Substitutability and Complementarity of Urban Amenities: External Effects of Built Heritage in Berlin
研究了柏林指定地标对公寓交易价格的影响，发现地标本身无溢价，但对周边600米内房产有正向外部效应。
This article analyzes the impact of designated landmarks on condominium transaction prices in Berlin, Germany. We test for price differentials between listed and nonlisted properties and study their impact on surrounding property prices. The proximity to built heritage is captured by the distance to listed houses and heritage potentiality indicators. Impact is assessed by applying a hedonic model to microlevel data, and this process also addresses spatial dependency. While our findings suggest that designated landmarks do not sell at a premium or discount, landmarks are found to have positive external effects on surrounding property prices within a distance of approximately 600 m.