In real estate appraisal, reproduction cost refers to the estimated cost of constructing an exact replica of an existing property using the same design, materials, and workmanship at current prices. It reflects what it would cost to reproduce the property as it was originally built.
Reproduction cost is used in the cost approach to value, particularly for unique, historic, or special purpose properties. It differs from replacement cost, which measures the cost of building a structure with equal utility using modern materials and standards.
