World heritage designation and residential property values: the case of Old Rauma, Finland
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Description
Purpose: The purpose of this paper is to evaluate the impact of beneficial externality generated by the World Heritage List (WHL) on residential property values in order to offer new insights into heritage discourses. Design/methodology/approach: The study uses the hedonic price model to estimate empirically the difference in prices for residential properties located in the Old Rauma World Heritage. The study uses residential sales transaction data from the City of Rauma from January 2005 to September 2012 drawn from an online database called KVKL Hintaseurantapalvelu managed by the Central Federation of Finnish Real Estate Agencies. Findings: The research results indicate a positive, but insignificant, relationship between the property sale prices (euros/sqm) and heritage designation. However, the total sale prices are higher in Old Rauma as the properties are significantly larger in Old Rauma compared to other properties in Rauma. Originality/value: Studies in heritage economics have assessed the influence of the property market on heritage listing and designation at either the national level, the local level or a mix of national/local levels. This paper contributes to the literature by analysing the impact of a United Nations Educational, Scientific and Cultural Organisation (UNESCO) world heritage designation on residential property values. UNESCO is the leading global institution which deals with the protection of heritage sites that transcend national and local boundaries.
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ID Code: | 241182 | ||||
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Item Type: | Contribution to Journal (Journal Article) | ||||
Refereed: | Yes | ||||
ORCID iD: |
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Measurements or Duration: | 18 pages | ||||
Keywords: | Heritage conservation, Old Rauma, Outstanding universal value (OUV), Residential property values, World heritage designation | ||||
DOI: | 10.1108/JCHMSD-07-2021-0121 | ||||
ISSN: | 2044-1266 | ||||
Pure ID: | 139086185 | ||||
Divisions: | Current > QUT Faculties and Divisions > Faculty of Business & Law Current > Schools > School of Economics & Finance |
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Copyright Owner: | 2022 Emerald Publishing Limited | ||||
Copyright Statement: | This work is covered by copyright. Unless the document is being made available under a Creative Commons Licence, you must assume that re-use is limited to personal use and that permission from the copyright owner must be obtained for all other uses. If the document is available under a Creative Commons License (or other specified license) then refer to the Licence for details of permitted re-use. It is a condition of access that users recognise and abide by the legal requirements associated with these rights. If you believe that this work infringes copyright please provide details by email to qut.copyright@qut.edu.au | ||||
Deposited On: | 05 Jul 2023 05:08 | ||||
Last Modified: | 30 Jun 2024 22:48 |
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