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Study estimates the effect of UNESCO heritage on property values, indicating significant residential appreciation.
This paper estimates the effect of UNESCO World Heritage Site designation on local property values by examining the 2009 inscription of the Dolomites. Using municipality–semester panel data for the period 2005:2–2022:2 and a synthetic control design, we estimate the impact on ordinary dwellings, luxury dwellings and commercial properties. We find a persistent increase in residential property values that grows steadily for more than a decade after inscription. The average estimated effect is €317.29/m2 for ordinary dwellings and €283.48/m2 for luxury dwellings (≈17.4% and ≈13.4% above the counterfactual, respectively). We find no statistically significant effect for commercial properties.
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Andergassen et al. (2026) studied this question.
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