Cultural Capital Value as a Mode for Redevelopment of Tourism in Kotagede Cultural Heritage Area

Aim of this research is quantifying economic benefit of cultural capital of Kotagede area; the former is known as Islamic Mataram Kingdom. Data were collected from interviews toward tourist in surrounding area of Yogyakarta; and conducted by contingent valuation method. Afterward, tourism development strategy in Kotagede conceptualized through a variety of discussions, brainstorming, expert meetings and focus group discussion. Empirical study, under hypothetical market scenario, shows that expected cultural capital of Kotagede is huge value. The result describes that conservation of cultural capital of Kotagede area urgent and having high economy value. Implication of that is tourism redevelopment of Kotagede area must begin with careful planning, including an inventory of cultural capital that still might be revitalized, then proceed with the promotion and education for community who lives there and designing of the physical and socio-economic communities. Finally, we need to do imaging and monitoring of tourism organizing in the town.