Quantifying the Priceless: A Methodological Approach to the Evaluation of Historical-Architectural Heritage

That humor is invaluable is absolutely evident, but that it is also a characteristic of a property, given the advances in the discipline of Real Estate Appraisal, is today more difficult to sustain. Today, the valuation of historical-architectural properties requires rigorous methodologies that go beyond merely qualitative and subjective approaches, moving toward valuation models capable of precisely quantifying the contribution that elements of historical value bring to the overall worth. The historical-architectural heritage of Italian cities, conceived as a resource to be preserved for future generations, requires adequate appraisal tools that recognize its intrinsic complexity, connected not only to the physical characteristics of the property but also to its cultural context and its ability to generate positive externalities. The methodological challenge consists of integrating both tangible and intangible aspects into the valuation analysis, developing models that can be applied with consistency and scientific rigor even in contexts characterized by high variability and specificity, such as properties used for tourism and hospitality. This research analyzes the impact of historical-architectural value on the market value of properties used for tourism and hospitality, with specific regard to the city of Rome. Unlike previous studies, where econometric models were implemented with reference to samples of historical price data, in this case the analysis will reference samples of forecast data concerning the profitability of hospitality structures characterized by different historical-architectural values. The adopted methodology integrates the Analytic Hierarchy Process (AHP) with multiple linear regression models, allowing consideration of both qualitative and quantitative variables in real estate valuation.