The Most Significant Pricing Factors of Cultural Monuments with a Residential Function in Olomouc

Abstract

One of the most important parts of the cultural heritage and wealth of
any nation are cultural monuments. As already stated in the first article
of this series published in the journal “Forensic Engineering” entitled:
“Architectural style is not a very significant pricing factor.”[1] There
are countless national cultural monuments in the form of immovable
buildings in the Czech Republic. More than half of the buildings are used
for residential purposes, i.e., for housing. In the first article, the influence
of architectural style, which can be assumed for historical buildings, was
investigated. In this article, the authors focused on price-forming factors
that are usually considered for ordinary buildings and examined their
significance for heritage buildings. These were the age of the buildings
and locational factors such as the distance to the city centre, to the public
transport stop, to educational institutions or to the nearest health centre.
The study evaluates the most significant price-setting factors of housing
units that are part of heritage-protected apartment buildings. The price
data of realized sales prices, obtained from the Czech Office of Geodesy
and the Real Estate Cadastre, were used for the research. Furthermore,
data from the Czech Statistical Office and, last but not least, data obtained
from the database of the National Monuments Institute, specifically from
the Monuments Catalogue.
After creating a sufficiently large database, the most significant priceforming factors were specified, quantified, and evaluated with the help of
Dependency Analysis, Correlation, Regression Modelling and Multivariate
Regression Analysis.