Peculiarities of the value of built heritage in Chisinau

Abstract

Valuation of privately owned real estate included in the Register of State Protected Monuments is a serious challenge for practicing values in the Republic of Moldova. The present research highlights methodological and conceptual peculiarities concerning the value and valuation of functional buildings, which cannot be modernized in accordance with the requirements and preferences of modern society. The objectives of the research include: identification of structural changes in the value of built heritage over time; identification of problems and recommendations on how to value a specific category of real estate. The authors find a negative economic value of the analyzed category of real estate, but a positive real value (especially market value). The peculiarities of the value of the land and the value of the building recognized as a national monument are highlighted. The influence of the value of the land on the value of the real estate and the structure of the value of the monument of local importance are illustrated.