Vanessa Assumma, David Casagrande, Valentina Cosmi
et al.
The process of renewing urban plans always focuses on incorporating the sustainability paradigm into strategic initiatives to counteract climate change. A regulation aimed at implementing Ecological-Environmental Equipment to compensate and mitigate the environmental impact of direct interventions, such as new construction, redevelopment, regeneration, and repurposing, has been approved by the new Cesena-Montiano Inter-municipal Urban Plan. These are virtuous cases selected by the Municipality as they respond to the site-specific characteristics of the urban context under consideration. To facilitate their implementation, the Regulations require the estimation of the Economic Countervalue (ECV) using the Bill of Quantities (BoQ).To support the weighted assessment of the ECV to be applied to equipment in the scenarios given in the Plan, this work describes the development of an economic evaluation approach that combines the BoQ with the Analytic Hierarchy Process (AHP). A BoQ was created for every design solution to calculate the parametric unit cost. The AHP assesses the importance of the macro-categories (permeable surfaces, water, vegetation, and technology) and sub-categories (specific solutions) in the Regulation Abacus to weight the average unit cost. To determine the aspects’ relevance, a survey was given to a group of municipal technicians with various specialities. Then, using the appropriate weights, the average unit cost of the design solutions was compared to the cost of each sub-criterion. The total average unit cost obtained from the sum of the partial costs gives the weighted average unit cost of the ecological and environmental equipments, equal to € 84.99/sqm.
The aim of this research was to identify the current trends and tools in the field of real estate sustainability assessment and to determine their relevance for real estate valuation. Bibliometric analysis, an in-depth search of Web of Science sources and a co-occurrence or cluster analysis were used to meet the objective. From the research, it was found that LEED and BREEAM certifications are the most widely used among the current trends and tools in real estate sustainability assessment. Sustainability itself shows relationships with property valuation, but these are not strong, and therefore it can be assumed that, currently, sustainable properties do not have the concept of valuation itself, nor is this topic the main focus of the research. On the positive side, there is potential for sustainability in real estate valuation issues, where sustainability certifications are expected to play an increasingly important role in the real estate valuation process in the future. A limitation of the research is the fact that many publications do not directly address the sustainable property valuation process, but this is a potential for a new research direction that would specifically address the sustainable property valuation process.
We present empirical evidence on the sensitivity of housing demand in Chile to changes in mortgage interest rates, focusing on units priced between CLF 2000 and 4000 (approximately USD 80,000 to 160,000). This sector, which comprises nearly two-thirds of the country’s housing supply, has experienced a significant decline in sales since 2021. Given its size and responsiveness, it represents a key target for policy measures aimed at reactivating the Chilean real estate market, such as demand-side subsidies for middle-income households. Using impulse response functions derived from vector autoregressive (VAR) and semi-structural models estimated via Bayesian methods with Markov Chain Monte Carlo (MCMC) simulations, we find that a 100-basis-point increase in mortgage rates leads to an average annual decline of 18% in housing sales during the first quarter after the shock. This effect results in a cumulative decline of approximately 57% by the end of the first year. A comparable reduction in mortgage rates yields a symmetrical response. Finally, we offer a linear extrapolation of potential impacts under a hypothetical 200-basis-point decrease in mortgage rates.
Chisumbe Sampa, Aigbavboa Clinton, Thwala Wellington
et al.
The main aim of the study was to model stakeholders’ capacity for urban housing development from a developing country’s perspective, using Zambia as a case study. The study used a quantitative methodology and recruited 214 respondents from various organizations concerned with the planning and development of human settlements in Lusaka, Zambia. The structured questionnaire used for data collection contained nine indicator variables informed by literature. The collected data was analysed using exploratory factor analysis (EFA) and confirmatory factor analysis (CFA), and goodness-of-fit was utilized to assess the acceptability of the model using a two-index technique. The findings revealed that stakeholders’ capacity is explained by four variables, namely: ensuring adequate staffing levels in institutional stakeholders; community empowerment in planning practices; development of essential construction skills; as well as provision of technical support to communities on housing. The paper recommends, among other things, the need to fully engage and build the capacities of communities so that they can effectively participate in housing development. The findings have practical implications for improving housing in the global south. It advances the promotion of capacity building as a prerequisite for driving housing development in line with the new urban agenda.
