World heritage designation and residential property values: the case of Old Rauma, Finland

A UNESCO World Heritage designation, such as that of Old Rauma, Finland, does not significantly impact residential property prices per square meter. However, the total sale prices in heritage-designated areas are higher due to larger property sizes. This study employs a hedonic price model to analyze transaction data from 2005 to 2012, providing new insights into the economic implications of global heritage recognition. Unlike previous research focused on national or local levels, this work examines the influence of UNESCO's designation on residential values, contributing to discussions on heritage economics and sustainable development.

Amar, J. H. N., & Tyvimaa, T. (2022). World heritage designation and residential property values: the case of Old Rauma, Finland. Journal of Cultural Heritage Management and Sustainable Development, 14(4), 654–671. https://doi.org/10.1108/jchmsd-07-2021-0121