Adaptive Reuse of Religious Heritage and Its Impact on House Prices

Abstract

Due to social demographic change and secularization, religious heritage sites in Europe are on the verge of losing their original functions. While the adaptive reuse seems to be a proactive strategy to preserve the historical and cultural value embedded in religious heritage sites, little is known concerning its external impact. This paper aims to fill this gap by investigating the external effect of reusing religious heritage on surrounding house prices. Employing both the parametric and non-parametric difference-in-differences hedonic model on a sample of 42 projects of reusing religious heritage and a rich dataset of housing transactions in the Netherlands, we find significant positive externality of reusing religious heritage on local house prices. The external effects are heterogeneous across differentiated project size and monumental status. Larger religious heritage reuse projects and those listed as national monuments exert greater influence on surrounding house prices.

Positive or Negative: The Heterogeneities in the Effects of Urban Regeneration on Surrounding Economic Vitality—From the Perspective of Housing Price

“…The preservation of heritage or landmarks has been found to lead to a price premium of nearby property by 1.7%, 1.4%, and 0.5% within a radius of 50 m, 100 m, and 200 m [12]. Liu and Liu [56] plot the irregular curve of average property prices close to the heritage adaptive reuse projects.…”

The Development Path for Real Estate of China During the Normalization of the COVID-19

“…Moreover, in order to stabilize the development of the real estate market, China has issued a series of strict macro-control policies. Some income sources of real estate have been cut off in that way, and the real estate market is facing overwhelming pressure [10]. In addition, ascribed to changes in consumption conception, the new generation is more inclined to rent a house.…”

What Advantages Do Adaptive Industrial Heritage Reuse Processes Provide? An Econometric Model for Estimating the Impact on the Surrounding Residential Housing Market

“…Last, but not least, is the issue related to the gentrification phenomenon that these interventions may generate [42,43]. Often, the increase in real estate values brought about by these processes can lead to depopulation or a decrease in the population living in the area [44].…”

“…Several authors have demonstrated that residents value the functional, cultural, or aesthetic significance of these services, infrastructures, and heritages, increasing the demand for living space and property values in these markets; many studies have been conducted to investigate the impact of urban green infrastructure [51][52][53][54], modes of transportation [55][56][57], and historic cultural heritage proximity [58,59], but the impact of reused cultural heritage has received little attention (Table 1). Indeed, while adaptive reuse appears to be a proactive strategy for preserving the historical and cultural value embedded in heritage sites, little is known about its external impact [44]. Iftekhar et al [60] used the HPM and the discrete choice experiment technique to understand the benefits of improving the Main Outfall Sewer reserve in Melbourne, Australia, and assess residents' preferences for different large-scale, water-sensitive urban improvement options for a disused historic site.…”

“…They discovered that the various options had significant non-market benefits, both in terms of the potential reflection of increases in house values and in terms of people's WTP to improve the amenity and environmental quality. Liu and Liu [44] examined the external effect of religious heritage reuse on surrounding house prices using a hedonic model on 42 religious heritage reuse projects in the Netherlands. The authors discovered that religious heritage reuse had a significant positive externality on the local house prices.…”