This bachelor’s thesis deals with the valuation of a cultural monument using the state château Vranov nad Dyjí Chateau as a case study. The main aim of the thesis is to propose the market value of the property using the income approach while also pointing out the specific aspects of valuing historical buildings, which differ in many ways from common commercial real estate. The thesis focuses mainly on limitations resulting from heritage protection, seasonal operation and dependence on public funding.
The theoretical part summarizes the issue of cultural monuments, their position from the perspective of legislation and the basic valuation principles used for historical buildings. The practical part is based on economic data provided by the Ministry of Culture of the Czech Republic and on visitor attendance data from the period 2020–2024. Based on the analysis of revenues, costs and visitor attendance, a net operating cash flow is determined and subsequently used as the basis for the application of the income approach. The thesis also addresses the issue of aggregated economic data shared by several heritage sites and their allocation for the purpose of valuing the Vranov nad Dyjí Chateau separately.
The result of the thesis is an approximate determination of the market value of the cultural monument and an evaluation of the economic sustainability of its operation under the conditions of state administration and heritage protection.