The economic value of heritage properties in Alexandria, Egypt

Abstract

Heritage legislation in Egypt allows the listing of properties that have historical significance. Decisions about listed buildings are made in the context of development practice and planning regulations. Parties involved in real estate appraisals believe that listing has a negative effect on property values. It is arguable that listed buildings have not performed as well as others in the market place in terms of price, and that when listing occurs it has adversely affected their value. In this research, the economic value of listed buildings is examined. Furthermore, listed buildings are discussed as a set of potentially reusable buildings. It is suggested that a better understanding, both in the public and private sectors, of the economic factors surrounding the listing of buildings and their reuse may lead to an increase in the conservation of listed buildings, rather than their being delisted and demolished.

Keywords:

• heritage value
• legislation
• ownership
• listed buildings
• conservation sustainability

Acknowledgements

The researcher wishes to acknowledge the kind assistance of Alexandria Registry Office officials for the provision of valuable information regarding the price value of properties sold in Alexandria which were essential for the successful outcome of this research.