Heritage and Artistic Boon: Valuing Prizren Castle

There are a lot of disagreements of whether heritage assets and boon should be valued. A number of national and international accounting standards board's consider that bringing heritage assets on the balance sheet would improve the quality of the information reported. In order to include heritage assets in the balance sheet it is necessary to understand what they really represent. Hence, conceptually there is much cogitation among professionals about whether heritage assets should be indeed classified as assets, or whether they meet the rationale at all, given that a crucial part of the definition of an asset is that it should provide future wellbeing and benefit to the society. The research methods consist of empirical observation, focussing to the castle campus structure. In order to receive a clearer information's, exploring is made within heritage framework, shapes of architectural heritage structures, position of the castle regarding to the morphology of the city of Prizren. Prizren castle were investigated through literature review, Municipality documentations and old drawings. So, what is a heritage asset, and what in economically terms is defined as an asset? The methods of valuation, are quite difficult to be used as means for valuation of this site. This is mainly because no valuation of cultural heritage properties has been ever done in Kosovo. Surely, Prizren Castle should not be let, even actually its value is not known? On the other hand, we prefer that valuation methods can be modified and used, as a meaning for valuing the property? With the society moving towards greater energy consuming and environmental sustainability, Municipality and authorities must to reconsider to reuse the historic buildings before a new building has to be erected. Hence, we conclude that the valuations of heritage assets present unique challenges and for many of them, valuations are both possible and desirable, therefore valuing heritage assets can help in different means: lease renewal, rent review, taxation, management and conservation of heritage assets.

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