Plenary Lecture

Economic Assessment of Investments on Cultural Heritage: A Joint Venture of Public and Private Expertise for the Sustainable Tourism Development

Professor Francesco Tajani
Department of Architecture and Design
"Sapienza" University of Rome
Department of Science of Civil Engineering and Architecture
Polytechnic of Bari

Abstract: The increasing need of a compromise solution between the public use and the instances of preservation of cultural heritage has generated a number of policy measures taken at national and international levels. Last policies have aimed, on the one hand, at promoting a common enhancement process of the cultural heritage, in order to attract and activate, in the economic and social context in which the properties are located, additional local development initiatives; on the other hand, at simplifying the process that leads to the formalization of the highest and best uses.
The economic effects generated by the enhancement of public properties in disuse or currently used for public functions but characterized by an unexpressed income capacity, constitute an essential reference for the allocation of national resources and Community funds, managed by Public Administrations responsible for identifying catalytic investment for local development. Models of public-private joint venture can allow to optimize the phases of realization and management of the investments, to satisfy the need to find new forms of financing and to introduce specialized skills in the operations of efficient development and management of the cultural heritage.
This research contributes to the issue of the enhancement of the public cultural heritage, through a methodology that provides for the development and the management of the properties and their concession for a limited time period. The procedure is characterized by high flexibility and articulation, and the benefits for the subjects involved are: for the private investor, a reduction of the business risk, related to the lower financial outlay required by the investment, and therefore easier access to credits from banks; for the Public Administration, an increase in the demand of the cultural heritage properties to be enhanced, savings in the property management costs, along with the preservation of cultural values.

Brief Biography of the Speaker: Francesco Tajani has been a temporary Professor of “Methods and Techniques of Economic Valuation”, Department of Architecture and Design (“Sapienza” University of Rome, Italy), and of “Appraisal of Cultural Heritage”, Specialization School in “Architectural and Landscape Heritage”, Department of Science of Civil Engineering and Architecture (Polytechnic of Bari, Italy). He holds a PhD degree in Economic Evaluation of Investments and a Master in Urban Planning and Real Estate Market. He is a Member of the Italian Society of Appraisal and Valuation (SIEV) and a Professional Member of the Royal Institution of Chartered Surveyors (RICS). He is author and coauthor of more than fifty published works on various topics, including the study of innovative algorithms as support to real estate appraisal, the evaluation of investments on cultural and environmental assets, the elaboration of models for the activation of regeneration projects on degraded areas and the enhancement of disused buildings, the econometric analysis of the dynamics of real estate prices generated by macroeconomic variables.

Bulletin Board


The Conference Guide is online.

The paper submission deadline has expired. Please choose a future conference to submit your paper.

Plenary Speakers

WSEAS Main Site

Publication Ethics and Malpractice Statement