Valuation of Public Urban Space: From Social Value to Fair Value—Mind the Gap

Abstract

Urban public spaces function as complex social and spatial systems, serving as fundamental elements in preserving cultural heritage and fostering democratic participation and urban stability. The dominant valuation methods depend on economic principles that prioritize financial returns and property values over social, ecological, and cultural aspects. This study examines the distinction between social value, which is based on personal experiences and social connections, and fair value, which relies on market operations and financial regulations. The research investigates how valuation practices affect spatial justice and urban governance through a conceptual framework and four empirical case studies: Syntagma Square in Athens, the metro station areas, the city of Barcelona, and waterfront redevelopment projects in Thessaloniki, London, and Mumbai. The official valuation systems we studied conceal the political elements of space while preserving social inequalities and forcing out the requirements of local communities. The proposed solution establishes an integrative, pluralist valuation system that incorporates qualitative, temporal, and ethical elements, supporting the Sustainable Development Goals (SDGs) and the New Urban Agenda. The framework transforms public space discussions from commercialized urban resources into communal civic systems, creating sustainable cities for all.