“…extrinsic attributes have on property values in relation to the possible existence of submarkets. It would thus be plausible to expect that noise affects differently the hedonic function of flats that belong to different submarkets, because either they have different building attributes and architectonic characteristics like large terraces or community spaces inherently exposed to noise pollution (Marmolejo and Romano, 2009), or the sensitivity of the users is different (Kuno et al, 1993;Daumal, 2002). Therefore, from the theoretical perspective the implicit price of 1 dB is not necessarily the same in different market segments or in different locations subjected to different noise levels.…”