World heritage designation and property: the impact of preservation on the price of historic assets
Abstract
The restrictions and requirements imposed by historic preservation regulations bring about many changes to the rights of property owners. They might impose additional costs, most notably by prohibiting the demolition of designated buildings and thus decreasing property-development opportunities. The objective of this study is to examine what happens following world heritage designations; specifically, if and how such designations impact the property values of historic buildings. Using the hedonic price method, we measure the value of the option to demolish and rebuild that is denied to owners of designated buildings. We also measure the value of preservation regulations, expressed in the prices of apartments in designated buildings. The study area is the “White City” of Tel Aviv, which UNESCO designated as a world heritage site. The findings suggest that the market price of a designated building is on average 12.5% lower than its theoretical value if the building was not subject to historic preservation regulations. Moreover, a premium of approximately 14% was found in the price of apartment units in designated buildings if the building underwent preservation. These findings could have a direct impact on public policies designed to promote the preservation of historical buildings in world heritage sites.
Keyword : heritage, cultural property, valuation, property value, market price, historic preservation, UNESCO
How to Cite
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
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Ahlfeldt, G. M., & Maennig, W. (2010). Substitutability and complementarity of urban amenities: external effects of built heritage in Berlin. Real Estate Economics, 38(2), 285–323. https://doi.org/10.1111/j.1540-6229.2010.00268.x
Alfasi, N., & Fabian, R. (2012). Preserving urban heritage: from old Jaffa to modern Tel Aviv. In M. Azaryahu & I. S Troen (Eds.), Tel Aviv – the first century: visions, designs, actualities (pp. 327–347). Indiana University Press.
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Amin, K., & Capozza, D. R. (1993). Sequential development. Journal of Urban Economics, 32, 142–158. https://doi.org/10.1006/juec.1993.1031
Appraisal Institute. (1992). The appraisal of real estate (10th ed.). The Appraisal Institute.
Asabere, P. K., Hachey, G., & Grubaugh, S. (1989). Architecture, historic zoning, and the value of homes. Journal of Real Estate Finance and Economics, 2, 181–195. https://doi.org/10.1007/BF00152347
Asabere, P. K., Huffman, F. E., & Mehdian, S. (1994). The adverse impacts of local historic designation: the case of small apartment buildings in Philadelphia. Journal of Real Estate Finance and Economics, 8, 225–234. https://doi.org/10.1007/BF01096993
Asabere, P. K., & Huffman, F. E. (1994). Historic designation and residential market values. Appraisal Journal, 62(3), 396–401.
Avrami, E. (2016). Making historic preservation sustainable. Journal of the American Planning Association, 82(2), 104–112. https://doi.org/10.1080/01944363.2015.1126196
Been, V., Gould Ellen, I., Gedal, M., Glaeser, E., & McCabe, B. J. (2016). Preserving history or restricting development? The heterogeneous effects of historic districts on local housing markets in New York City. Journal of Urban Economics, 92, 16–30. https://doi.org/10.1016/j.jue.2015.12.002
Bogaards, R. (2008). Cost benefit analysis and historic heritage regulation (Working papers in cost-benefit analysis). The Office of Impact Analysis.
Brueckner, J. K. (1980). A vintage model of urban growth. Journal of Urban Economics, 8, 389–402. https://doi.org/10.1016/0094-1190(80)90039-X
Brueckner, J. K. (1981). A dynamic model of housing production. Journal of Urban Economics, 10, 1–14. https://doi.org/10.1016/0094-1190(81)90019-X
Clark, D. E., & Herrin, W. E. (1997). Historical preservation districts and home sale prices: evidence from the Sacramento housing market. The Review of Regional Studies, 27, 29–48. https://doi.org/10.52324/001c.8931
Coulson, N. E., & Lahr, M. L. (2005). Gracing the land of Elvis and Beale Street: historic designation and property values in Memphis. Real Estate Economics, 33(3), 487–507. https://doi.org/10.1111/j.1540-6229.2005.00127.x
Coulson, E. N., & Leichenko, R. M. (2001). The internal and external impact of historical designation on property values. Journal of Real Estate Finance and Economics, 23(1), 113–124. https://doi.org/10.1023/A:1011120908836
Draper, N. R., & Smith, H. (1981). Applied regression analysis. John Wiley & Sons.
