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Muminović Esad
Kučević Amela

REVITALISATION OF THE CONSTRUCTION HERITAGE
THROUGH A NEW MODEL OF FINANCING
OF THE OLD DOWNTOWN IN THE CASE STUDY OF THE
OLD DOWNTOWN IN NOVI PAZAR

Abstract: Today we are facing with a growth of sites of built heritage. This
is because the built cultural heritage have a new role in modern world, that is
economics asset for development strategies and the same definition of built he-
ritage as a concept is widened. Sustainable development of heritage is possible
with sufficient heritage funding. Financers’ inducement to fund cultural heritage
depends on that heritage’s current value estimation and only highly revered sites
qualify for support.
This inquiry aspires to supplement the findings of Cultural Economics, but
from the viewpoint of actual building conservation practice. The aim of this paper
is to investigate the prospects of securing the successful future of built heritage by
proposing a value stabilizing finance model, based on; the acquiring, the econo-
mizing and the assuring of heritage funding. The strategy of this inquiry involves
five steps.
Accelerators proved to determine all aspects of the heritage finance model,
since these accelerators increase the values of built heritage sites by revealing the
payback capacity of financial commitments to that heritage. Heritage funding in
Serbia have many problem, and alternative model of funding is need.
The suggested contribution of this inquiry is the exploratory analysis of the
mechanisms behind heritage funding including its accelerators, hence introducing
new terminology into building conservation instigated by the idiom of economics,
which could ease future strategic planning of heritage funding.