Cultural policies of urban heritage in the exchange value of a property in the district of Barranco

Abstract

This article stems from research that examines the impact of cultural heritage policies on the market value of properties in Barranco, Lima, Peru. In this case, the influence of the cultural heritage policy on the declaration of the monumental zone of Barranco, which covers 57% of the district’s territory, is analyzed. Using the hedonic price model, it was determined that this cultural policy positively affects house prices by 9% and apartment prices by 0.01%. Therefore, it can be stated that the cultural heritage policy regarding the declaration of the monumental zone of the Barranco district positively affects property prices; however, this impact is smaller compared to the influence of built-up area or the socioeconomic level of the residents