Ford, D. A. (1989). The effect of historic district designation on single-family home prices. American Real Estate and Urban Economics Association Journal, 17(3), 353–362. https://doi.org/10.1111/1540-6229.00496
Freeman, A. M. Ш. (2003). The hedonic property value model. In A. M. Freeman Ш (Ed.), The measurement of environmental and resource values (pp. 356–397). Resources for the Future.
Frey, B. S., & Steiner, L. (2011). World Heritage List: does it make sense? International Journal of Cultural Policy, 17(5), 555–573. https://doi.org/10.1080/10286632.2010.541906
Gabrielli, L., & Farinelli, V. (2017). Valuing the historical heritage: the case of the Venetian Villas in Italy. Journal of Cultural Heritage Management and Sustainable Development, 7(4), 407–429. https://doi.org/10.1108/JCHMSD-09-2016-0054
Halvorsen, R., & Palmquist, R. (1980). The interpretation of dummy variables in semi logarithmic equations. American Economic Record, 70(3), 474–475.
Heintzelman, M. D., & Altieri, J. A. (2013). Historic preservation: preserving value? Journal of Real Estate Finance and Economics, 46(3), 543–563. https://doi.org/10.1007/s11146-011-9338-8
Hicks, R. L., & Queen, B. M. (2016). Valuing historical and open space amenities with hedonic property valuation models. Agricultural and Resource Economics Review, 45(1), 44–67. https://doi.org/10.1017/age.2016.14
Holman, N., & Ahlfeldt, G. M. (2015). No escape? The coordination problem in heritage preservation. Environmental and Planning A, 47, 172–187. https://doi.org/10.1068/a130229p
Jim, C. Y., & Chen, W. (2007). Consumption preferences and environmental externalities: a hedonic analysis of the housing market in Guangzhou. Geoforum, 38, 414–431. https://doi.org/10.1016/j.geoforum.2006.10.002
Kee, T. (2019). Sustainable adaptive reuse – economic impact of cultural heritage. Journal of Cultural Heritage Management and Sustainable Development, 9(2), 165–183. https://doi.org/10.1108/JCHMSD-06-2018-0044
Keough, E. B. (2011). Heritage in peril: a critique of UNESCO’s World Heritage program. Washington University Global Studies Law Review, 10(3), 593–615.
Khirfan, L. (2014). World heritage, urban design and tourism: three cities in the Middle East. Routledge.
Lazrak, F., Nijkamp, P., Rietveld, P., & Rouwendal, J. (2014). The market value of cultural heritage in urban areas: an application of spatial hedonic pricing. Journal of Geographical Systems, 16, 89–114. https://doi.org/10.1007/s10109-013-0188-1
Leichenko, R. M., Coulson, N. E., & Listokin, D. (2001). Historic preservation and residential property values: an analysis of Texas cities. Urban Studies, 38(11), 1973–1987. https://doi.org/10.1080/00420980120080880
Losson, P. (2017). The inscription of Qhapaq Ñan on UNESCO’s World Heritage List: a comparative perspective from the daily press in six Latin American countries. International Journal of Heritage Studies, 23(6), 521–37. https://doi.org/10.1080/13527258.2017.1287117
Mann, B. E. (2006). A place in history: modernism, Tel Aviv, and the creation of Jewish urban space. Stanford University Press. https://doi.org/10.1515/9781503624863
Marx, B. C. (2014). Analysis of detailed statutory heritage plans inclusive of TDR mechanisms in Tel Aviv. The Technion.
Mason, R. (2005). Economics and historic preservation: a guide and review of the literature. The Brookings Institution Metropolitan Policy Program.
Meskell, L. (2013). UNESCO’s World Heritage Convention at 40. Current Anthropology, 54(4), 483–494. https://doi.org/10.1086/671136
Moro, M., Mayor, K., Lyons, S., & Tol, R. S. J. (2013). Does the housing market reflect cultural heritage? A case study of Greater Dublin. Environment and Planning A, 45(12), 2884–2903. https://doi.org/10.1068/a45524
Mualam, N., & Alterman, R. (2018). Looking into the ‘Black Box’ of heritage protection: analysis of conservation area disputes in London through the eyes of planning inspectors. International Journal of Heritage Studies, 24(6), 599–618. https://doi.org/10.1080/13527258.2017.1399284
Mualam, N., & Alterman, R. (2020). Architecture is not everything: a multi-faceted conceptual framework for evaluating heritage protection policies and disputes. International Journal of Cultural Policy, 26(3), 291–311. https://doi.org/10.1080/10286632.2018.1518978
Mualam, N., & Sybblis, M. (2016). The functional threshold of modern heritage: form versus function and the struggle over Tel Aviv’s concert hall. International Journal of Heritage Studies, 22(2), 145–164. https://doi.org/10.1080/13527258.2015.1103299
Municipality of Tel Aviv – Jaffa. (2004). Tel Aviv’s modern movement: the White City of Tel Aviv, A World Heritage site. Municipality of Tel Aviv – Jaffa.
