scholarly journals Adaptive Reuse of Religious Heritage and Its Impact on House Prices

2020 ◽  
Author(s):  
Caixia Liu ◽  
Xiaolong Liu
Keyword(s):  
House Prices ◽  
Adaptive Reuse ◽  
Hedonic Model ◽  
Cultural Value ◽  
External Effects ◽  
Heritage Sites ◽  
External Impact ◽  
Positive Externality ◽  
National Monuments ◽  
Social Demographic

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.

Oil, gold, stones: cultural value in Italian cultural policy

2019 ◽  
Vol 9 (1) ◽  
pp. 2-15
Author(s):  
Alice Borchi
Keyword(s):  
Cultural Policy ◽  
Economic Value ◽  
Rapid Change ◽  
Cultural Value ◽  
Content Type ◽  
Heritage Sites ◽  
Cultural Assets ◽  
Italian Government ◽  
The People

Purpose The purpose of this paper is to understand the concept of cultural value promoted by the Italian government between 2008 and 2018. Furthermore, it aims at setting the scope for further research and debate on the issue of cultural value in Italian cultural policy by questioning market-driven understanding of value. Design/methodology/approach In order to do so, it examines the rhetoric of Italian policymakers, with a particular focus on the people who have covered the role of Ministry for Cultural Assets and Activities over this 10-year span, and the policies they have implemented. The various nuances of the concept of valorizzazione are studied by analysing different pathways employed by the Italian government and the values underpinning them, with a particular focus on the abandonment of heritage sites. Findings What emerges from this research is the centrality of the economic value of culture; however, the economic impact of Italian cultural assets is always presented as a potential that has to be unlocked by implementing policies of valorizzazione, a term that has a double meaning of promotion and exploitation (Belfiore, 2006). Originality/value This paper presents an original approach to understanding the formation and promotion of cultural value at the level of governmental policy in the context of contemporary cultural policy in Italy. In particular, it evidences how the centrality of the economic value of culture has remained unscathed despite the rapid change of governments that has characterised Italian politics in the last 10 years.

scholarly journals NIMBYs for the rich and YIMBYs for the poor: analyzing the property price effects of infill development

2020 ◽  
Vol 13 (1) ◽  
pp. 55-81 ◽  
Author(s):  
Fredrik Brunes ◽  
Cecilia Hermansson ◽  
Han-Suck Song ◽  
Mats Wilhelmsson
Keyword(s):  
Construction Projects ◽  
House Prices ◽  
Spillover Effect ◽  
Control Area ◽  
Hedonic Model ◽  
Control Group ◽  
Content Type ◽  
Infill Development ◽  
Property Prices ◽  
New Construction

Purpose This paper aims to analyze how nearby property prices are affected by new construction projects in Stockholm. If there is an impact on property prices, the authors endeavor to investigate whether the effects vary among different areas within the municipality, for different groups of inhabitants and for different types of housing (i.e. public versus private housing). Design/methodology/approach The authors use a difference-in-difference specification in a hedonic model, and the sample consists of more than 90,000 observations over the period 2005-2013. Findings The results are robust and indicate that house prices in nearby areas increase following the completion of infill development. The results also indicate that infill development has a positive spillover effect on nearby dwelling prices only in areas with lower incomes, more public housing units and more inhabitants born abroad. Originality/value It provides an analysis on how nearby property prices are affected by new construction projects by creating a restricted control area, so as to make the treatment group and the control group more homogeneous. Thus, it mitigates any potential problems with spatial dependency, which can cause biased standard errors.

scholarly journals A Creative Living Lab for the Adaptive Reuse of the Morticelli Church: The SSMOLL Project

2020 ◽  
Vol 12 (24) ◽  
pp. 10561
Author(s):  
Maria Cerreta ◽  
Alessia Elefante ◽  
Ludovica La Rocca
Keyword(s):  
Cultural Heritage ◽  
Social Innovation ◽  
Adaptive Reuse ◽  
The Sustainable Development ◽  
Heritage Sites ◽  
Living Lab ◽  
Development Goals ◽  
Definition Of ◽  
The Individual ◽  
Artistic Assets

