Seminar on (Real Estate Valuation): Necessity of developing specialized methodologies for valuing historical buildings that consider their cultural value

Kuwait City, 9 November (KUNA) -- Participants in the seminar “The Value of Memory: Real Estate Valuation of Historical Buildings,” organized by Kuwait International Bank (KIB) in collaboration with the National Council for Culture, Arts and Letters, emphasized the importance of developing specialized methodologies for valuing historical buildings that take into account their cultural and historical significance alongside their economic value, thereby supporting informed decisions regarding their preservation and rehabilitation.

In a statement issued by KIB on Monday, participants noted that developing such methodologies contributes to achieving a balance between safeguarding architectural identity and national memory, and meeting the requirements of economic sustainability.

Raed Al-Bu-Khamseen, Vice Chairman and Chief Executive Officer of the bank, stated during the seminar that the value of cities is not measured solely by the new buildings they construct, but by their ability to preserve historical landmarks and leverage their architectural heritage to build their future. He added that valuing historical buildings requires considering their historical, cultural, and architectural dimensions alongside their economic value, which supports informed decisions regarding their preservation and rehabilitation.

He clarified that preserving urban heritage and achieving economic viability are not conflicting goals; rather, integration between the two can be achieved through precise professional valuation, leveraging specialized expertise, and adopting international best practices. This contributes to safeguarding Kuwait’s urban memory and preserving its value for future generations.

For his part, Dr. Mohammed Al-Jassar, Secretary-General of the National Council for Culture, Arts and Letters, expressed his pride in the collaboration with KIB in organizing this event, which highlights the importance of historical buildings as an integral part of Kuwait’s national identity and cultural memory. The seminar discussed ways to develop real estate valuation methodologies that consider the historical and cultural value of these buildings alongside their economic dimensions.

Dr. Al-Jassar emphasized the importance of integrating efforts among national institutions, the banking sector, academic institutions, and professional bodies. He added that partnerships with institutions possessing specialized expertise facilitate the exchange of knowledge and experience, and broaden the discourse on best practices in valuing heritage assets, thereby supporting a balance between the requirements of preserving cultural heritage and the opportunities to utilize it for economic and creative development.

On his part, Dr. Hassan Ashkanani from the University of Kuwait presented a paper on historical buildings in Kuwait, highlighting the historical and aesthetic dimensions of its architectural heritage. Engineer Jaber Al-Qallaf from the National Council for Culture, Arts and Letters presented a session on creative economy projects.

Fahad Al-Saleh, Executive Director of the Real Estate Consulting and Digital Solutions Department at KIB’s Real Estate Management division, presented an overview of the bank’s expertise and digital solutions. Verity Ramsden, a member of the Royal Institution of Chartered Surveyors (MRICS) and the Institute of Historic Building Conservation (IHBC), and representative of the Royal Institution of Chartered Surveyors (RICS), presented on the economic viability of heritage buildings and relevant international standards.

The seminar concluded with a panel discussion chaired by real estate advisor Engineer Basil Al-Salem, which addressed ways to reconcile heritage preservation with economic value creation and support for development. This was followed by a question-and-answer session that facilitated the exchange of views on the challenges and opportunities associated with the valuation and adaptive reuse of historical buildings. (End) F.N.K. / A.M.H.