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

UNESCO's designation of the White City of Tel Aviv as a World Heritage Site leads to a significant 12.5% decrease in property values due to preservation restrictions, while apartments in preserved buildings command a 14% premium. This study quantifies the economic impact of historic preservation by comparing market prices of designated properties with their theoretical value without regulations using hedonic price modeling. The findings highlight the financial trade-offs for property owners and provide critical data for policymakers aiming to balance preservation goals with development incentives.

Salinger, E., Shefer, D., & Mualam, N. (2022). WORLD HERITAGE DESIGNATION AND PROPERTY: THE IMPACT OF PRESERVATION ON THE PRICE OF HISTORIC ASSETS. International Journal of Strategic Property Management, 26(5), 397–409. https://doi.org/10.3846/ijspm.2022.18156