Hedonic Analysis of Housing Prices and Development in Kaunas: Heritage Aspect

Rudokas, Kastytis; Landauskas, Mantas; Viliūnienė, Odeta; Gražulevičiūtė–Vileniškė, Indrė

doi:10.5755/j01.erem.75.2.22823

Cited by 9 publications

(11 citation statements)

References 18 publications

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“…The available literature on the subject has thus far focused on two main issues: (1) endogeneity and unobservable variables in standard hedonic analysis; and (2) external effects of historic designation inside the designated district (Noonan & Krupka, 2011;Moro et al, 2013;Ahlfeldt et al, 2012;Lazrak et al, 2014;Heintzelman & Altieri, 2013;Rudokas et al, 2019;Nakagawa & Tanaka, 2021). These scholarly contributions are based on the assertion that the location choice for historic designation is most likely not a random process (Lazrak et al, 2014).…”

Section: Historic Designations and Property Valuementioning

confidence: 99%

World Heritage Designation and Property: The Impact of Preservation on the Price of Historic Assets

Salinger

Shefer

Mualam

2022

International Journal of Strategic Property Management

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The restrictions and requirements imposed by historic preservation regulations bring about many changes to the rights of property owners. They might impose additional costs, most notably by prohibiting the demolition of designated buildings and thus decreasing property-development opportunities. The objective of this study is to examine what happens following world heritage designations; specifically, if and how such designations impact the property values of historic buildings. Using the hedonic price method, we measure the value of the option to demolish and rebuild that is denied to owners of designated buildings. We also measure the value of preservation regulations, expressed in the prices of apartments in designated buildings. The study area is the “White City” of Tel Aviv, which UNESCO designated as a world heritage site. The findings suggest that the market price of a designated building is on average 12.5% lower than its theoretical value if the building was not subject to historic preservation regulations. Moreover, a premium of approximately 14% was found in the price of apartment units in designated buildings if the building underwent preservation. These findings could have a direct impact on public policies designed to promote the preservation of historical buildings in world heritage sites.

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Section: Historic Designations and Property Valuementioning

confidence: 99%

World Heritage Designation and Property: The Impact of Preservation on the Price of Historic Assets

Salinger

Shefer

Mualam

2022

International Journal of Strategic Property Management

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“…(1.4) Physical status or maintenance level of a building/ apartment, etc (inside/ outside); exterior condition; interior condition; renovation status/ date; owner occupation status; land ownership type (Glaeser et al, 2018;Stamou et al, 2017;Nase et al, 2016;Coulson & Lahr, 2005;Buitelaar & Schilder, 2017;Asabere et al, 1989;Vandell & Lane, 1989;Rong et al, 2020;Fuerst et al, 2011;Gat, 1998;Rudokas et al, 2019;Been et al, 2016).…”

Section: Literature Reviewmentioning

confidence: 99%

Architectural Factors Influencing a Housing Market Value: A Theoretical Framework

Skripkiūnas¹,

Navickas²

2023

Real Estate Management and Valuation

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A housing price, not considering its change over time, is widely determined by hedonic properties. This is common in literature; however, there is a significant part of a price, the so-called unexplained variance, that is not captured by hedonic models. The scientific problem of this research is how to classify and visualize architectural factors that might have an influence on the market value of a dwelling. The object of the research are architectural factors in a housing market value analysis and the aim of research is to describe the theoretical framework that defines the structure and scope of architectural variables influencing a housing market value. Not all architectural factors described in the literature review are equal in terms of scale, measurability, public or private context, aesthetic or functional priority. A systematic approach would be to classify architectural factors as a matrix of built environment properties. Two orthogonal dimensions can be identified: architectural factors spanning from non-design (functional, utilitarian) to design (abstract, unexplained) and factors spanning from architectural design (private) to urban design (public). A multidimensional and complex system of architectural variables influencing a housing market value exists. Understanding this system is crucial for a housing development to succeed.

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“…Lindenthal (2017) recognized the relationship between higher property prices for homogeneously designed residential houses in Rotterdam compared to heterogeneously designed ones. In terms of heritage aspects, it has been highlighted that heritage-protected buildings tend to have a positive effect on the residential value of neighbouring buildings (Rudokas et al, 2019). Architectural design and good quality architecture can attract buyers and customers for whom sustainability is a priority (Fadaei et al, 2015).…”

Section: The Influence Of Planning Architecture and Design Values On ...mentioning

confidence: 99%

Planning and Architecture as Determining Influences on the Housing Market: Budapest–Csepel’s Post–War Housing Estates

Egedy

Szabó²,

Antypenko³

et al. 2022

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In Hungary, post-war housing estates can be categorised according to the time of their construction. Thanks to the development of construction technologies and urban planning, these so-called generations of housing estates demonstrate different features with regard to their physical layout and socio-economic characteristics. Socio-economic transformation that took place after the change of regime (1989) was widely affected by the physical parameters of these neighbourhoods and their dwelling stock. Our results show that different generations of housing estates have followed distinct trajectories in the housing market; thus, in addition to their geographical location within the city, planning, architecture, design, and the dwelling stock play a significant role in the market positions of these generations of housing estates. House prices have risen rapidly in Budapest since 2014 up until the pandemic in 2020, and housing estates became popular segments of the housing market. The main aim of this article is to investigate the role of urban planning, architecture and the built environment in this real estate process. The research is based on empirical real estate investigations, statistical house price analyses, and fieldwork undertaken on housing estates. The case study area is Csepel, a former industrial town which became the administrative district 21 of Budapest in 1950. All types of post-war generations of housing estates co-exist, and the majority of the population lives in such neighbourhoods. This special geographical context makes it possible to explore the influential role of the built environment in the housing market. Empirical results from these low- and mid-rise housing estates can make a major contribution to the more effective and successful development of high-rise neighbourhoods.

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Hedonic Analysis of Housing Prices and Development in Kaunas: Heritage Aspect

Cited by 9 publications

References 18 publications

World Heritage Designation and Property: The Impact of Preservation on the Price of Historic Assets

World Heritage Designation and Property: The Impact of Preservation on the Price of Historic Assets

Architectural Factors Influencing a Housing Market Value: A Theoretical Framework

Planning and Architecture as Determining Influences on the Housing Market: Budapest–Csepel’s Post–War Housing Estates

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