Is social polarization related to urban density? Evidence from the Italian housing market

Antoniucci, Valentina; Marella, Giuliano

doi:10.1016/j.landurbplan.2017.08.012

Cited by 32 publications

(21 citation statements)

References 59 publications

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“…In particular, from an economic point of view, in the literature, the theme of sustainability in the built environment can be summarized in four macro-themes [17][18][19][20][21]. The first concerns the nature of investments in sustainable real estate development operations.…”

Section: The Development Of Green Buildings In Italy and In The Worldmentioning

confidence: 99%

Does Sustainability Affect Real Estate Market Values? Empirical Evidence from the Office Buildings Market in Milan (Italy)

Mangialardo

Micelli

Saccani³

2018

Sustainability

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The construction industry is the world's largest consumer of energy and producer of greenhouse gases. For this reason, there is a broad debate on how to make the built environment more sustainable. Although the positive externalities of energy-efficient retrofitting and new construction are known, the economic effects that green building has on the real estate sector in Italy are less evident. The aim of this paper is to analyze the Italian real estate market to investigate if, and to what extent, demand appreciates the supply of green real estate assets. The research focused on the analysis of 55 development projects of office buildings (with and without environmental certification) located in Milan, at present the most dynamic and flourishing real estate market in Italy. Through these case studies the authors investigated the premium price that is generated in certified real estate development projects. The results highlight a premium price, especially for high levels of sustainability. Similarly, the rate of absorption of certified assets reflects a preference for green properties, which are absorbed by the real estate market in less than half of the time foreseen for real estate without an environmental certification.

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Section: The Development Of Green Buildings In Italy and In The Worldmentioning

confidence: 99%

Does Sustainability Affect Real Estate Market Values? Empirical Evidence from the Office Buildings Market in Milan (Italy)

Mangialardo

Micelli

Saccani³

2018

Sustainability

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“…In one case, the authors demonstrate the relevance of urban density on the increase of social polarisation within the cities [30] on the relationship between housing prices gradient and, moreover, they highlight the correlation between housing prices gradient and the share of the immigrant population within and between cities [31].…”

Section: The Housing Market and The Living Conditions Of Immigrants Imentioning

confidence: 99%

Immigration and the Housing Market: The Case of Castel Volturno, in Campania Region, Italy

2018

Self Cite

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According to Eurostat, Italy is the fifth country of the European Union per immigrant population. The complexity of the phenomenon, as it has evolved in recent years, leads to analyzing it from a specific point of view, that of the real estate market. The article represents the early stage of research on the housing condition of the immigrant population in the Southern Italy and its effect on the housing market. First, we describe the spatial segregation phenomenon affecting the immigrant population in Campania Region; then we analyze data of the municipality of Castel Volturno, which has one of the greater migratory pressure throughout the whole region. We provide statistical regressions correlating housing prices and socio-economic features from 2006 to 2016. The results confirm the findings of the current literature on the subject: there is a specific phenomenon associated with the presence of an immigrant population residing in conjunction with a reduction of housing prices.

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“…This is basically unrealistic, but it is more likely that the value can be determined with reference to the Non-Performing Loan (NPL), where the assets are quoted at an average rating of just under 30% of the estimated value [37][38][39][40][41]. To confirm such a position, it should be noted that, up to now, no offer for the purchase of the complex has been received by the Province of Ferrara since 2011, suggesting that the property has lost much of the value attributed in 2011.…”

Section: An Interpretation Of the Monte Carlo Simulationmentioning

confidence: 99%

Simulation Models to Evaluate the Value Creation of the Grass-Roots Participation in the Enhancement of Public Real-Estate Assets with Evidence from Italy

Mangialardo

Micelli

2017

Buildings

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Abstract:In recent years, new forms of enhancement of public real-estate assets have been developed in Italy. These are based on initiatives promoted by a citizenry eager to pursue their cultural, creative, and entrepreneurial activities in unused assets. The aim of this paper is to estimate the value generated by these bottom-up enhancement processes and to evaluate their economic feasibility from the perspective of the administration owner of the asset, beside any other considerations concerning local development or social capital improvement. The uncertainty affecting grass-roots participation and the value creation process is relevant. Therefore, the adopted approach combines Discounted Cash Flow Analysis (DCFA) with dynamic simulation models and the Monte Carlo methodology. The results highlight a significant value creation process: value appraisals appear to be below valuations made before the market downturn of 2008, but higher with respect to the current market values.

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Is social polarization related to urban density? Evidence from the Italian housing market

Cited by 32 publications

References 59 publications

Does Sustainability Affect Real Estate Market Values? Empirical Evidence from the Office Buildings Market in Milan (Italy)

Does Sustainability Affect Real Estate Market Values? Empirical Evidence from the Office Buildings Market in Milan (Italy)

Immigration and the Housing Market: The Case of Castel Volturno, in Campania Region, Italy

Simulation Models to Evaluate the Value Creation of the Grass-Roots Participation in the Enhancement of Public Real-Estate Assets with Evidence from Italy

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