Critical determinants of heritage property value: A conceptual framework

Abstract

Real estate is complex in nature, whereby its value is determined by many characteristics. Heritage property is different as compared with non-heritage property, thus; it is essential to identify the heritage property value determinants due to limited published research about it. This paper closes the gap by reviewing the literature to identify the determinants. To achieve this, academic journals and conference papers in online databases from 1974 to 2017 have been reviewed. The results indicated that there are four groups of heritage property value determinants namely; i) transaction characteristics, ii) structural characteristics, iii) spatial characteristics, and iv) historical characteristics. It can be concluded that heritage property values are differentiated by historical characteristics notably on their architectural styles or design and the status of the heritage property itself. This finding should be a useful guidance for the valuers in valuation practice.