Nakagawa, H., & Tanaka, M. (2021). Contrasting the net impacts of preservation policies in historic districts. Journal of Japan Institute of Tourism Research, 32(2), 17–27.
Noonan, D. S. (2007). Finding an impact of preservation policies: price effects of historic landmarks on attached homes in Chicago 1990–1999. Economic Development Quarterly, 21(1), 17–33. https://doi.org/10.1177/0891242406296326
Noonan, D. S., & Krupka, D. J. (2011). Making – or picking – winners: evidence of internal and external price effects in historic preservation policies. Real Estate Economics, 39(2), 379–407. https://doi.org/10.1111/j.1540-6229.2010.00293.x
Page, M. (2016). Why preservation matters. Yale University Press.
Pickard, R. (Ed.). (2001). Policy and law in heritage conservation. Spon Press.
Pickard, R. (2009). Funding the architectural heritage: a guide to policies and examples. Council of Europe Publishing.
Rickman, D. S. (2009). Neighborhood historic preservation status and housing values in Oklahoma County, Oklahoma. The Journal of Regional Analysis & Policy, 39(2), 99–108.
Ruijgrok, E. C. M. (2006). The three economic values of cultural heritage: a case study in the Netherlands. Journal of Cultural Heritage, 7, 206–213. https://doi.org/10.1016/j.culher.2006.07.002
Rosen, S. (1974). Hedonic prices and implicit markets: a product differentiation in perfect competition. Journal of Political Economy, 82(1), 34–55. https://doi.org/10.1086/260169
Rudokas, K., Landauskas, M., Viliūnienė, O., & Gražulevičiūtė-Vileniškė, I. (2019). Hedonic analysis of housing prices and development in Kaunas: heritage aspect. Environmental Research, Engineering and Management, 75(2), 15–27. https://doi.org/10.5755/j01.erem.75.2.22823
Ryberg-Webster, S., & Kinahan, K. L. (2014). Historic preservation and urban revitalization in the twenty-first century. Journal of Planning Literature, 29(2), 119–139. https://doi.org/10.1177/0885412213510524
Sande, A. (2015). Mixed World Heritage in Scandinavian countries. International Journal of Heritage Studies, 21(8), 791–804. https://doi.org/10.1080/13527258.2015.1023332
Schaeffer, P. V., & Millerick, C. A. (1991). The impact of historic district designation on property values: an empirical study. Economic Development Quarterly, 5(4), 301–312. https://doi.org/10.1177/089124249100500402
Sheppard, S. (1999). Hedonic analysis of housing markets. In P. Cheshire & E. S. Mills (Eds.), Handbook of regional and urban economics 3 (pp. 1595–1635). Elsevier Science. https://doi.org/10.1016/S1574-0080(99)80010-8
Tel Aviv-Jaffa Conservation Team. (2002). Nomination of the White City of Tel Aviv for the World Heritage list. Tel Aviv Planning Administration.
UNESCO. (2003). White City of Tel Aviv: the modern movement (Report of the 27th Session of the World Heritage Committee). UNESCO headquarters in Paris.
Vigneron, S. (2016). From local to World Heritage: a comparative analysis. Historic Environment: Policy and Practice, 7(2), 115–132. https://doi.org/10.1080/17567505.2016.1172779
Williams, J. T. (1997). Redevelopment of real assets. Real Estate Economics, 25(3), 387–407. https://doi.org/10.1111/1540-6229.00720
World Heritage Committee. (1972). Convention concerning the protection of the world cultural and natural heritage. The World Heritage Center.
