The management of private properties with heritage values

Heritage is a group of resources inherited from the past which people identify, independently of ownership, as a reflection and expression of their constantly evolving values, beliefs, knowledge and traditions. Albania has many places and buildings with heritage value, a large number of which are privately owned. Private ownership on a property entitles the enjoyment and free disposition of property within the limits prescribed by law. Heritage is about cultural or historical values and not about economics. A conservation restriction may prevent the property from being developed to its "highest and best use"; the owner of the property, while retaining the majority of his interests in the property, might be obligated to maintain his property in a certain manner or be restricted from developing it in some respect and, consequently, may decrease the property's market value. This paper proposes several ways of managing the heritage value properties in private ownership in order to preserve the heritage value but also to ensure the best market value. As a case study, this paper addresses the rehabilitation of a historic site - Old Bazaar of Korca City, Albania.