59 articles in this issue
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Saverio Miccoli
Maurizio Festa,Erika Ghiraldo,Alessandra Storniolo
Using Italian data, on the basis of economic theoretical approach of the honeycomb cycle by Janssen, Kruijt and Needham in 1994, this article proposes a further development in the study of the dynamics of real estate housing market in Italy. Using the mar... see more
Paolo Rosasco,Leopoldo Sdino
The purpose of this project is that of inquiring around the relations existing among the main variables characterizing the Genovese residential real estate market which determine their performance in time through the data analysis of the two observers of ... see more
Malgorzata Renigier-Bilozor,Radoslaw Wisniewski
This paper aims to determine the influence of selected variables on residential property price indices for European countries, with particular attention paid to Italy and Poland, using a rough set theory and an approach that uses a committee of artificial... see more
Daniela Barbu
The authors develop a concept paper on the economic valuation of land. They detail the basic principles corroborated with the direct factors that modify the mathematical parameters and also the impact of construction on the land. Starting from the princip... see more
Anna Wojewnik-Filipkowska,Malgorzata Rymarzak,Dariusz Trojanowski
Spatial planning is connected with speculations in real estate market, which deepens the process of urban sprawl. Adequate land management supporting free market – both investment decision of businesses and location decisions of households – is nece... see more
Sergio Mattia,Alessandra Oppio,Alessandra Pandolfi
This essay describes the most relevant steps of the urban system analysis procedure and of the isovalue maps compilation for the main urban functions, to prove the urgency of using these methods to reply to the increasing need for equity and liberalism th... see more
Francesco Calabrò,Lucia Della Spina
The proposed article aims to illustrate an experimental model applicable, in the planning stage, to an appraisal of the capital gains in a residential requalification in public/ private partnership. The model develops a method using a conventional cost va... see more
Éva Szabó,Zoltán Tóth
Property prices are extremely low in extensive degraded urban areas. Enhancing property values in these areas is a foremost concern for both property owners and for the town as a whole. The aim is to transform isolated, disadvantaged urban areas; to incre... see more
Gianluigi De Mare,Antonio Nesticò,Francesco Tajani
Following the crisis generated by the financialization of private real-estate, construction prices have gradually decreased depriving the housing market of the necessary growth stimuli. Many countries have set up measures to revive this highly strategic a... see more
Manuela Ricci
This research aims to design the paths through is possible to improve historical buildings located in centers which show signs of abandonment by original inhabitants and where a large part of the inhabitants are immigrants . The Italian ... see more
Koloman Ivanicka
The paper aims to show how the historical development of CEE countries and their institutional framework has influenced the quality of information on housing markets. Central and Eastern European countries (CEE) have undergone the serious economic and ins... see more
Michele Argiolas,Giampietro Cabiddu,Stefano Corsi
The main purpose of this paper is to analyze and compare the current local tax on real estate and the future and assessing criticality. The tax base is calculated by applying calculation methods that differ depending on the type of property you must ... see more
Angelo Donato Berloco,Antonio Spremulli
In the real estate appraisal, the principal problem consists in the availability of the prices and the rents bargained, on which to found the forecasts of the prices and the future rents and the appraisal of market value. For the valuation standards, the ... see more
Concetta Cardillo,Giuliano Gabrieli,Massimo Gioia,Franco Mari
The research aim to test the information collected through the Italian FADN survey to analyze the characteristics of Italian land market and was referred to accounting year 2009. The value of land is estimated according to the criterion of the most probab... see more
Angela Poletti
The contribution highlights the need for the connection between urban transformation assessment and real estate assessment, noting that there is a mutual influence (now rarely seen) between the parameters involved. For this purpose GIS serves as a tool by... see more
Michele Argiolas
Many economists have identified the main cause of recent global real estate market crisis both in the poor diffusion of systems capable of monitoring the historical property values that in the lack of public awareness about the risks of real estate invest... see more
Sergio Mattia,Alessandra Oppio
The aim of this paper is to open again the discussion on the social function of Appraisal, as nowadays are quite noticeable the negative effects on the communities’ wellbeing caused by a strong restriction of its task, up to deny the dignity of autonomous... see more
