Assessment of Heritage Property Values Using Multiple Regression Analysis and Rank Transformation Regression

The current practice of heritage property valuation is using sale comparison approach. However, there is a limitation in applying this approach for heritage property valuation because of unavailability of market evidence. Therefore, the aim of this paper was to evaluate the capability of Multiple Regression Analysis and Rank Transformation Regression in assessing the values of heritage property. The original dataset consists of 893 commercial properties transacted from 2004 to 2014 in Kota Bharu, Kelantan Malaysia. After filtration process, only 25 units of shophouse heritage property were available and valid to be used. The findings indicate that even we adopted statistical methods of analysis to overcome the issue of unavailability of market evidence this still could not solve the problem. Hence, the findings of this research contribute to the need for an improved method for heritage property valuation by proposing an extended sale comparison using statistical analysis for future investigation