Assessing the market value of cultural heritage using the cost approach

The article deals with the evaluation of immovable cultural heritage objects (CHO) with the use of the cost approach, in particular, especially their pricing compared to conventional real estate. The possibility of taking into account the positive and negative components of the value of CHO in applying this approach. Particular attention is paid to technology assessment of land and influence of the «historical» restrictions on its value. We discuss two approaches to assessing the value of the land, their advantages and disadvantages in terms of the adoption of urban planning decisions that determine the fate of the CHO.