The legal requirements of appropriate heritage property valuation method

Abstract

Heritage property value is an important economic indicator to a country. Thus, it is imperative that the value is derived from an accurate and reliable method of valuation. However, in Malaysia, there are no specific standards that can be referred to for conducting an assessment for heritage property valuation. Thus, this paper fills the gap by reviewing five provisions of the Malaysian laws and four provisions of the international laws that are related to heritage property valuation. Thematic analysis of the documents is undertaken by using five keywords that relate to heritage property valuation, namely: Definition, factors, method, procedure and type of values. Out of nine legal documents analysed, Valuation of Specialised Public Service Assets has the most information needed as a guidance for heritage property valuation.