Valuing Heritage: A Study in Valuation of Colonial Heritage Buildings in Port Harcourt, Nigeria

Abstract

This article examines the rather complex issue of valuing heritage, particularly as it concerns
buildings with age, historical or cultural relevance, which are all qualities difficult to measure in financial
terms. It also reviews some valuation techniques used in the recent field of heritage economics from
relevant literature and how these techniques have been used in Valuing heritage. The study adopts a
reconnoitering and actual market survey approach to explore the property development and valuation
market as it concerns heritage buildings in two distinct locations in Port-Harcourt. It looks at how buildings
that qualify as heritage property are valued in the current day property market in Port-Harcourt, what forces
drive their current value and the potential forces that could possibly raise their heritage value.