台南市歷史街區政策為台灣唯一運用自治條例方式，結合都市規劃概念作廣域都市保存的政策，落實到都市計畫道路檢討等以往保存者較難處理的領域，亦有較完整的獎補助機制。雖然歷史保護被認為具有經濟價值，文化資產指定已成為保護鄰里的重要工具，但歷史街區是否對周邊街區的財產價值產生積極的溢出效應或限制？本研究採用特徵價格法評估歷史街區的經濟價值，以府城歷史街區2013至2017年的當地房價為基礎，探討具有土地使用管制與都市設計準則的鄰近地區，與未具有規範的外圍地區，其房價預期影響之差異，從中檢驗保存政策對不同地區帶來的限制與效益。結果表明，古蹟保存區與保存區的鄰近地區預期付出的成本大於獲益，反映保存政策可能抑制受規範地區的房價，其周圍房地產的獲益來自受規範地區付出的成本；歷史巷道及中正路的分析則顯示不同結果，歷史資源對鄰近地區房價產生了積極的溢出效應。總言之，研究結果證實歷史街區政策產生房價影響，支持了歷史保存具有經濟價值的論點。

The Tainan City Historic District Policy is the only one in Taiwan that uses the autonomous regulations and combines the concept of urban planning for wide-area urban conservation. It is implemented in areas such as urban planning road review, which are difficult for former depositors to handle, and has a more complete award and subsidy mechanism. While historic preservation is thought to have the economic value, and historic designation has become an important tool to preserve neighborhood, efforts have been made to investigate if historic districts have positive spillovers or restriction on property values in surrounding neighborhoods. The purpose of this study is to examine the expected impact of historic district on regulated neighborhood and non-regulated neighborhood. This study employs hedonic price models to estimate local housing prices from 2013 to 2017 in Fucheng historic district. Results suggest that, to properties in the adjacent area of historic resources, that is, regulated area, the expecting costs is not more than benefits in every case. These findings indicate that to each historic resources, preservation could have negative or positive impact on local housing prices. Thus, the results have demonstrated that historic districts have both positive spillovers and restriction on property values in surrounding neighborhoods. In conclusion, the findings support the claim that historic preservation have the economic value.