Property values rise after redevelopment of industrial heritage

Mark van Duijn is investigating the effects of the redevelopment of industrial heritage in the Netherlands on the value of nearby houses. It turns out that the negative effects on the housing market before the redevelopment disappear after renovation – the prices of houses rose to a level comparable to similar neighbourhoods. In major city centres the prices can even exceed these levels, partly due to the specific circumstances in these areas.

Many inner cities have buildings from their industrial past – factories, warehouses, silos, chimney stacks. They are often dilapidated and create an unattractive environment that lowers the property values of nearby houses. Demolition is an option, but so is renovation. This applies in particular to buildings with cultural-historical value. On the one hand, high investment is needed, but there are also many positive effects. This is particularly true if cultural facilities, parks, and pubs and clubs are located there. Examples of successful projects include the Westergasfabriek in Amsterdam and the Van Nelle Factory in Rotterdam.

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Mark van Duijn

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