1,720,998 research outputs found
Macroeconomic variables and real estate in Italy and in USA .Variabili macroeconomiche e mercato immobiliare in Italia e negli USA
No full textThis paper analyses the influence of the economic system on housing market price trends in the
usa and Italy using a Vector Autoregression Model (var). This econometric model comprises
the historic series of house prices from 1970 to 2012 and the historic series of certain macroeconomic
variables, defined through the empirical findings of similar studies carried out in an
international setting. Comparison between the Italian and American models exhibits a clearly
different attitude of demand for real estate in the two countries. Whilst the models developed
show a similar behaviour for the variable Gross Domestic Product, which has a direct influence
on housing prices, they highlight an opposite attitude for the variables ‘inflation’ and ‘stock price
index’. The variable interest rate, which contributes to explaining the variability of the Italian
housing prices, has no effect in the American model. For both models, the statistical significance
of the functional relationships identified and the logical interpretation of the behavioural and
institutional relations, arising from economic theory, confirm the reliability of the results
Influenza del regime impositivo attuale sulla domanda di immobili urbani per investimento
No full textLa stima delle aree fabbricabili a fini IMU. Proposte per il superamento dei limiti nelle procedure messe a punto dai comuni
No full textTra le imposte locali l’Imposta Municipale Unica (IMU), già ICI, è quella che
garantisce il gettito maggiore ai Comuni. Nel caso delle aree fabbricabili la base imponibile dell’IMU è costituita dal valore venale al 1° gennaio dell’anno di imposizione. Col D.Lgs 446/1997 è stata concessa ai Comuni la potestà di stabilire, periodicamente e
per zone omogenee, i valori venali in comune commercio delle aree fabbricabili. I
procedimenti di stima delle aree fabbricabili messi a punto dai comuni però, in molti casi, portano a valori di scarsa o alcuna coerenza col valore venale, con ovvi effetti sull’equità dell’applicazione dell’imposta. Al fine di sistematizzare la materia, nel presente lavoro sono stati raccolti, per un gruppo di Comuni, i regolamenti per il calcolo della base imponibile IMU e le annesse relazioni di stima del valore di mercato delle aree fabbricabili. Dei procedimenti di stima che risultano dai materiali reperiti, è stata verificata la coerenza coi principi dell’Estimo e con la
normativa sulla determinazione del valore venale delle aree fabbricabili ai fini dell’IMU, e di alcuni procedimenti sono stati delineati i limiti. E’ stato poi definito un procedimento di stima del valore delle aree fabbricabili formalmente coerente con la vigente normativa e con la metodologia estimativa. Il procedimento, di tipo indiretto, si basa sul valore di trasformazione. Non fornisce una stima puntuale, relativa a beni specificamente
individuati, ma, come è prescritto dal D.lgs n.504/92, produce valori medi di mercato delle aree edificabili distinti per zone territoriali omogenee, per destinazione d’uso e per indici di edificabilità
An application of Real Option Analysis for the assessment of operative flexibility in the urban redevelopment
Full text linkThe high variability of market prices and the uncertainty that, even in restrained timeframes, is characterizing the general economic situation, have led real estate operators to a prudent attitude, who tend to postpone or at least stagger the start of the initiatives on hold of more stable conditions. In this context it is appropriate to use evaluation tools enable to enhance the investment capacity to be adapted to possible changes of the conditions initially hypothesized. In the present research Real Options Analysis (ROA) is applied to the evaluation of an investment in urban redevelopment of a former industrial complex. The result obtained shows the efficacy of the instrument. Assuming that the entrepreneur considers affordable the implementation of the initiative if the outcome of the discounted cash flow analysis is at least equal to a threshold value calculated as a percentage of revenues, the application of ROA returns an extended NPV that meets this constraint, whereas the use of traditional NPV suggest to abandon the project idea. The binomial approach used also allows to accurately monitor the project's development, correlating it to the evolution of the market. The work must be attributed in equal parts to the author
An application of Real Option Analysis for the assessment of operative flexibility in the urban redevelopment
Full text linkThe high variability of market prices and the uncertainty that, even in restrained timeframes, is
characterizing the general economic situation, have led real estate operators to a prudent attitude, who tend to
postpone or at least stagger the start of the initiatives on hold of more stable conditions. In this context it is
appropriate to use evaluation tools enable to enhance the investment capacity to be adapted to possible changes
of the conditions initially hypothesized. In the present research Real Options Analysis (ROA) is applied to the
evaluation of an investment in urban redevelopment of a former industrial complex. The result obtained shows
the efficacy of the instrument. Assuming that the entrepreneur considers affordable the implementation of the
initiative if the outcome of the discounted cash flow analysis is at least equal to a threshold value calculated as
a percentage of revenues, the application of ROA returns an extended NPV that meets this constraint, whereas
the use of traditional NPV suggest to abandon the project idea. The binomial approach used also allows to
accurately monitor the project's development, correlating it to the evolution of the market
House prices and rents. The Italian experience
No full textThe sale and lease real estate markets have cyclical developments which are often dissimilar in the short term and then take coincident trends in longer horizons. The imbalance in the relationship between prices and income is normally used by economists to determine any "housing bubbles". However, the structural limitations require caution in the use of the ratio between prices and rents as an indicator of an over - or under - evaluation in the real estate market. The present work has investigated the relationships between selling and rental prices in the Italian housing market, trying to define the actual cause-effect relationships in quantitative terms too. It was used a multivariate autoregressive (VAR) model to interpret the mutual influences between the two sectors and the macroeconomic fundamentals . The results show that housing prices can influence rents, but not the opposite. The Italian housing demand, even the one for investment , does not consider rent as a proxy for the corresponding dividend
The Historical and Cultural Value of RC Constructions and the Main Critical Issues for Rehabilitation
No full textIn recent years, the preservation strategies of cultural heritage have become an element of considerable importance. Unfortunately, research has often been conducted in an excessively mono-sectoral or disaggregated manner. Moreover, there is a significant number of reinforce concrete (RC) buildings and engineering works that are of historical interest and play a key role during the earthquakes. An urban center, its historical structures and infrastructures or single buildings, if well managed, preserved, protected, recovered and enhanced can represent an excellent source of income and induce a considerable economic development in the neighboring areas. On the other hand, a lack of value appreciation and/or incorrect management represent a significant economic loss in the long-term, but an immediate loss after earthquakes. In this work, the historical and cultural value of these RC structures and infrastructures is discussed and the main critical issues are identified, outlining the fundamental requirements for conservation
La valutazione del rischio nell'analisi finanziaria di Ellwood per la stima indiretta di immobili urbani
No full textTo estimate the value of a real estate through the capitalization of the incomes, the determination of the suitable cap rate is generally make with the analogical process. This is usually inferred by a price-earnings ratio of similar investments.
The analogy concerns the risk and the duration of the investment. There is a wide range of methods to rationalize the indirect
valuation of the cap rate. However, in all these methods
the appraisal holds uncertainty. In this paper a methodology which removes uncertainty in the valuation of the cap rate is proposed. In this method the uncertainty is transformed in risk. The aim is achieved by the combination of the formal logic of the Ellwood’s
model and the Real Options Analysis. Therefore, the algorithm defined has been implemented in a software for the real estate appraisal, described by an immediate and simply user interface
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