48 penerbit universiti sains malaysia table 2 summary

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48/PENERBIT UNIVERSITI SAINS MALAYSIA
Table 2. Summary of Methods Used to Measure Heritage Property Values Study MethodDataReferencesCost-benefit analysisTangible values versus intangible valuesKlamer & Zuidhof, 1999; Thorsby, 2002 Contingent valuation method (state preference method or paired comparison) Question on willingness-to-pay for the benefits received (from conservation) or willingness-to-accept compen-sation for the loss (from conservation) Ling et al., 2003; Thorsby, 2005 Travel cost method Amounts that are prepared to pay for journey to a conservation area, e.g. how much did the visitor spent to visit the conservation zone and the financial outlay involved Pagiola, 1996; Clawson & Knetsch, 1966 (cited in Mourato & Mazzanti, 2002); Thorsby, 2005 Maintenance cost method The material damages of the historical building or site are estimated Mourato & Mazzanti, 2002 Hedonic regression model The heritage buildings or historical site is broke up into constituent characteristics/attributes, and obtains inferences of the values of each characteristic/attribute Pagiola, 1996; Leichenko et al., 2001 Difference-in-difference methodology Compare a treatment and a comparison group (first difference) before and after the intervention (second difference) e.g. compare sample averages of the growth rate in property value (first difference), in historic areas with those in non-historic areas (second difference) Scribner, 1976; Reckham, 1977 (cited in Leichenko et al., 2001)
Nor'Aini Yusof et al.From Table 2, we can conclude that there is no standard method to determine the actual value of heritage property as a tool to measure the impact of conservation. As such, the selection of a suitable method for measuring the impact of conservation in Georgetown must also consider the objectives of the study and the types of data that are available. This paper presents on analysis of property transaction data and price trends as one method to understand such impacts. RESEARCH METHODOLOGY We developed an all-encompassing model to evaluate the effects of variables on the values of heritage properties. Our study area is the inner city of Georgetown, shown in Figure 1. We used a combination of qualitative and quantitative research methods, to analyse the patterns and trends of property transactions and values over time which will lead into determining the impact of conservation on real estate market. In order to analyse the patterns and trends of property transaction and values, we collected trend data for a period of 30 years from the year 1960 to 2004. These are the data that were available at the time of analysis. Furthermore the data cover the introduction of conservation policies and also the rent control act. The original grid layout of Georgetown Georgetown 1 Georgetown 2 Figure 1. Study area – The inner city of GeorgetownWe collected two main types of data for this analysis.

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