How Street Art Raises Neighborhood Housing Prices

3059595 poster p 1 how street art raises neighborhood housing prices

FastCoExist has a piece on an interesting study being done in the UK on the connection between Street Art and an increase in property value.

Can street art increase the value of your home? The anecdotal answer, based on many English properties selling for up to double their regular prices thanks to the Banksy murals painted on them, is yes. But now a study has been done to determine what, if any, effect street art—and art in general—has on the property values of entire neighborhoods.

The work, led by University of Warwick postgrad Chanuki Seresinhe, used data from photographs tagged on Flickr to measure the amount of street art in London neighborhoods and compared it to the changes in residential property prices of the same neighborhoods. Because Flickr’s photos can include GPS coordinates, along with the date the photo was taken, this is a pretty good way to see changes over time. In this case, the timescale is 2004-2013.

Read more.

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