Historical buildings are the most visible part of cultural heritage. They make up Latvia’s historical landscape that has been centuries in the making. In the vast majority of cases these buildings are included in the historical cultural heritage of Latvia. However, the practical mechanisms of their preservation (ownership preservation, maintenance, renewal opportunities) and, consequently, their economic potential, still have not yet been fully evaluated. Does cultural value interact with market value? What factors affect urban planning in the Historic Centre of Riga and its PZ – a UNESCO World Heritage site? Answers to these questions, as well as the main challenges in the preservation of values of Riga’s architectural heritage will be discussed in the paper.