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BRINGING IN THE MONET – MUSEUMS & REAL ESTATE
We might have just found out why the Mona Lisa is smiling she’s been secretly helping real estate values soar. A new study led by an economics professor at Williams College in Massachusetts, Stephen Sheppard, has found that the property values of homes near new museums can rise between 20-50% over a period of five years. Sheppard’s prime example comes from Bilbao, Spain which he now refers to as the “Bilbao effect.” With the Guggenheim Art Museum opening its doors in the port city back in 1997, the town has become a global international arts and luxury real estate destination!
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