Large‐scale urban projects (LSUPs) are capable of changing cities' structures and, consequently, have a potential deep impact on land values. However, to assume that the LSUP always uplift land values may dismiss too quickly some key aspects of these investments. This work uses a difference‐in‐differences model to assess the impacts of LSUPs on land values, implemented in Belo Horizonte, Brazil. Results indicate that the impacts of LSUPs vary according to the kind of project (transit, iconic building and retail) and property (residential, commercial and vacant land). Macroeconomic cycles, negative externalities, and projects location within the local urban structure are key to understand the impacts' dynamics.

中文翻译：

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评估大型城市项目对土地价值的影响：以巴西贝洛奥里藏特为例

大型城市项目（LSUP）能够改变城市的结构，因此可能对土地价值产生深远的影响。但是，假设LSUP总是提高土地价值，可能会很快消除这些投资的某些关键方面。这项工作使用差异模型来评估LSUP对土地价值的影响，该模型在巴西贝洛哈里桑塔实施。结果表明，LSUP的影响因项目类型（过境，标志性建筑和零售）和财产（住宅，商业和闲置土地）而异。宏观经济周期，负外部性和项目在当地城市结构中的位置对于了解影响的动态至关重要。