Real estate business, Regional economics. Space in economics
The article presents considerations on the importance of the provisions of the municipality’s general plan referred to in the Act of March 27, 2023 on Spatial Planning and Development, as well as the importance of the provisions of the local general plan, referred to in the Act of July 12, 1984 on Spatial Planning when estimating real estate for the purposes of determining the amount of compensation and fees referred to in Art. 36 section 3 and 4 of the Act on Spatial Planning and Development. Due to the fact that the Act of 1984 refers to the general spatial development plan of settlement units (called the general plan), prepared and adopted on the basis of the Act of January 31, 1961 with the same name, the article also discusses this type of plan. Moreover, activities related to determining the value of real estate were indicated, including the above-mentioned planning purposes, and the understanding of concepts such as “real estate data” and “intended use in the local plan” were presented. Attention was also focused on the essence of the above-mentioned types of plans, as well as the differences between the general plan of the commune and the local general plan and general spatial development plan of settlement units.
In this study, the influence of MINERGIE certifications, sustainable building measures that lead to certification, and further amenities and quality measures not compulsory for certification on the construction costs and net initial (asking) rents of building projects in Switzerland is investigated. The hedonic regression results show construction cost premiums of 1.6–5.1% for MINERGIE-certified apartments. These cost premiums yield higher net initial rents of approximately 2.6–6.6*% (*not significant). In contrast, most specific sustainable building measures, such as district heating, heat pumps, or solar energy, show significant cost premiums, without higher net initial rents in the market. Whereas MINERGIE certification can translate construction costs to higher net initial rents, single sustainable construction measures do not. Such an adverse cost-benefit ratio could impede specific green investments in the short term, whereas a favorable ratio of the MINERGIE standard could promote the spread of green buildings.
Benedetto, Francesco Paolo Del Giudice, Debora Anelli
The lack of transparency in the property market and the resulting difficulty in finding comparables to use in property valuations, very often forces evaluators to substitute the asking prices with the selling prices in the market approach. This alternative is now also accepted by case law but has the limitation of having to quantify, albeit very roughly, the correction to be made in relation to the probable spread between the asking prices, taken as a reference, and future selling prices. The importance of the asking prices to understand the market, is acknowledged in international literature which has mainly focused (starting from the analysis of the prices themselves and the time spent on the market), on the search for the best sales strategies, or on the
measurement of the illiquidity of the property market. This study, in an innovative way, also on the basis of the relationships already proven, instead, attempts to interpret and measure the difference between asking and selling prices, in order to build a reference for the adjustments made to the former in estimation practice. The target is pursued through the construction of a multivariate analysis model on a sample taken over a 12- year interval in the city of Potenza, Italy. The analysis allowed to measure and interpret the marginal contribution that macro and microeconomic variables provide to the explanation of the spread under investigation.
La mancanza di trasparenza nel mercato immobiliare e la conseguente difficoltà di rilevare utili comparabili da utilizzare nelle stime immobiliari costringe i periti, molto spesso, a sostituire nel procedimento diretto i prezzi di vendita con i prezzi richiesti. Si tratta di una alternativa ormai riconosciuta anche dalla giurisprudenza, ma che ha in sé il limite di dover quantificare seppur in modo molto approssimativo la correzione da apportare in relazione al probabile spread tra i prezzi richiesti, presi a riferimento, e i futuri prezzi di vendita. L’importanza dei prezzi richiesti per l’interpretazione del mercato è riconosciuta nella letteratura internazionale la quale si è prevalentemente concentrata, partendo dal- l’analisi di questi e del tempo sul mercato, sulla ricerca
delle migliori strategie di vendita, o sulla misura della il- liquidità del mercato immobiliare. Questo lavoro, in modo originale, anche sulla base delle relazioni già di- mostrate, prova invece a interpretare e misurare la differenza tra prezzi richiesti e prezzi di vendita, al fine di costruire un riferimento per la correzione da apportare ai primi nella pratica estimativa. L’obiettivo è perseguito mediante la costruzione un modello di analisi multivariata su un campione rilevato su un intervallo di 12 anni nella città di Potenza. L’analisi ha consentito di misurare ed interpretare il contributo marginale che variabili macro e microeconomiche forniscono alla spiegazione dello spread indagato.
