Hedonic analysis of housing prices and development in Kaunas: heritage aspect

LTReikšminiai žodžiai: Hedoninės kainos metodas; Kaunas; Nekilnojamasis turtas; Pastatytas paveldas; Paveldo kontekstas; Socialinė ir ekonominė paveldo reikšmė; Socio-ekonominė paveldo reikšmė; Built heritage; Hedonic price method; Heritage context; Kaunas; Lithuania; Real estate; Socio-economic significance of heritage.

ENUrban economists have stressed the importance of various amenities for the attractiveness of urban areas for residents and businesses, and built cultural heritage may be considered as one of such amenities, the benefits of which should not be overlooked. This research was aimed to analyse the influence of the heritage aspect including the heritage status or features of the building and the historic built environment in general on real estate prices and development in Kaunas using the hedonic price method. Two sets of data were collected for the analysis, i.e., general, including heritage buildings and including new construction since 2013. The research demonstrated that the heritage status and the year of construction (as older buildings can be considered having heritage features) have no significant positive influence on real estate prices. Meanwhile, location, heritage context and architectural distinctiveness of new architecture have a direct influence on real estate prices. The heritage context correlates with architectural quality of new construction as well. This reveals the benefits of heritage context both for real estate developers and households; however, the study shows the unemployed social-economic potential of historic buildings as generators and maintainers of the heritage context. [From the publication]

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