The Urban policies of local governments have been focused on the urban regeneration and the existing buildings rehabilitation in degraded urban areas during last years; especially in the CBD (Central Business District) nearby areas, not only for improving urban environment but also with the aim of satisfying housing demand in growing cities. In this research we have examined the effect that an urban regeneration project development has on the intervention areas housing market. We have established several investment impact indexes from several assumptions related to the public goods generated in the intervention process. These indexes and the hedonic prices methodology have been used in order to isolate and quantify the public intervention effects in the Valencia neighbourhood of Velluters.;Furthermore, we posed the analysis of the efficiency of the urban regeneration process that is carried out by the public sector in close partnership with the private sector. This efficiency analysis can be used as a guide to evaluate public policies. From the spatial distribution of the impact indexes that are generated by the planed intervention, given a predicted investment distribution, and fixing some specific objectives of the decision agent about this distribution homogeneity, we have proposed a model that allow us to know the optimal investment distribution among several locations fixed a priori; the comparison between the impact indexes distribution obtained in both situations will provide us a measure of the intervention process efficiency. This model could be generalized in order to include the investment location endogenously, and facilitate the decision-making process that is derived from the urban regeneration policies implementation.
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