In this article, we approach heritage as a strategy of value production within the rise of the intangible economy. We focus on the potential capacity of heritage of being used as a producer and transformer of space. We explore two cases of local development in Spain of what have come to be known as smart cities and charming rural villages. Focusing on the transformations experienced in Valencia that underwent a creative repositioning due to a strategy based on the production of cultural and heritage assets, and a case in the Catalan Pyrenees in which an abandoned valley was changed into a compendium of charming villages, our aim is to understand the role of heritage as an intangible investment. We explore how value is produced through heritage policies and initiatives in an effort to transform cities or regions that seek to overcome economic and demographic collapse.