The Role of Cultural Heritage Object’s Status at the Real Estate Valuation

Sutyagin, Vladislav; Radyukova, Yana; Sutyagina, Yuliya

doi:10.15688/jvolsu3.2018.2.10

Cited by 1 publication

(7 citation statements)

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“…(1) The method of qualitative assessment (Fedorov E., Sutyagin V., Cienciała A., Sobolewska-Mikulska K., Sobura S. [12,22,24]). This methodology does not contain an indication to take into account the impact of such zones on the value of land, as it is designed to calculate losses from the establishment of easements, but the discrete scale of the levels of the impact of easements on losses and the determination of the value of the loss of utility of the land plot proposed by the author is based on a subjective assessment of factors.…”

Section: Methodsmentioning

confidence: 99%

“…Their main problem is that, as a rule, it is quite difficult to understand to which part of the land plot it is necessary to apply them. In addition, in individual land valuation, depending on the differentiation of the real estate market in terms of activity, different methods of determining the impact of the URZ on land value are applied [12]. The choice of one or another valuation method depends mainly on the market activity.…”

Section: Methodsmentioning

confidence: 99%

“…Its essence is to calculate the correction for the characteristic that differs between the object of assessment and the object-analogue (e.g., the presence of the URZ), and then the obtained correction is used to adjust the value of the object of assessment in comparison with the value of objects-analogues [16]. In addition to the above-mentioned authors, the effectiveness of this method is also emphasized by Sutyagin V. [12]. At the same time, it is proposed to use a modified method of paired sales to determine the impact of protection zones of CHSs on the value of land plots.…”

Section: Methodsmentioning

confidence: 99%

“…In their publication, Ryberg-Webster S. and Kinahan K. note that the preservation of cultural heritage objects has many advantages, including increasing the value of real estate located in the buffer zone of these objects [11]. According to Sutyagin V., Gribovsky S. and Bykowa E., the zones of protection of CHSs and, in general, URZs are an economic factor, as these zones can have a significant impact on the planned use of land, and this leads to the fact that the market value of land plots may decrease due to the decrease in potential income from land use [12][13][14].…”

Section: Literature Reviewmentioning

confidence: 99%

“…Heritage 2024, 7 2686 Sutyagin V. proposed the method of paired sales analysis, which allows us to determine the value of real estate objects that differ from each other only by the presence of the URZ [12]. Bakulina A. and Abdryakhimova D. proposed a methodology for calculating the value of a land plot, initially noting that this plot does not have any restrictions but, subsequently, applying to it adjustments for the prohibition of capital construction and other restrictions.…”

Section: Literature Reviewmentioning

confidence: 99%

See 4 more Smart Citations

An Assessment of the Impact of the Protection Zone Regime for Cultural Heritage Sites on the Value of Land for Individual Housing Construction in the Context of a Low-Activity Market

Dyachkova,

Bykowa,

Dudina

et al. 2024

Heritage

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The preservation of cultural heritage plays a key role in the development of society. To preserve cultural heritage, protection zones are established, which represent an encumbrance on land plots and, therefore, should be taken into account in the valuation process. Currently, there is a problem that mass (cadastral) and individual valuation methods do not necessarily include cultural heritage objects and their zones in cost coefficients. The absence of a mechanism to address their individual characteristics in the real estate valuation system has a significant impact on the value of real estate and leads to unjustifiably inflated market value and, as a consequence, to disputing the results of cadastral valuation. This article is devoted to determining the impact of protection zones of cultural heritage objects on the value of land intended for individual housing construction, using the example of the city of Orenburg. This article considers various methods of identifying patterns of the influence of zones with special conditions of use of the territory on the market value of land and substantiates the use of the method of comparative sales in the conditions of a low-active land market in Orenburg, a statistical analysis of market information, on the basis of which the type of activity of the real estate market in Orenburg was determined. The patterns of the calculation of corrections for the remoteness of the studied land plots from the objects of the transport and social infrastructure of Orenburg were revealed in this work as well. Through the method of paired sales within the framework of an individual assessment of the land plot intended for individual housing construction, the diminishing impact of the zones of protection of cultural heritage objects on the market value of land plots was revealed. This allows for conclusions to be drawn as to whether objects of cultural heritage have an impact on the value of real estate, and as a result, there is a need to modify the applied methods of mass and individual real estate valuation within the boundaries of historical settlements.

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Section: Methodsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%