Approximation of the Value of an Asset Inscribed on the List of Intangible Cultural Heritage of UNESCO: Estimation of a Hedonic Price Model for the Fiesta of the Patios in Cordoba

Abstract

The city of Cordoba (Spain) stands out due to the fact that it has different inscriptions both in the List of World Heritage Sites and the List of Intangible Cultural Heritage (LICH) of UNESCO. In 2012 the Fiesta of the Patios was inscribed on the LICH. Currently, this event held during two weeks in May involves visits by the public to traditional dwellings. This event is becoming a magnet for tourists from outside the city and has established itself as a further tourist attraction, with the risk that it may lose part of its authenticity. This paper aims to use the hedonic price methodology to examine the externalities deriving from the “Fiesta” in order to verify whether the possible benefits/disadvantages of its existence are capitalised in real estate prices and quantify these effects. The results indicate that the “Fiesta” constitutes an added value for housing properties.