Gaetano Martino
The paper aims at investigating some aspects of the evalutation process under the perspective of the problem solving approach. Firstly, the basic sketch of the evaluation process is summarized and it is pointed out its relationship with the institutional ... see more
Marcello Orefice
The author pauses to found the changes and the essentially methodological choice that, for the evaluation rules - and, in particular, for the training of engineers and architects - has become possible in last decades of the 20th century. Thanks to th... see more
Saverio Miccoli,Fabrizio Finucci,Rocco Murro
This work was inspired by some of the ideas introduced during the CESET Meeting “Appraisal – University Education and Professional Practice”, that took place in Rome on November 19, 2010. This meeting aimed at drawing a balance of the status of appraisal ... see more
Aart C. Hordijk
The worldwide trend towards globalization of Businesses has pushed the need for International Standards in every sector of business. For the Appraisal and Valuation profession it has lead to the introduction of International Valuation Standards IVS. The p... see more
Ion Anghel
In the actual context (with issues like as viability of the global markets, cross-border transactions, transparency in financial reporting etc.) it is a common interest for professional valuers, investors, universities, researchers etc. to consider a conv... see more
Mauro Iacobini,Gaetano Lisi
This empirical paper tests the role of bargaining in the formation process of housing prices in Italy. Housing markets are “thin”, local and decentralized, and thus buyers and sellers may have some market power. Hence, the selling price is influenced both... see more
Alfredo Passeri
The instrument employed to express any value appraisal is our intellect that, by its very nature, given the invariability of objective data, cannot but express a single judgement, and never multiple judgements amongst which some are more or less probably ... see more
Carsten Lausberg
Real estate appraisal is usually regarded as both a science and an art: “science” because the appraiser uses mathematical calculations and other objective elements, “art” because he also uses his experience and other subjective elements. This dual charact... see more
Landscape is a crucial component of the world heritage. Landscape projects play a vital role in the development of sustainable scenarios. The assessment of a project plays a dual role: it is a procedure to pass judgements on both “values” and “choice... see more
This essay describes the most relevant steps of a method for the environmental damage assessment that was edited in 1989 and that could be easily adapted to the actual context, using a scenario approach built thanks to Gis tools and procedures. Once the s... see more
Marina Bravi,Stefano Rossi
The primary aim of this work is to connect the Real Options Theory (ROT) with the real estate investment framework. A great deal of theoretical work exist today; it begun with Merton (1973) and Black & Sholes (1973) and provided new insights into capital ... see more
The enhancement process of urban systems is currently developed by interventions with increasing complexity, as they should achieve the economical and social requirements of sustainability, beside the environmental ones. This is a central issue that is gr... see more
David C. Ling
We examine the impact of heterogeneous investors with asymmetric bargaining positions on transaction prices in private commercial real estate markets. Using a dataset that contains nearly 100,000 commercial real estate transactions during 1997-2009, we ex... see more
François Des Rosiers
The 2007-2008 subprime mortgage crisis has profoundly modified the way investment and management risks are perceived by economic agents. In particular, both private and institutional players in the property sector are now being compelled to follow more st... see more
Richard A. Borst
An Automated Valuation Model (AVM) that seeks to attain predictive accuracy must take into account both spatial and temporal effects in the real estate market. A model structure that contains neither explicit spatial nor temporal variables is calibr... see more
Luigi Caraglio
In the context represented by the market approach, the scientific research has developed a lot of valuation models. Any typology of these models is affected by a considerable number of important problems. These models are usually considered independently ... see more
Gianfranco Brusa,Alessandra Armiraglio
This research propose a deep analysis of Milanese real estate market, based on data supplied by three real estate organizations; gentrification appears in some neighborhoods, such as Tortona, Porta Genova, Bovisa, Isola Garibaldi: the latest is the subjec... see more
Marina Ciuna
In appraising the “valore di trasformazione” the valuation error is composed by the error on market value and the error on construction cost. In appraising the “valore complementare” the valuation error is composed by the error on market value of co... see more
