VALUATION METHODOLOGY FOR THE HISTORICAL MONUMENTS

Daniela Barbu and Ana Maria Gr_mescu

ERES from European Real Estate Society (ERES)

Abstract: The historical buildings are recognized in Europe as having a positive value, not only cultural, but also economic, in terms of tourism, social status and commercial efficiency. Many historical buildings are monitored seeing the protection of the unique qualities and characteristics that give their architectural, cultural and historical value. When analyzing such properties, the valuators must be aware of the financial and cultural value of the historical buildings and the potential influence given by the augmentation of their financial and cultural values, as well as the consequences of intervention measures. This is the reason why the valuers must identify and inspect the historical buildings in the process of evaluation, so that their financial, cultural, architectural and historical interest can count, including any intervention of protection, in determining the value of the building and the requirement of intervention measures. The valuation of the historical buildings is a very complex activity, that must consider the knowledge of the building exigency, as well as the interpreting the contribution of the intrinsic quantified components in determining the value, in the context of the structural and functional exigency, of the adequate intervention technologies, and last but not least, the proper materials used in this interventions. The notion of historical monument includes both the architectural conception and the urban or rural settlement that show evidence of a certain civilisation, of a significant evolution, or a historical event. Therewith, the notion of historical monument extends also on small works that over time acquired a cultural significance.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2008-01-01
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