An assessment of heritage property values using multiple regression analysis: Malacca World Heritage

The Malacca World Heritage site is the primary focus of this study, which examines the issue of limited transaction markets in heritage property. The evaluation of the market value of heritage properties is essential for both preservation efforts and investment strategies, as they possess substantial cultural, historical, and economic value. Consequently, the objective of this investigation is to identify the factors that should be considered when determining the market value of heritage property and to use the multiple regression method to value the heritage property. The literature review and data analysis have been used to identify the factors. Data were obtained through inspection and the Melaka Valuation and Property Service Department (VPSD). The study employs multiple regression analysis to examine the relationship between property values and a range of factors, including transaction-related, structural characteristic, historical characteristic, and location characteristic. The results indicate that lot area of unit, road, and maintenance inside are the factors influencing market value of heritage property. This research provides valuable insights for policymakers, investors, and conservationists aiming to balance heritage preservation with economic viability. The study also underscores the potential of using multiple regression analysis as a robust tool for assessing property values in Melaka for the heritage contexts.