Yang, C.-Y. (2014). Cultural resilience in Asia: a comparative study of heritage conservation in Lijiang and Bagan [Doctoral dissertation]. University of Washington, the United States. https://digital.lib.washington.edu/researchworks/handle/1773/26240
Zahirovic-Herbert, V., & Gibler, K. M. (2014). Historic district influence on house prices and marketing duration. Journal of Real Estate Finance and Economics, 48, 112–131. https://doi.org/10.1007/s11146-012-9380-1
Zhang, X., Zhou, L., Wu, Y., Skitmore, M., & Deng, Z. (2015). Resolving the conflicts of sustainable World Heritage landscapes in cities: fully open or limited access for visitors? Habitat International, 46, 91–100. https://doi.org/10.1016/j.habitatint.2014.11.004
Ahlfeldt, G. M., & Maennig, W. (2010). Substitutability and complementarity of urban amenities: external effects of built heritage in Berlin. Real Estate Economics, 38(2), 285–323. https://doi.org/10.1111/j.1540-6229.2010.00268.x
Alfasi, N., & Fabian, R. (2012). Preserving urban heritage: from old Jaffa to modern Tel Aviv. In M. Azaryahu & I. S Troen (Eds.), Tel Aviv – the first century: visions, designs, actualities (pp. 327–347). Indiana University Press.
Alterman, R. (2010). Comparative analysis: a platform for cross-national learning. In R. Alterman (Ed.), Takings international: a comparative perspective on land use regulations and compensation rights (pp. 21–74). ABA Press.
Amin, K., & Capozza, D. R. (1993). Sequential development. Journal of Urban Economics, 32, 142–158. https://doi.org/10.1006/juec.1993.1031
Appraisal Institute. (1992). The appraisal of real estate (10th ed.). The Appraisal Institute.
Asabere, P. K., Hachey, G., & Grubaugh, S. (1989). Architecture, historic zoning, and the value of homes. Journal of Real Estate Finance and Economics, 2, 181–195. https://doi.org/10.1007/BF00152347
Asabere, P. K., Huffman, F. E., & Mehdian, S. (1994). The adverse impacts of local historic designation: the case of small apartment buildings in Philadelphia. Journal of Real Estate Finance and Economics, 8, 225–234. https://doi.org/10.1007/BF01096993
Asabere, P. K., & Huffman, F. E. (1994). Historic designation and residential market values. Appraisal Journal, 62(3), 396–401.
Avrami, E. (2016). Making historic preservation sustainable. Journal of the American Planning Association, 82(2), 104–112. https://doi.org/10.1080/01944363.2015.1126196
Been, V., Gould Ellen, I., Gedal, M., Glaeser, E., & McCabe, B. J. (2016). Preserving history or restricting development? The heterogeneous effects of historic districts on local housing markets in New York City. Journal of Urban Economics, 92, 16–30. https://doi.org/10.1016/j.jue.2015.12.002
Bogaards, R. (2008). Cost benefit analysis and historic heritage regulation (Working papers in cost-benefit analysis). The Office of Impact Analysis.
Brueckner, J. K. (1980). A vintage model of urban growth. Journal of Urban Economics, 8, 389–402. https://doi.org/10.1016/0094-1190(80)90039-X
Brueckner, J. K. (1981). A dynamic model of housing production. Journal of Urban Economics, 10, 1–14. https://doi.org/10.1016/0094-1190(81)90019-X
Clark, D. E., & Herrin, W. E. (1997). Historical preservation districts and home sale prices: evidence from the Sacramento housing market. The Review of Regional Studies, 27, 29–48. https://doi.org/10.52324/001c.8931
Coulson, N. E., & Lahr, M. L. (2005). Gracing the land of Elvis and Beale Street: historic designation and property values in Memphis. Real Estate Economics, 33(3), 487–507. https://doi.org/10.1111/j.1540-6229.2005.00127.x
Coulson, E. N., & Leichenko, R. M. (2001). The internal and external impact of historical designation on property values. Journal of Real Estate Finance and Economics, 23(1), 113–124. https://doi.org/10.1023/A:1011120908836
Draper, N. R., & Smith, H. (1981). Applied regression analysis. John Wiley & Sons.
Ford, D. A. (1989). The effect of historic district designation on single-family home prices. American Real Estate and Urban Economics Association Journal, 17(3), 353–362. https://doi.org/10.1111/1540-6229.00496
Freeman, A. M. Ш. (2003). The hedonic property value model. In A. M. Freeman Ш (Ed.), The measurement of environmental and resource values (pp. 356–397). Resources for the Future.
