The Appraisal of Historical Properties

Peter Torop and Kaarel Sahk

ERES from European Real Estate Society (ERES)

Abstract: During the ownership reforms in Estonia as in all the Baltic States a lot of historical properties as the basic objects of restitution were returned to the former owners. The appraisal of historical properties is very important in the context of the clarification of their value for owners and for the all society as well. In addition to globalization and the forthcoming integration with EU the understanding of the values of the historical properties should be harmonized with their common understanding in Europe. (Basically on the level of standard, Euro codes, etc.) Estonia as the other transitional countries is facing the similar problems like: i) the legal environment is changing permanently, ii) the ownership reforms are not jet finished, iii) the absence of enough experience on the field of appraisal of historical properties iv) the different views in common understanding to the value of property and iv) the lack of the high credit professionals who are well educated in the both considered areas: in the buildings heritage questions and in the real estate appraisal as well. The second pick point of the paradigm includes the research of the market accept of the expenses that were done for heritage and renovation works of the properties. The working tool for this approach is the well-developed operation with all of three appraisal methods. On the other hand the measuring instrument in this case is the market value of investment and commonly its comparing discourses in contest of the constructions as the signs, marks, as the elements of the semiosphere and their capability to load the function of utility.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2004-06-01
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