Getting high or getting low? the external effects of coffeeshops 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.

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Clean Electricity, Dirty Electricity: The Effect on Local House Prices

The Journal of Real Estate Finance and Economics ◽

10.1007/s11146-021-09878-6 ◽

2021 ◽

Author(s):

Piet Eichholtz ◽

Nils Kok ◽

Mike Langen ◽

Daan van Vulpen

Keyword(s):

Renewable Energy ◽

Wind Turbines ◽

Energy Production ◽

Large Scale ◽

House Prices ◽

Production Capacity ◽

Policy Instruments ◽

External Effects ◽

Positive Effects ◽

Renewable Energy Production

AbstractRenewable energy production is one of the most important policy instruments to fight climate change. However, despite global benefits, renewable energy production entails some local challenges, such as requiring more space per unit production capacity. In this paper, we study the external effects of large-scale conventional and renewable electric power generation facilities on local house prices. We combine information of all coal, gas, and biomass plants, as well as all wind turbines in the Netherlands, with 1.5 million housing transactions over a period of 30 years. Using a difference-in-difference as well as a repeated sales model, we study the effects of facility openings and closings. Our results show negative external price effects for gas plants and wind turbines, but positive effects for biomass plants, conditionally upon ex-ante lower priced locations. The external effects of power generating facilities on local housing markets are important to consider, especially with the current focus of public policies on the expansion of renewable energy generation. Our paper is one of the first to present a large-scale study, using detailed information, and comparing several different energy sources in one framework.

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