Frey, B. S., & Steiner, L. (2011). World Heritage List: does it make sense? International Journal of Cultural Policy, 17(5), 555–573. https://doi.org/10.1080/10286632.2010.541906
Gabrielli, L., & Farinelli, V. (2017). Valuing the historical heritage: the case of the Venetian Villas in Italy. Journal of Cultural Heritage Management and Sustainable Development, 7(4), 407–429. https://doi.org/10.1108/JCHMSD-09-2016-0054
Halvorsen, R., & Palmquist, R. (1980). The interpretation of dummy variables in semi logarithmic equations. American Economic Record, 70(3), 474–475.
Heintzelman, M. D., & Altieri, J. A. (2013). Historic preservation: preserving value? Journal of Real Estate Finance and Economics, 46(3), 543–563. https://doi.org/10.1007/s11146-011-9338-8
Hicks, R. L., & Queen, B. M. (2016). Valuing historical and open space amenities with hedonic property valuation models. Agricultural and Resource Economics Review, 45(1), 44–67. https://doi.org/10.1017/age.2016.14
Holman, N., & Ahlfeldt, G. M. (2015). No escape? The coordination problem in heritage preservation. Environmental and Planning A, 47, 172–187. https://doi.org/10.1068/a130229p
Jim, C. Y., & Chen, W. (2007). Consumption preferences and environmental externalities: a hedonic analysis of the housing market in Guangzhou. Geoforum, 38, 414–431. https://doi.org/10.1016/j.geoforum.2006.10.002
Kee, T. (2019). Sustainable adaptive reuse – economic impact of cultural heritage. Journal of Cultural Heritage Management and Sustainable Development, 9(2), 165–183. https://doi.org/10.1108/JCHMSD-06-2018-0044
Keough, E. B. (2011). Heritage in peril: a critique of UNESCO’s World Heritage program. Washington University Global Studies Law Review, 10(3), 593–615.
Khirfan, L. (2014). World heritage, urban design and tourism: three cities in the Middle East. Routledge.
Lazrak, F., Nijkamp, P., Rietveld, P., & Rouwendal, J. (2014). The market value of cultural heritage in urban areas: an application of spatial hedonic pricing. Journal of Geographical Systems, 16, 89–114. https://doi.org/10.1007/s10109-013-0188-1
Leichenko, R. M., Coulson, N. E., & Listokin, D. (2001). Historic preservation and residential property values: an analysis of Texas cities. Urban Studies, 38(11), 1973–1987. https://doi.org/10.1080/00420980120080880
Losson, P. (2017). The inscription of Qhapaq Ñan on UNESCO’s World Heritage List: a comparative perspective from the daily press in six Latin American countries. International Journal of Heritage Studies, 23(6), 521–37. https://doi.org/10.1080/13527258.2017.1287117
Mann, B. E. (2006). A place in history: modernism, Tel Aviv, and the creation of Jewish urban space. Stanford University Press. https://doi.org/10.1515/9781503624863
Marx, B. C. (2014). Analysis of detailed statutory heritage plans inclusive of TDR mechanisms in Tel Aviv. The Technion.
Mason, R. (2005). Economics and historic preservation: a guide and review of the literature. The Brookings Institution Metropolitan Policy Program.
Meskell, L. (2013). UNESCO’s World Heritage Convention at 40. Current Anthropology, 54(4), 483–494. https://doi.org/10.1086/671136
Moro, M., Mayor, K., Lyons, S., & Tol, R. S. J. (2013). Does the housing market reflect cultural heritage? A case study of Greater Dublin. Environment and Planning A, 45(12), 2884–2903. https://doi.org/10.1068/a45524
Mualam, N., & Alterman, R. (2018). Looking into the ‘Black Box’ of heritage protection: analysis of conservation area disputes in London through the eyes of planning inspectors. International Journal of Heritage Studies, 24(6), 599–618. https://doi.org/10.1080/13527258.2017.1399284
Mualam, N., & Alterman, R. (2020). Architecture is not everything: a multi-faceted conceptual framework for evaluating heritage protection policies and disputes. International Journal of Cultural Policy, 26(3), 291–311. https://doi.org/10.1080/10286632.2018.1518978
Mualam, N., & Sybblis, M. (2016). The functional threshold of modern heritage: form versus function and the struggle over Tel Aviv’s concert hall. International Journal of Heritage Studies, 22(2), 145–164. https://doi.org/10.1080/13527258.2015.1103299
Municipality of Tel Aviv – Jaffa. (2004). Tel Aviv’s modern movement: the White City of Tel Aviv, A World Heritage site. Municipality of Tel Aviv – Jaffa.
