Individual Investors as Drivers of Urban Change: The Case of Historic District of Kashan, Iran

ABSTRACT Many historic city centers around the world have begun a process of regeneration in recent decades after years of stagnation and decline. Numerous factors play a role in the transformations of the historic center, including cultural tendencies, urban public policies, real estate market trends, and tourism. This study investigates the transformations of the historic neighborhoods of Kashan in Iran, during which private investors began to buy, restore, and reuse the historic houses since the 1990s. We applied a qualitative research approach, focusing on face-to-face semi-structured interviews and observations. The findings of this study revealed four groups of investors with different backgrounds and motivations: (1) rich pioneers from Tehran fascinated by architectural heritage, (2) Iranian expatriates influenced by nostalgia for authenticity, (3) European professionals interested in Iranian art and aesthetics, and (4) local investors mostly aiming to revitalize their childhood memories and introduce their cultural heritage to tourists. This study also shows that different urban transformation processes overlap and occur simultaneously in the historic neighborhoods of Kashan, generated by different investors.