Francesca Salvo,Manuela De Ruggiero
In order to make easy, univocal and accurate Market Comparison Approach application, the present work’s aim is to simplify the use of price commercial theorems using numerical coefficients able to correct every single duplication, leading to reliable appr... see more
Luigi Orefice
Operative interventions are frequently required in the field of estimation in the case of real estate that have exhausted their original function but that can be redesigned or adapted to accommodate new functions and new uses. For example, there are ... see more
Marcellina Bertolinelli,Marco Fabbri,Luca Masotto,Alberto Pirani
The alterations caused by the realization of large scale, linear infra-structure have repercussions that similarly disrupt the land market. The market is still not perfect and has all the inherent problems connected to estimation of the compensation due f... see more
Stefano Carrer
Section 39 of the current consolidated expropriation act states: “while expecting a systematic re-regulation of the matter, in the case of reiteration of a preordered constraint or a practical expropriation constraint, the estate owner is entitled to an i... see more
Antonio Benvenuti
The article proposes a calculation criteria for the determination of the mortgage lending value which originates from the application of the financial method (direct capitalisation), by adopting a capitalisation rate calculated by means of the Debt Covera... see more
Mario Breglia
The increasing interest on the part of institutional investors in the yield potential of real estate assets highlights the importance of effective criteria for evaluation. Each segment of real estate needs its own appraisal procedure, which is determ... see more
Tom Kauko
The issue of interest is as to whether it is possible to use the added value generated by the positive effect of having housing developments close to water to abate the negative effects that may arise in some of the same locations. This paper is based on ... see more
Domenico Enrico Massimo
In international and metropolitan real estate markets, it has been detected, for the first time, the growing relevance of green buildings with respect to non-green building. Also, it has been singled out and then quantified through regression analysis a g... see more
Salvatore Giuffrida
The real estate market is a highly communicative human and social place in which individual creativity interacts with the urban structure. The rising tendency of the property value and quality stimulates global investors to demand more and more qualified ... see more
Maria Rosa Trovato
The valorization processes of real estate capital are strongly influenced by the ability of the different buildings to capture and incorporate some liquidity flows, this capacity, is closely related to the dynamics of the market, of its segments and the s... see more
One of the most criticism in Real Estate appraisal processes based on sales comparison approach is the reliability of data about market prices of comparable properties. In this context, the use of evaluation methods based on hypothetical markets, most wid... see more
Maurizio D’Amato,Nikolaj Siniak
Mass Appraisal is the valuation of large quantity of properties. This automatic valuation procedure gave the opportunity to reach a single point estimate (The Appraisal of Real Estate, 13th Edition). The work test different location sensitive methodologie... see more
Vincenzo Del Giudice,Pierfrancesco De Paola
The estimate of undivided and indivisible real estate shares, in relation to different building types represents, in practice application, a recurring underestimated by the professional appraisers. This problem requires finding a logical so... see more
Maurizio D’Amato,Ion Anghel
Discounted Cash Flow Analysis is a method used for real estate valuation and valuation of worth. The application of DCF requires the selection of an appropriate discount rate. Discount rate estimation is based on the sum between a risk free and a risk pre... see more
Antonella Postorino
The LaboReg has spent years to focus on the purpose of internal research on practical application of the achieved results and the involvement in all phases of business, governments and local entrepreneurs in order to anticipate times and procedures ... see more
Marko Kryvobokov,Aurélie Mercier,Alain Bonnafous,Dominique Bouf
Housing prices in the Lyon Urban Area are simulated with the land use framework UrbanSim interacting with transportation model. We focus on the Real Estate Price Model of the UrbanSim framework. This OLS regression model of housing prices is calibrated us... see more
Mariola Chrzanowska,Monika Krawiec
The paper aims at application of multidimensional comparative analysis methods to investigating Warsaw real estate secondary market. The research is based on a data base covering more than 300 apartments offered in the fourth quarter of 2010. There were c... see more