# RECORD cd8943898d5984332955ed82898601bc92e663e7
# TITLE: Hedonic Analysis of Housing Prices and Development in Kaunas: Heritage Aspect
# YEAR: 2019.0  VENUE: Aplinkos tyrimai, inzinerija ir vadyba / Environmental Research, Engineering and Management  DOI: 10.5755/j01.erem.75.2.22823
# AUTHORS: Kastytis Rudokas; M. Landauskas; Odeta Viliūnienė; Indrė Gražulevičiūtė-Vileniškė
# PAGES: 13  CANDIDATE TABLE PAGES (1-based): []
# ABSTRACT: The urban economists have stressed the importance of various amenities for the attractiveness of urban areas for residents and businesses and built cultural heritage can be considered as one of such amenities, the benefits of which should not be overlooked. This research was aimed to analyze the influence of heritage aspect including the heritage status or features of the building and the historic built environment in general on the real estate prices and development in Kaunas using hedonic price method. Two sets of data were collected for the analysis - general, including heritage buildings and including new construction since 2013. The research has demonstrated that heritage status and the year of construction (as older buildings can be considered having heritage features) have no significant positive influence on the real estate prices. Meanwhile, the location, heritage context and the architectural distinctiveness of new architecture have a direct influence on the real estate prices. The heritage context correlates with architectural quality of new construction as well. This reveals the benefits of heritage context both for the real estate developers and households; however, the study shows the unemployed social-economic potential of historic buildings as generators and maintainers of heritage context.


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15
Environmental Research, Engineering and Management
2019/75/2
Hedonic Analysis of Housing 
Prices and Development in 
Kaunas: Heritage Aspect
EREM 75/2
Journal of Environmental Research, 
Engineering and Management
Vol. 75 / No. 2 / 2019
pp. 15-27
DOI 10.5755/j01.erem.75.2.22823
Hedonic Analysis of Housing Prices and Development in 
Kaunas: Heritage Aspect
Received  2019/02
Accepted after revision  2019/04
    http://dx.doi.org/10.5755/j01.erem.75.2.22823
*Corresponding author: indre.grazuleviciute@ktu.lt
Kastytis Rudokas
Institute of Architecture and Construction, Kaunas University of Technology, Kaunas, Lithuania
Mantas Landauskas
Faculty of Mathematics and Natural Sciences, Kaunas University of Technology, Kaunas, Lithuania
Odeta Viliūnienė, Indrė Gražulevičiūtė-Vileniškė*
Faculty of Civil Engineering and Architecture, Kaunas University of Technology, Kaunas, Lithuania
Urban economists have stressed the importance of various amenities for the attractiveness of urban areas for 
residents and businesses, and built cultural heritage may be considered as one of such amenities, the benefits 
of which should not be overlooked. This research was aimed to analyse the influence of the heritage aspect 
including the heritage status or features of the building and the historic built environment in general on real 
estate prices and development in Kaunas using the hedonic price method. Two sets of data were collected for 
the analysis, i.e., general, including heritage buildings and including new construction since 2013. The research 
demonstrated that the heritage status and the year of construction (as older buildings can be considered having 
heritage features) have no significant positive influence on real estate prices. Meanwhile, location, heritage 
context and architectural distinctiveness of new architecture have a direct influence on real estate prices. The 
heritage context correlates with architectural quality of new construction as well. This reveals the benefits of 
heritage context both for real estate developers and households; however, the study shows the unemployed 
social-economic potential of historic buildings as generators and maintainers of the heritage context.
Keywords: hedonic price method, built heritage, real estate, heritage context, socio-economic significance of 
heritage, Kaunas.