Methodological aspects of evaluation of commercial premises located in the architectural monument building

Iuliia Kalynichenko, Diana Nazarian


The components of value are determined. The ranking of factors, which influence the cost of buildings the monuments of architecture, is carried out. It is proved that such factors as the historical and artistic value of a buildings-monuments increase the value of the object of estimation and, at the same time, make expensive assessments, substantial expenses for restoration, repair and maintenance. It is substantiated that the prestige of the architectural monument increases the income from the use of commercial premises located in it. However, the more unique a monument, the more encumbrances and restrictions exist in the implementation of any transaction, in the conduct of economic activity in the premises that are located in such a building. The variant of classification of architectural monuments according to the method of use is suggested. The peculiarity of application of three generally accepted in the world practice of estimation of methodical approaches to determination of cost of architectural monument is analyzed. The main advantage of the cost approach is the ability to accurately determine the value of low-performing markets. Without cost analysis it is impossible to make informed decisions about the feasibility of projects for the reconstruction of architectural monuments. However, it is virtually impossible to determine accurately the cost of materials and construction technologies that existed at the time of construction of the monument. A comparable approach can only be used when assessing the premises located in buildings-monuments of urban background construction. In this case, the comparative approach will have a complementary character with respect to the results obtained by other approaches. It is proved that the use of an integral coefficient that takes into account the value of an architectural monument as an object of cultural heritage does not affect the final value of the value of the commercial premises in which it is located. It is substantiated that the main methodological approach for estimating the value of commercial premises located in monuments is the income approach. The main criterion for investment attractiveness of commercial real estate is profitability. In determining the value through the use of a return approach, in addition to a retrospective analysis, possible scenarios for future activities are modeled.


architectural monument; cost; value; cost approach; income approach; comparative approach

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Science Works Journal "Ekonomichnyy analiz"

ISSN 1993-0259 (Print)  ISSN 2219-4649 (Online) DOI: 10.35774/econa

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