This article analyzes the impact of designated landmarks on condominium transaction prices in Berlin, Germany. We test for price differentials between listed and nonlisted properties and study their impact on surrounding property prices. The proximity to built heritage is captured by the...

We use a public referendum on a new air traffic concept in Berlin, Germany as a natural experiment to analyze how the interaction of tenure and capitalization effects shapes the outcome of direct democracy processes. We distinguish between homevoters, i.e., voters who are homeowners, and...

Conservation areas (CAs) are among the most restrictive English planning policies. Designation implies a significant limitation of owners' control over the shape and appearance of their properties. The policy, however, can also be argued to solve a sort of 'prisoners' dilemma', in which it might...

Cities are more than centers of production. This paper introduces new spatial variables in order to gain new insights into the role cities play as centers of leisure, consumption and beauty. First, a revealed preference indicator of urbanity is constructed based on geo-tagged photos shared in...

We quantify the housing-consumption channel in mortgage demand according to which households borrow more following house-price increases since housing and non-housing consumption are imperfect substitutes. To identify this channel, we take a structural approach to mortgage demand and supply,...

This study investigates whether accessibility shapes the attractiveness of residential land as predicted by theory. A spatial hedonic analysis is conducted for the metropolitan area of Berlin, Germany, using a large set of georeferenced property transactions and micro-level data. We find that...

This paper provides a spatial analysis at precinct level of the 2001 referendum of the Allianz Arena, a professional soccer stadium in Munich in Germany. While at the city level voters clearly supported the sports arena, voters in proximity of the proposed site opposed the project. Voters in...

This paper focuses on the channels through which stadium externalities capitalize into property prices. We investigate two of the largest stadium investment projects of the recent decade – the New Wembley and the Emirates stadium in London, UK. Evidence suggests positive stadium externalities,...