A systematic review on spatial-based valuation approach for built cultural heritage

Abstract

This paper reviews previous research that has been carried out to assess the value of built cultural heritage based on spatial-based valuation approach. Built cultural heritage is classified as a special property and can be categorised under thin market due to limited transaction or being traded inactively in certain areas. It will age with time, which needs special attention by the local communities and authorities to sustain its cultural, historical and architectural values to be transmitted to future generations. A systematic review has been conducted to examine spatial characteristics that may affect the values of built cultural heritage, the spatial-based valuation approach and the impact of heritage properties on surrounding house prices located within specific radius or distance from the heritage properties. The finding shows that theoretical and empirical studies by the previous research have given some attention to address the concern regarding an effective method for assessing the values of built cultural heritage. It also suggests that there is lack of study on the spatial-based valuation approach for built cultural heritage and Spatial Hedonic Modelling (SHM) offers many opportunities for further investigation.