The European Capital of Culture (ECoC) has become one of the most significant cultural activities in the EU, aiming to change cities through culture. There is still a broad discussion about how to estimate the impact or influence of cultural activities on a city. There are several approaches which evaluate the benefits of cultural activities and cultural infrastructure. This paper presents a unique opportunity to use the hedonic model for impact estimation of new cultural infrastructure built through the project Kosice ECoC 2013. The hedonic pricing model was constructed based on 1157 sales of flats between 2010 and 2018. The final hedonic model was constructed to determine the influence of new cultural infrastructure (Kulturpark barracks) on nearby flats prices. According to this model, the flats in this area a year before the renovation did not show any differences from the average flats in other localities. However, from the beginning of the renovation, they presented above average prices till two years after the reconstruction. After four years the positive impact of the cultural infrastructure disappears and the price level of the flats returned to the levels before the reconstruction.
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