This article analyzes how protection zones affect land plot costs for housing, suggesting implications for real estate values.
This article considers the zones of protection of cultural heritage objects, namely the influence of such zones on the cost of real estate objects. Despite the fact that for land plots intended for individual housing construction, historical and cultural monuments act as a factor increasing the prestige of the territory, but at the same time the established zones of protection of cultural heritage objects significantly limit the mode of use of these land plots, which leads to a decrease in potential income from the use of such lands, and, therefore, to the receipt of an overestimated market value of real estate objects. This work presents an analysis of regulatory documentation in the field of the protection regime of cultural heritage objects, provides a justification for the selected price-generating factors and assesses land plots with a comparative approach using the paired sales method. The result of the study is the calculated coefficient of influence of the zone of regulation of development and economic activity on the cost of land plots intended for individual housing construction, using the example of the city of Yaroslavl.
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Karadzhian et al. (2023) studied this question.
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