AND ENA
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2 Investing in the Sense of Place:
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INVESTING IN THE SENSE OF PLACE ■
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0 45° INVESTING IN THE SENSE OF PL
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FIGURE 2.4 continued INVESTING IN T
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A Dubious Alternative: Property Rec
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46 ■ THE ECONOMICS OF UNIQUENESS
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TABLE 4.1 Overview of Hedonic Price
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FIGURE 6.5 Quito and Oaxaca: Timeli
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TABLE 6.5 Quito Investments in the
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7 UNESCO World Heritage List, Touri
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UNESCO WORLD HERITAGE LIST, TOURISM
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TABLE 7.1 Regional and Historical D
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TABLE 7.3 Benchmark Regressions Fir
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Page 235 and 236: UNESCO WORLD HERITAGE LIST, TOURISM
Page 239 and 240: TABLE 7.10 Robustness to Using Diff
Page 245 and 246: 8 Financial Mechanisms for Historic
Page 247 and 248: FINANCIAL MECHANISMS FOR HISTORIC C
Page 253 and 254: BOX 8.2 FINANCIAL MECHANISMS FOR HI
Page 255 and 256: BOX 8.3 FINANCIAL MECHANISMS FOR HI
Page 257 and 258: TABLE 8.1 Local Financial Tools Use
Page 259 and 260: FIGURE 8.4 Brownfi eld Concession T
Page 275: FINANCIAL MECHANISMS FOR HISTORIC C
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Page 317 and 318: Boxes, fi gures, maps, notes, and t
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Page 321 and 322: public sector role, 222-26, 223b, 2
Page 323 and 324: Kraay, A., 198 Kratz, C. G., 96 L l
Page 325 and 326: Pine Ridge Reservation (U.S.), 238
Page 327 and 328: Shaoxing, China, local residents re
Page 329 and 330: urban economics appraisal approach,
Page 332: ECO-AUDIT Environmental Benefits St
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ECONOMICS UNIQUENESS

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