STREET ART INCREASES PROPERTY VALUES, WHO KNEW?

According to research conducted by the University of Warwick, street art can increase the housing prices of your neighborhood. By looking at Tumblr photos tagged as “art” and using data provided such as date and GPS coordinates, University of Warwick postgrad Chanuki Seresinhe found a positive correlation between street art and rising property values in specific neighborhoods.

ROA in Shoreditch, London.

ROA in Shoreditch, London.

Don’t grab your spray cans just yet as it may not necessarily mean that artists cause the gentrification process and increase in house prices, it does suggest that if governments want to stimulate the economies of certain areas they need to invest in artistic programs and creative industries.

The downside to this however, is that poorer residents are typically pushed out of the neighborhoods due to higher housing prices. The upside is that hopefully artist will receive more funding and studio spaces.

Link to original article.