A Multicriteria Evaluation System for Large Real Estate Investments

2023

Ann Oper Res

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Cities’ weaknesses have been revealed by their struggle to respond to current challenges (e.g., pandemic crises and population and urbanization exponential growth). Urban planners are thus increasingly concerned about implementing initiatives in their metropolises that favor a better present and future quality of life. In this context, cities need to become enablers of economic and social development and increased prosperity through the integration of technologies into projects promoting smarter and more sustainable urban ecosystems. These ecosystems are, however, highly complex due to their specificities and multifaceted nature, which makes analyzing them a difficult endeavor. Based on a constructivist and complementarity logic, this study sought to develop a multicriteria analysis model to support relevant decision-making processes in this study context. A panel of experts was recruited to create the analysis system using a combination of cognitive mapping and the decision-making trial and evaluation laboratory technique in an neutrosophic context. This approach overcomes various flaws identified in previous related research. The entire procedure focused on enhancing the experts’ learning through participation not only to structure the problem under analysis but also to identify and prioritize the factors and/or determinants of smartness and urban sustainability. The model provides a holistic, solid, and clear vision of the decision problem that fosters appropriate choices when creating and evaluating smart, sustainable urban ecosystems.

Section: Application and Resultsmentioning

confidence: 99%

Constructing smarter and more sustainable urban ecosystems: a dynamic analysis of challenges and initiatives

Rodrigues

2023

Ann Oper Res

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“…Project reformation emphasizes not only improving the necessary infrastructure, but also defining representative and distinctive cultural elements and using modern technology to reconstruct objects and scenes of the past (Ho et al, 2012;Zheng et al, 2021;Soares et al, 2022). Projects can be reconstructed through partial demolition, functional replacement and select repairs.…”

Section: Project Reformationmentioning

confidence: 99%

How to Make Urban Renewal Sustainable? Pathway Analysis Based on Fuzzy-Set Qualitative Comparative Analysis (Fsqca)

Yi-jing

Wei

International Journal of Strategic Property Management

2023

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Even though urban renewal has attracted much attention in recent years, relatively few studies focus on the sustainability of urban renewal projects, which is surprising given the associated economic benefits. To fill this gap, we review 31 typical cases of urban renewal in China that have existed for over 10 years and utilize fuzzy set qualitative comparative analysis (fsQCA) to identify causal configurations that lead to a high level of stakeholder satisfaction. Our findings show that: (1) there are four antecedent configurations that lead to the sustainability of urban renewal of urban renewal (these are: ~ preservation of history and culture * differentiation * project reformation * ~ incremental innovation; ~ preservation of history and culture * differentiation * commercial publicity * incremental innovation; preservation of history and culture * commercial publicity * ~ project reformation * incremental innovation; and preservation of history and culture * differentiation * ~ commercial publicity * project reformation * incremental innovation); (2) compared with other conditions, differentiation and incremental innovation play more important roles in the sustainability of urban renewal; and (3) not only the improvement of the environment but also the operation and management of projects should be considered carefully. This paper contributes to urban renewal literature and offers practical suggestions for sustainable urban development.

“…Regarding sustainability, Gagnon (2012) and Soares et al (2022) point out that the key challenge is to apply three principles: economic, social, and environmental standards. The consequences of unsustainability have led the international community to commit to finding alternatives to conventional growth patterns, namely sustainable development.…”

Section: Literature Review and Research Gapmentioning

confidence: 99%

“…According to Eurostat (2021, p. 30): "sustainable development [...] aims to renew and plan cities and other human settlements in a way that offers opportunities for all, with access to basic services, energy, housing, transportation and green public spaces, while reducing resource use and [its] environmental impact". Efforts have thus been made to transpose the concept of sustainable development to the built environment and to ensure that environmental protection goals are reflected in regulations of urban communities' required level of environmental performance (Laboratório Nacional de Engenharia Civil, 2010;Freire et al, 2021;Soares et al, 2022).…”

Section: Literature Review and Research Gapmentioning

confidence: 99%

“…In this context, buyers' search for a better quality of life have motivated individuals, municipalities, and real estate markets to join together in efforts to classify residential areas. The resulting rankings can guide people's choices and decisions and present solutions that are more appropriate to societies' evolving needs and the ongoing development of residential neighborhoods (Ciampalini et al, 2016;Nunes et al, 2021;Soares et al, 2022).…”

Section: Literature Review and Research Gapmentioning

confidence: 99%

See 1 more Smart Citation

Ranking Residential Neighborhoods Based on Their Sustainability: A Cm-BWM Approach

Andrade

International Journal of Strategic Property Management

Correia

2022

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Population growth and rapid urbanization have consequences that are reflected in the economic, environmental, and social stability of city-residential neighborhoods. These impacts directly affect not only residents but also real estate markets and local governments. The professionals working in the latter entities have become increasingly concerned about urban sustainability and its strategic integration into their plans. Strategies have been implemented that focus on both addressing negative aspects of residential neighborhoods and enhancing positive features that can contribute to the continuous improvement of locals’ living conditions. This study applies the multiple-criteria decision analysis approach and a combination of cognitive mapping and the best-worst method (BWM) to identify the most relevant criteria and use these to rank residential neighborhoods according to their sustainability. To apply the selected techniques, two group meetings were held with a panel of decision makers. The results were validated by the panel members and the Funchal City Council councilor for urbanism, who concurred that the proposed ranking system facilitates the identification of the most sustainable residential neighborhoods. The contributions and limitations of the methodological approach are also discussed.