A summary of the analysis has been published by the National Institute for Economic and Social Research (Niesr).<\/p>\n
It says: “When a neighbourhood appeals to a broader section of society, homes become easier to sell, reducing the risk associated with property investment.<\/p>\n
“Moreover, multicultural neighbourhoods often boast better schools, public services, and opportunities for social interaction, indicators of the positive spill overs of cultural diversity.”<\/p>\n
The researchers note that the relationship between cultural diversity and house prices is complex.<\/p>\n
They say that “historically, research suggested people often prefer living near others like themselves,” a phenomenon known as homophily.<\/p>\n
“In more culturally diverse areas, differences in cultural attitudes and norms can lead to lower levels of social cohesion and cooperation, or even \u2013 in rare cases competition and conflict.”<\/p>\n
They suggest their research helps presents a more nuanced picture adding: “The attractiveness of multicultural areas suggests that encouraging diversity could be a powerful policy tool to regenerate neighbourhoods, improve public services, and foster social integration.”<\/p>\n