Maria Olegovna Suvorova, Andrey Evgenyevich Naumov
Construction activity is carried out in close interaction with the environment, which has always focused the attention of researchers on ecological safety of construction objects, including low-carbon development and reducing resource intensity and energy consumption at all stages of the building life cycle. The global trends in construction are such areas as decarburization of not only existing but also newly constructed buildings, creating conditions for the implementation of investment and construction projects from a low-carbon development perspective, as well as assessing the carbon impact of implemented projects, including at the early stages of architectural and technological design. The World Green Building Council identifies the carbon impact at early stages as “upfront carbon”, which is becoming increasingly important in a complex life cycle assessment in buildings by low-carbon criterion. The article presents scientific and theoretical approaches to a comprehensive life cycle assessment in buildings from a low-carbon development perspective. The authors have identified the factors allowing to estimate the future building project from the position of low-carbon applied design solutions, suggested a multilayer factor space of the considered indicators (building resources) of carbon impact, proposed a minimization indicator of the building carbon impact, which enables to estimate comprehensively the influence of all factors and indirectly characterize the degree of carbon impact at the life cycle stages, preceding the building operation.
Marta Bottero, Caterina Caprioli, Giulia Datola
et al.
Abandoned areas such as neglected railways and urban voids represent a suitable opportunity for the regeneration and requalification of cities, according to the paradigms of sustainability and resilience. Urban transformation and urban regeneration processes are characterized by a high level of complexity, a dynamic behavior over time and interactions between the various actors involved in the process. Within this context, the present paper proposes the application of a combined evaluation framework, based on the integration of Multi-Criteria Decision Analysis (MCDA) with a Financial Analysis (FA) to assess different strategic scenarios for the regeneration of the Rogoredo railways area (Milan, Italy). The purpose of this framework is to take into account the complexity of the decision- making process, considering both the qualitative (social and environmental) and quantitative (economic- financial) aspects. In detail, the railway yards in the Rogoredo area in Milan (Italy) represent an emblematic case. The city of Milan, within the Territory Governance Plan (PGT), has already proposed interventions in this site aimed at reconnecting the infrastructural node and making it an attractive and inclusive pole. The present paper demonstrates the usefulness of evaluation procedures in supporting the entire decision-making process and defining the most suitable scenario considering the initial objective and the stakeholders’ interests. The innovative value provided by this application is represented precisely by the possibility of considering both the developer point of view through FA and the broader public perspective through the support of MCDA. This approach allowed to build and evaluate transformation scenarios capable of both attracting potential investors and promoting sustainable mobility models, social inclusion, eco-sustainable development, improvement of environmental quality through the design of new public areas, green spaces, and services for citizens.
I vuoti urbani, quali ex aree industriali ed ex scali ferro- viari, rappresentano oggi un’importante occasione di riconversione delle città, nell’ottica di uno sviluppo in chiave sostenibile, resiliente e circolare. Tuttavia, gli interventi di trasformazione e rigenerazione urbana sono caratterizzati da un elevato grado di complessità e dinamicità, così come da un’elevata interazione tra le diverse componenti urbane, quali gli aspetti economici, ambientali, sociali e tra i diversi attori coinvolti nel processo. In questo contesto, l’approccio metodologico proposto nel presente contributo combina le Analisi- Multicriteri (AMC) con l’analisi Analisi Finanziaria (AF). Questo modello permette di analizzare e supportare il processo decisionale nella sua complessità, considerando sia gli aspetti qualitativi (sociali e ambientali) sia quelli quantitativi (economico- finanziari). Il caso degli scali ferroviari dell’area di Rogoredo a Milano (Italia) rap- presenta un caso emblematico. La stessa città di Milano, già all’interno del Piano di Governo del Territorio (PGT), propone interventi volti alla riconnessione di questo nodo infrastrutturale per renderlo un polo attrattivo e inclusivo. L’obiettivo di questo contributo è quello di applicare le AMC con l’AF per la valutazione di scenari alternativi, volti alla riqualificazione dell’ex scalo ferroviario di Rogoredo. La valutazione diventa, quindi, parte integrante dell’intero processo decisionale, supportandone tutte le fasi, da quella iniziale fino alla definizione dello scenario più idoneo agli obiettivi prefissati e agli interessi degli stakeholder coinvolti. Il valore aggiunto fornito dalla presente applicazione è rappresentato proprio dalla possibilità di considerare sia il punto di vista degli investitori, attraverso l’AF, sia la più ampia prospettiva pubblica, attraverso il supporto delle AMC. In questo modo è stato possibile costruire e valutare scenari di trasformazione in grado di attrarre possibili investitori e al tempo stesso capaci di promuovere modelli di mobilita sostenibile, forme di inclusione sociale, sviluppo eco-sostenibile, miglioramento della qualità ambientale, attraverso la progettazione di nuove aree pubbliche, spazi verdi e servizi per i cittadini. In questo processo, la valutazione assume un ruolo essenziale in quanto consente di mettere in luce i diversi obiettivi perseguiti dall’intervento di rigenerazione e le loro eventuali conflittualità. Inoltre, la loro identificazione può supportare la definizione di scenari alternativi di sviluppo, rendendo partecipati sia il processo progettuale sia quello decisionale.
