Relationship Between Architectural Style and Property Value in the Czech Republic

Abstract

This study investigates the influence of architectural styles on the value of housing units in heritage-listed apartment buildings across four Czech cities: Brno, Olomouc, Pilsen, and Ceske Budejovice (Budweis). Utilizing data from the National Heritage Institute, the Czech Statistical Office and Czech office for Surveying, Mapping and Cadastre, the research evaluates the relationship between architectural styles and property values using statistical methods, including Analysis of Variance (ANOVA). The findings indicate no statistically significant influence of architectural style on property values, contrary to international studies suggesting a price premium for historical styles. However, a statistically significant effect of location on property values was identified, particularly in Brno. The study highlights cultural and geographic differences in architectural valuation and suggests further research to refine valuation methods for heritage-protected buildings, considering additional factors such as building condition, proximity to amenities, and public infrastructure.This study investigates the influence of architectural styles on the value of housing units in heritage-listed apartment buildings across four Czech cities: Brno, Olomouc, Pilsen, and Ceske Budejovice (Budweis). Utilizing data from the National Heritage Institute, the Czech Statistical Office and Czech office for Surveying, Mapping and Cadastre, the research evaluates the relationship between architectural styles and property values using statistical methods, including Analysis of Variance (ANOVA). The findings indicate no statistically significant influence of architectural style on property values, contrary to international studies suggesting a price premium for historical styles. However, a statistically significant effect of location on property values was identified, particularly in Brno. The study highlights cultural and geographic differences in architectural valuation and suggests further research to refine valuation methods for heritage-protected buildings, considering additional factors such as building condition, proximity to amenities, and public infrastructure.