Additional neighborhood effects following renovation of historical heritage: an empirical investigation of the case of Himeji Castle

Renovating historical heritage sites, such as Himeji Castle, can trigger sustained increases in neighboring land prices. A study analyzing the 5.5-year renovation project (2009) found that while the upward trend in land prices accelerated during construction, its post-renovation momentum persisted in some areas—contrasting with a diminishing effect observed elsewhere. This 'neighborhood effect' suggests that heritage restoration may offer long-term economic benefits beyond immediate conservation goals. The research employed land price trends as key indicators to quantify these impacts.

Iida, K., & Fukushige, M. (2024). Additional neighborhood effects following renovation of historical heritage: an empirical investigation of the case of Himeji Castle. International Journal of Economic Policy Studies, 19(1), 183–208. https://doi.org/10.1007/s42495-024-00147-x