Exploring Tools for Public Real Estate Enhancement in Italy: From Criteria to Decisions

Abstract

The debate on public real estate enhancement is prominent and requires innovative strategies to assure economic and social sustainability. This article aims at systematizing the currently available methods and tools of public property enhancement in Italy, proposing a system of criteria to support the public administration (PA) in the decision-making process when managing public real estate enhancement oriented towards public utility. Namely, this article considers and assesses consolidated and innovative public real estate enhancement methods and tools currently available to the Italian PA according to the “endogenous criteria” of the real estate tools and “criteria of purpose” of the public administration promoting the enhancement process. The final aim is to support the decision-making process of PAs and help both public and private actors in grasping and managing the complexity of public real estate enhancement. An overview of the literature and of reference laws on public property enhancement builds the research framework, together with a path of research, dialogues, and fieldworks with the Italian State Property Agency (Agenzia del Demanio). The decision-making process of PAs for selecting a suitable enhancement strategy or tool should rest on endogenous criteria and criteria of purpose. Specifically: (i) the distinct technical features of each public asset; (ii) the public utility aim that the public entity intends to pursue; (iii) the needs of the community (i.e., the demand); (iv) the skills available within the PA that promotes the strategy.

Real Estate Values and Urban Quality: A Multiple Linear Regression Model for Defining an Urban Quality Index

“…Further specific aspects could be considered for the refinement of the assessment such as air pollution due to the high rate of urbanisation-and population-the high density of means of transport or the proximity of industrial settlements to urban areas [30] criticalities linked to the presence of publicly owned areas and buildings, mostly industrial complex [31] and abandoned military barracks [32], that occupy large urban portions and the potential they would offer in terms of urban quality by undertaking appropriate recovery plans on these assets [33]. Assessments, with modern computational methodologies of estimation, their market value or their recovery value [34] or, again, knowing detailed information on the energy characteristics of the buildings-in light of the energy efficiency incentives undertaken by the Italian State and the plans for the following decade [35]-and its appreciation in economic terms should all be undertaken [36].…”