The regional effects of UNESCO heritage on property values: a synthetic control approach

World Heritage Site: The Dolomites

Publication Year: 2026

Publication Type: Article

Publication Identifier: WHEBF3A702FBF

Summary

UNESCO World Heritage Site designation significantly boosts residential property values, with the Dolomites seeing a 17.4% increase for ordinary dwellings and 13.4% for luxury properties after inscription in 2009—a persistent effect lasting over a decade. No such impact was observed for commercial properties. The study used a synthetic control approach on municipality–semester panel data from 2005 to 2022, comparing actual trends with counterfactual scenarios to isolate the heritage effect.

Citation

Andergassen, R., & Guerra, A. (2026). The regional effects of UNESCO heritage on property values: a synthetic control approach. Regional Studies, 60(1). https://doi.org/10.1080/00343404.2026.2691130

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