The international debate on the adaptive reuse of cultural heritage sites consistent with the Sustainable Development Goals has become increasingly important in the implementation of circular economy models for urban policies. The new values that characterize cultural assets, considered the result of a collaborative process, can enhance both manufactured and human capital, and provide the basis for a system of relationships that binds them. Furthermore, the values of historical artistic assets produced by community-based regeneration processes are particularly relevant when they characterize abandoned commons and cult buildings, to which communities attribute an identity and symbolic value. Starting from the definition of the concept of complex social value, we propose a methodological process that combines approaches and techniques typical of deliberative evaluations and collaborative decision-making processes. The aim is to identify the complex value chains generated by adaptive reuse, in which intrinsic values can play a driving role in the regeneration strategies of discarded cultural heritage. The experimentation, tested with the project “San Sebastiano del Monte dei Morti Living Lab” (SSMOLL), activates a creative and cultural Living Lab in the former Morticelli church, in the historic center of Salerno, in southern Italy. The reuse project is part of a more comprehensive process of social innovation and culture-led urban regeneration triggered in Salerno starting from SSMOLL. The partial results of the process show how a co-exploration phase has characterized the cultural characteristic of the living lab and how the co-evaluation of the individual activities orient the possible reuse scenarios. Finally, the results provide a first analysis of the relationship types activated.

scholarly journals Measuring the Effect of Location on House Prices in Italy

2020 ◽  
pp. 54-62
Author(s):  
Gaetano Lisi ◽  
Mauro Iacobini
Keyword(s):  
Real Estate ◽  
House Prices ◽  
House Price ◽  
Real Estate Market ◽  
Hedonic Model ◽  
Hedonic Price ◽  
Dummy Variables ◽  
Hedonic Price Method ◽  
Housing Submarkets ◽  
Real Estate Assets

The Italian housing market is characterised by both a strong heterogeneity of real estate assets and a reduced number of property sales. These features, indeed, hamper the use of the hedonic price method, namely, the method that is mostly used for assessing the house prices and for estimating the monetary value of housing characteristics. In this paper, therefore, a hedonic model with dummy variables that identify housing submarkets is used to achieve two important results: enabling greater use of multiple regression analysis in the study of the Italian real estate market, and catching, in the simplest possible manner, the effect of location on house price. Indeed, the house's location is, together with the area in square metres, the housing characteristic that most influences the house price.

scholarly journals POST-CONSERVATION EVALUATION (PCE): FINANCIAL PERFORMANCE OF ADAPTIVE REUSE MUSEUMS IN GEORGE TOWN, MALAYSIA

2020 ◽  
Vol 18 (13) ◽  
Author(s):  
Muhammad Firzan Abdul Aziz
Keyword(s):  
Financial Performance ◽  
Low Income ◽  
Adaptive Reuse ◽  
Buffer Zone ◽  
Unesco World Heritage ◽  
World Heritage Sites ◽  
Heritage Sites ◽  
George Town ◽  
Built Heritage Conservation ◽  
Conservation Evaluation

Adaptive reuse of historic buildings has become a prominent trend in the scenario of built heritage conservation of Melaka and George Town, UNESCO World Heritage Sites of Malaysia. Such implementation however is questionable since there have been several dilemmas raised in relation to the local museum industry. Among them are stiff competition faced by museums as an attractive cultural product, not appealing to business funders, rarely favoured as a family holiday destination and being perceived as dull and old repositories by the younger generations. As adaptive reuse is known to revive the physical and functional facets of historic building which then contributes to its economic generation, this study attempts to understand the financial impact from such implementations. Post-conservation evaluation (PCE) focusing on financial performance was conducted on adaptive reuse museums in the Core Zone and Buffer Zone of George Town, involving Penang State Museum (PSM), Made in Penang Interactive Museum (MIPIM), Batik Painting Museum (BPM) and Dark Mansion-3D Glow in the Dark Museum (DM) which were shortlisted trough purposive sampling. Key informants’ survey was then carried by engaging key person identified to be resourceful and knowledgeable with the respective museums’ financial background and history. It is found that the adaptive reuse museums have yet to gain a stable return of investment, due to low-income generation from their ticketing sales in relation to higher operational and maintenance costs they require. By conducting PCE on the financial performance of adaptive reuse buildings that are of cultural and historical values, conservation stakeholders may be furnished with better information that aids better decisionmaking in the future.

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