Nakagawa, H., & Tanaka, M. (2021). Contrasting the net impacts of preservation policies in historic districts. Journal of Japan Institute of Tourism Research, 32(2), 17–27.
Noonan, D. S. (2007). Finding an impact of preservation policies: price effects of historic landmarks on attached homes in Chicago 1990–1999. Economic Development Quarterly, 21(1), 17–33. https://doi.org/10.1177/0891242406296326
Noonan, D. S., & Krupka, D. J. (2011). Making – or picking – winners: evidence of internal and external price effects in historic preservation policies. Real Estate Economics, 39(2), 379–407. https://doi.org/10.1111/j.1540-6229.2010.00293.x
Page, M. (2016). Why preservation matters. Yale University Press.
Pickard, R. (Ed.). (2001). Policy and law in heritage conservation. Spon Press.
Pickard, R. (2009). Funding the architectural heritage: a guide to policies and examples. Council of Europe Publishing.
Rickman, D. S. (2009). Neighborhood historic preservation status and housing values in Oklahoma County, Oklahoma. The Journal of Regional Analysis & Policy, 39(2), 99–108.
Ruijgrok, E. C. M. (2006). The three economic values of cultural heritage: a case study in the Netherlands. Journal of Cultural Heritage, 7, 206–213. https://doi.org/10.1016/j.culher.2006.07.002
Rosen, S. (1974). Hedonic prices and implicit markets: a product differentiation in perfect competition. Journal of Political Economy, 82(1), 34–55. https://doi.org/10.1086/260169
Rudokas, K., Landauskas, M., Viliūnienė, O., & Gražulevičiūtė-Vileniškė, I. (2019). Hedonic analysis of housing prices and development in Kaunas: heritage aspect. Environmental Research, Engineering and Management, 75(2), 15–27. https://doi.org/10.5755/j01.erem.75.2.22823
Ryberg-Webster, S., & Kinahan, K. L. (2014). Historic preservation and urban revitalization in the twenty-first century. Journal of Planning Literature, 29(2), 119–139. https://doi.org/10.1177/0885412213510524
Sande, A. (2015). Mixed World Heritage in Scandinavian countries. International Journal of Heritage Studies, 21(8), 791–804. https://doi.org/10.1080/13527258.2015.1023332
Schaeffer, P. V., & Millerick, C. A. (1991). The impact of historic district designation on property values: an empirical study. Economic Development Quarterly, 5(4), 301–312. https://doi.org/10.1177/089124249100500402
Sheppard, S. (1999). Hedonic analysis of housing markets. In P. Cheshire & E. S. Mills (Eds.), Handbook of regional and urban economics 3 (pp. 1595–1635). Elsevier Science. https://doi.org/10.1016/S1574-0080(99)80010-8
Tel Aviv-Jaffa Conservation Team. (2002). Nomination of the White City of Tel Aviv for the World Heritage list. Tel Aviv Planning Administration.
UNESCO. (2003). White City of Tel Aviv: the modern movement (Report of the 27th Session of the World Heritage Committee). UNESCO headquarters in Paris.
Vigneron, S. (2016). From local to World Heritage: a comparative analysis. Historic Environment: Policy and Practice, 7(2), 115–132. https://doi.org/10.1080/17567505.2016.1172779
Williams, J. T. (1997). Redevelopment of real assets. Real Estate Economics, 25(3), 387–407. https://doi.org/10.1111/1540-6229.00720
World Heritage Committee. (1972). Convention concerning the protection of the world cultural and natural heritage. The World Heritage Center.
Yang, C.-Y. (2014). Cultural resilience in Asia: a comparative study of heritage conservation in Lijiang and Bagan [Doctoral dissertation]. University of Washington, the United States. https://digital.lib.washington.edu/researchworks/handle/1773/26240
Zahirovic-Herbert, V., & Gibler, K. M. (2014). Historic district influence on house prices and marketing duration. Journal of Real Estate Finance and Economics, 48, 112–131. https://doi.org/10.1007/s11146-012-9380-1
Zhang, X., Zhou, L., Wu, Y., Skitmore, M., & Deng, Z. (2015). Resolving the conflicts of sustainable World Heritage landscapes in cities: fully open or limited access for visitors? Habitat International, 46, 91–100. https://doi.org/10.1016/j.habitatint.2014.11.004