The Value of Historical Properties - Can the Semiotic Signs Load the Sustainability?

Kaarel Sahk and Peeter Torop

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 the value 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 started 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 standards, Euro codes, etc.) Estonia as the other transitional countries is facing the similar problems like: i) the legal environment changes, 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 their sustainability 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 sustainable approach. This all pick up point of the paradigm that includes the research of the market accept of the expenses that were done for heritage and renovation works of the properties and an answer to the question: Should they as a different semiotic signs and marks load the aspect of the sustainability and if they should, how the society is understanding and valuing these approach.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2005-01-01
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