IN-PERSON London Heritages. Section A

Abstract

Cultural heritage generates multifaceted benefits for the socio-economic development of cities, and the evaluation of its associated externalities has consistently garnered scholarly attention. Previous researches have undertaken some analysis on the external impact of prominent cultural heritage sites, yet a significant gap persists in the research on generalized phenomenon within this field. This study endeavors to ascertain whether urban cultural heritage enhances the values of adjacent properties. Utilizing the Hedonic Price Model (HPM), we examine the correlation between the accessibilities to 627 cultural relic sites and the prices of commercial housing over the past decade within the confine of Beijing central city, spanning an area of 1,378 square kilometers, with the aim of investigating the spillover effect of these urban cultural relic sites. Our findings reveal that cultural relic sites have a positive and persistent impact on external housing values. Moreover, the magnitude of the spillover effects varies in accordance with the grade and current functional utilization of the sites.