One of the most basic methods of technical analysis that is used in the practice of investment is the analysis of moving averages, usually calculated for exchange rates in a candlestick representation. The following paper proposes a new, state model, describing the process of trajectory changes in a binary-temporal representation. This kind of representation carries a significantly higher informative value than the candlestick one. The model is based on a proper definition of the moving average, proposed for a binary-temporal representation. The new model allows for exchange rate trajectory prediction in a short future window and, as a consequence, can be used to construct effective HFT systems. The article provides a concept of this kind of system and its comparison with others based on historical data for AUD/NZD exchange rate from the 2014–2020 period.
ZHANG Jiyi; ZHOU Liangchen; Lü Guonian; SHI Zhifeng; WU Chengyan; WANG Yingli; LI Dongshuang
In order to promote the development of China′ s 3D real estate registration, the Ministry of Natural Resources has carried out a pilot project of two-dimensional(2D) and 3D integrated real estate electronic certificate registration in Xinyi City, Jiangsu Province, to explore a 3D real estate registration model that conforms to China′s real estate registration system and practice. Based on the pilot project of electronic license registration for 2D and 3D integrated real estate in Xinyi City, this paper developed a series of key technologies for county-level 3D real estate electronic license registration that could cater for real estate registration business practices. The research results were applied to the real estate registration management department of Xinyi, and supported the issuance of the first 2D and 3D integrated real estate registration electronic license in Jiangsu, providing an overall solution for the realization of 3D real estate electronic license registration in China.
Inessa Galeevna Lukmanova, Anna Alexandrovna Sudakova
В статье рассмотрена проблема развития туристической отрасли с использованием кластерного подхода. Предлагается
создавать туристические кластеры на основе имеющихся в регионах интересных объектов притяжения туристов. В условиях дефицита инвестиционных ресурсов необходимо отобрать наиболее результативные варианты объектов, где планируется создание туристических кластеров. С этой целью авторы предлагают учитывать факторное пространство влияния и оценивать эффективность функционирования создаваемых кластеров с помощью интегрального показателя ожидаемого эффекта. Основной задачей данной статьи является изучение перспектив развития бизнеса в области внутреннего туризма и возможностей создания туристических кластеров в различных регионах страны на примере Ивановской области. Авторы разработали алгоритм действий по созданию туристического кластера, определили основные группы факторов влияния на обоснованность организации кластеров. В современном мире в условиях глобализации все большее значение приобретает туристическая отрасль, которая приносит в бюджеты многих стран внушительную долю дохода. Проблема развития внутреннего туризма в России является актуальной в аспектах социально-экономического развития регионов страны. В связи с наличием безработицы и дефицита региональных бюджетов необходимо изыскивать возможные резервы экономического роста и обоснованно подходить к вопросам создания туристической индустрии, учитывая нынешние особенности и предпочтения населения. Предложенные подходы и методы планируется использовать на примере Ивановской области в аспекте создания там туристического кластера.
Microcredit is usually used to support employment, poverty reduction, women empowerment, etc. It is rare to have studies on using microcredit to help residents in informal housing to improve their residential mobility. This study is a novel attempt to explore the roles of microcredit in informal housing in the future by taking Hong Kong as a case study. This study aims to investigate whether microcredit affects the relocation decisions of low-income tenants in informal housing markets by using a quasi-experimental approach. A microcredit scheme for this purpose was first proposed, pitched for funding, and then implemented by a non-governmental organization (NGO) in Hong Kong to provide interest-free loans for households living in sub-divided units (SDUs) to pay for rental deposits. Interviews were conducted with SDU households. The results show that the microcredit scheme is conducive to the relocation decisions of low-income households, especially in emergency cases. This study shows the key role of microcredit in empowering low-income households in their relocation decisions, and it can make a difference to the future informal housing markets in the world.
Geography. Anthropology. Recreation, Social Sciences
The mid-term programme that oversees the development of the construction industry in Uzbekistan is entitled “The Strategy for the steadfast and innovative development of the construction industry in Uzbekistan in 2021–2025” (“the Strategy”), adopted on 27 November, 2020. The implementation of this programme requires a set of actions to be taken not only at the government level, but also at the level of construction companies to streamline the organisational activities, initiated by construction companies themselves. The article addresses organizational problems that accompany the modernization of construction organizations against the background of the main approaches, specified in the Strategy.
