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Adaptive reuse of heritage architecture and its external effects on sustainable built environment—Hedonic pricing model and case studies in Hong Kong

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  • Tris Kee
  • Kwong Wing Chau

Abstract

The integration of the sustainable development perspective into the discussion of heritage conservation by UNESCO in 2015 represents an acknowledgement of the values of heritage conservation in the agenda of sustainable development. This paper aims to provide empirical evidence regarding how heritage conservation fits into the overall sustainable development in Hong Kong by examining the external effects generated by architectural heritage conservation onto their adjacent neighborhood. By two adaptive reuse heritage case studies with respective hedonic pricing analysis on their adjacent property prices, this paper presents the results of how residential property prices have been increased as a result of heritage adaptive reuse. The analysis suggests that an established heritage grading mechanism along with a socially inclusive conservation approach with community stakeholders not only maintains the authenticity of the cultural heritage, but also brings substantial social and economic benefits to the neighboring communities. The research findings add new knowledge to the studies on sustainable development and provide practical recommendations to policymakers, urban planners, and heritage conservationists in future heritage policy and implementation.

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  • Tris Kee & Kwong Wing Chau, 2020. "Adaptive reuse of heritage architecture and its external effects on sustainable built environment—Hedonic pricing model and case studies in Hong Kong," Sustainable Development, John Wiley & Sons, Ltd., vol. 28(6), pages 1597-1608, November.
    • Handle: RePEc:wly:sustdv:v:28:y:2020:i:6:p:1597-1608
    DOI: 10.1002/sd.2108
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    2. Bo‐sin Tang & Winky K.O. Ho & Siu Wai Wong, 2021. "Sustainable development scale of housing estates: An economic assessment using machine learning approach," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(4), pages 708-718, July.
    3. Lawrence W. C. Lai & Stephen N. G. Davies & Lennon H. T. Choy & K. W. Chau, 2022. "Land Planning, Property Rights and Management of Built Heritage: Some Hong Kong Observations of Colonial Military Buildings," Land, MDPI, vol. 11(9), pages 1-20, September.
    4. Fikret Korhan Turan & Zeynep Tosun, 2023. "Sustainable development of art industry and a statistical analysis of the factors that influence the gallery prices of contemporary artworks," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(3), pages 1790-1804, June.
    5. Alice Barreca & Rocco Curto & Giorgia Malavasi & Diana Rolando, 2022. "Energy Retrofitting for the Modern Heritage Enhancement in Weak Real Estate Markets: The Olivetti Housing Stock in Ivrea," Sustainability, MDPI, vol. 14(6), pages 1-24, March.

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