In both the global and the domestic approach, the real estate market is a multifaceted domain of study, constituting a specific and imperfect system. Researchers have to rely on increasingly advanced analytical tools to capture the structural complexity of real estate markets. Real estate prices are influenced by contradictory behaviors of market participants. This observation prompted the authors to analyze the income and price elasticity of demand for housing by calculating elasticity coefficients in view of changes in housing prices and the Veblen effect. This problem was analyzed based on a review of the literature and the results of an experiment. The results of the current study can be used to confirm the presence of the Veblen effect on the housing market based on the adopted criteria. The coefficients of price and income elasticity of demand for housing were calculated in view of the price dynamics on the real estate market to paint a more complete picture of reality and explain market processes.
Elena Mirgorodskaya, Dietmar Wiegand, Irina Novoselova
The article provides a comparative analysis of assessment of the effectiveness of housing policies in Austria, Germany and Russia in the context of the adequate housing concept. In modern world management practice, there is no universal set of criteria for assessing the housing policy effectiveness, however, there are sets of indicators in the public information resources of these countries that can reflect such an assessment. The only problem is information asymmetry, in which each country forms its own set of estimated indicators, which leads to their incomparability. At that, the need for such data exists in connection with the need to update the current results of the housing policy implementation and the assessment of current trends in the housing sector development.
Each country has its own mechanism for assessing the effectiveness of housing policy, based on its own set of parameters corresponding to the determined goals and directions of the housing sector development.
Adequate housing as a criterion for assessing the effectiveness of the housing policy implementation allows a full demonstration of the effectiveness of measures implemented by the state in the housing sector.
The concept of adequate housing, as an actual doctrine of the national development of the housing sector, allows for a comparative analysis of the housing policy of different countries by assessing and comparing the effects of its implementation.
According to the study of housing policy in Austria, Germany and Russia, it was determined that the national model of housing policy evolves in the development of concepts, goals, implementation mechanism and depends both on the level of satisfaction of the need for housing, and on historical experience, traditions and socio-economic characteristics of management at this stage.
The forthcoming transfer of St. Isaac’s Cathedral in St. Petersburg being a UNESCO World Heritage Site to the Russian Orthodox Church ignites a heated debate within the Russian society. The cathedral being part of the State Museum Complex stands out as a pearl of the world’s iconic architecture. Furthermore, it is the second most visited museum after the Hermitage, boasts an outstanding exhibition potential, and it regularly hosts church services and ritual events. Museum collections exceed twenty-four thousand items of storage, and they continue to be replenished with found rarities and newly restored objects with the status of a relic to be protected. The aim of the article is to measure the value of the assets of the monument building, assessing the insured value of the object. Uncertainty of the future use of the disputed object, however, allows us to consider the calculation capabilities and methodical tools of valuation activities to measure the market and insurance value of such a real estate object and land plot, for example, in order to practice damage compensation and transfer the object from the balance sheet of one owner to balance of another owner. The latter circumstance determines the main discourse of this study. The present article is devoted to questions of an expert estimation of the insured value of the object of research in the form of St. Isaac’s Cathedral. The article is a continuation of a series of previously published works by the author.
Real estate business, Regional economics. Space in economics
To understand the valuation of these factors and to assess the importance of their control over the creation of the real location of the object.
Natural places to live best when each person will be able to see the history of mankind on intalaniani: fertile lands, good climate, water and fuel resources, construction convenient place. Located in this area, houses, public buildings, cultural structures, industrial and commercial buildings, public facilities built, made their way through. Improved residential areas, and the development of the economy, in business, in accordance with the activation of human behavior, determines the level and style of life.
Economics as a science, Marketing. Distribution of products
Mastura Jaafar, Azlan Raofuddin Nuruddin, Syed Putra Syed Abu Bakar
Although the issues on entrepreneurship in the real estate industry are disparaging and have received little interest from global researchers, the significant roles played by the industry players warrant further investigation. The personal traits of the owners/managers are deemed to be the key factors to the business success of housing development firms. This paper examined the main determinants of successful business in the housing development sector under the lens of psychological traits of the owners/managers. To identify the success factors of housing development firms, interviews were conducted on 10 housing developers in Peninsular Malaysia. The study shows the significant psychological traits that distinguish the business success of housing developers compared with those in the existing literature. These factors are (1) high confidence and ambition, (2) vision and foresight, (3) industriousness, (4) perseverance and (5) integrity. As housing development is a risky industry, developers can use these findings as a guideline in managing their business toward superior performance.