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Dr. Francesco Tajani
Department of Architecture and Design, “Sapienza” University of Rome, Via Flaminia 359, 00196 Rome, Italy

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0 Engineering Economics
0 Life Cycle Assessment
0 Risk Analysis
0 Urban Economics
0 sustainable urban development

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Financial sustainability
mass appraisal
Risk Analysis
Urban Economics

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Journal article
Published: 01 July 2021 in Valori e Valutazioni
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The establishment of the “extraordinary urbanization contribution” with Law no. 165 of 2014 requires regulating the division between public and private of the capital gains achievable from interventions on urban areas or buildings as variant or in derogation of the regulatory instruments in force. The “free interpretation” of the aforementioned directive left to regional and local decision makers – regarding a) the procedures for assessing the higher value generated by the urban planning variant compared to the pre variant situation and b) the exact percentage of the extraordinary contribution to be used – has led to a methodologically uneven and confused national panorama. This work aims to define and test a rational procedure for assessing the higher value activated by the intervention, comparing the situation before and after the urban variation, and to determine the amount of the gross floor area achievable with the transformation that the private subject is required to pay to the Public Administration, due to the percentage variation of the extraordinary contribution. L’istituzione del “contributo straordinario di urbanizzazione” con la Legge n.165 del 2014 richiede di regolamentare la ripartizione tra pubblico e privato del plusvalore conseguibile da interventi su aree o immobili in variante urbanistica o in deroga agli strumenti vigenti. La “libera interpretazione” della suddetta norma lasciata ai decisori regionali e locali - in merito a) ai procedimenti di stima del maggior valore generato dalla variante urbanistica rispetto alla situazione ante variante e b) all’esatta percentuale del contributo straordinario da impiegare - si è tradotta in un panorama nazionale metodologicamente frastagliato e confuso. Il presente lavoro ha l’obiettivo di delineare e testare una procedura razionale di stima del maggior valore attivato dall’intervento, mettendo a confronto la situazione ante e post variante urbanistica, e di determinare l’ammontare della superficie lorda di pavimentazione realizzabile con la variante che la parte privata è tenuta a corrispondere alla Pubblica Amministrazione, in ragione della variazione percentuale del contributo straordinario.

ACS Style

Pierluigi Morano; Francesco Tajani; Debora Anelli. Urban planning variants: a model for the division of the activated “plusvalue” between public and private subjects [Interventi in variante urbanistica: un modello per la ripartizione tra pubblico e privato del “plusvalore” conseguibile]. Valori e Valutazioni 2021, 28, 31 -48.

AMA Style

Pierluigi Morano, Francesco Tajani, Debora Anelli. Urban planning variants: a model for the division of the activated “plusvalue” between public and private subjects [Interventi in variante urbanistica: un modello per la ripartizione tra pubblico e privato del “plusvalore” conseguibile]. Valori e Valutazioni. 2021; 28 ():31-48.

Chicago/Turabian Style

Pierluigi Morano; Francesco Tajani; Debora Anelli. 2021. "Urban planning variants: a model for the division of the activated “plusvalue” between public and private subjects [Interventi in variante urbanistica: un modello per la ripartizione tra pubblico e privato del “plusvalore” conseguibile]." Valori e Valutazioni 28, no. : 31-48.

Journal article
Published: 02 June 2021 in Risks
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The economic crisis of 2008 has highlighted the ineffectiveness of the banks in their disbursement of mortgages which caused the spread of Non-Performing Loans (NPLs) with underlying real estate. With the methods stated by the Basel III agreements, aimed at improving the capital requirements of banks and determining an adequate regulatory capital, the banks without the skills required have difficulties in applying the rigid weighting coefficients structures. The aim of the work is to identify a synthetic risk index through the participatory process, in order to support the restructuring debt operations to benefit smaller banks and small and medium-sized enterprises (SME), by analyzing the real estate credit risk. The proposed synthetic risk index aims at overcoming the complexity of Basel III methodologies through the implementation of three different multi-criteria techniques. In particular, the integration of objective financial variables with subjective expert judgments into a participatory process is not that common in the reference literature and brings its benefits for reaching more approved and shared results in the debt restructuring operations procedure. Moreover, the main findings derived by the application to a real case study have demonstrated how important it is for the credit manager to have an adequate synthetic index that could lead to the avoidance of risky scenarios where several modalities to repair the credit debt occur.

ACS Style

Marco Locurcio; Francesco Tajani; Pierluigi Morano; Debora Anelli; Benedetto Manganelli. Credit Risk Management of Property Investments through Multi-Criteria Indicators. Risks 2021, 9, 106 .

AMA Style

Marco Locurcio, Francesco Tajani, Pierluigi Morano, Debora Anelli, Benedetto Manganelli. Credit Risk Management of Property Investments through Multi-Criteria Indicators. Risks. 2021; 9 (6):106.

Chicago/Turabian Style

Marco Locurcio; Francesco Tajani; Pierluigi Morano; Debora Anelli; Benedetto Manganelli. 2021. "Credit Risk Management of Property Investments through Multi-Criteria Indicators." Risks 9, no. 6: 106.

Journal article
Published: 19 May 2021 in Buildings
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Among environmental factors, noise represents one of the most relevant determinants on human health and on the urban quality level and, consequently, on real estate values. Thus, the noise pollution issue plays a significant role in public urban policies aimed at increasing the acoustic comfort level and creating more sustainable and comfortable cities. The real estate market is highly sensitive to noise factor and the residential prices can be strongly influenced by a high acoustic pollution rate. The present research aims to analyze the functional relationships between noise pollution and selling prices in four municipal areas of the city of Bari (Southern Italy). For each area, a study sample constituted by two hundred residential properties sold in 2017–2019 was detected for the identification of the main influential factors on prices and the investigation of the contribution of noise on them. The implementation of an econometric technique was used to obtain four different models (one for each municipal area of the city of Bari) able to explain the specific impact of noise pollution level on selling prices. From the comparison of the results obtained for each area, the outputs confirm the expected phenomena in terms of a decrease of noise component influence on residential prices from the central area to the peripheral. For the suburban area of the city of Bari, the model obtained does not include the noise pollution factor, showing a lower (scarce) importance of the environmental factor among the buyer and seller bargaining phases.

ACS Style

Pierluigi Morano; Francesco Tajani; Felicia Di Liddo; Michele Darò. Economic Evaluation of the Indoor Environmental Quality of Buildings: The Noise Pollution Effects on Housing Prices in the City of Bari (Italy). Buildings 2021, 11, 213 .

AMA Style

Pierluigi Morano, Francesco Tajani, Felicia Di Liddo, Michele Darò. Economic Evaluation of the Indoor Environmental Quality of Buildings: The Noise Pollution Effects on Housing Prices in the City of Bari (Italy). Buildings. 2021; 11 (5):213.

Chicago/Turabian Style

Pierluigi Morano; Francesco Tajani; Felicia Di Liddo; Michele Darò. 2021. "Economic Evaluation of the Indoor Environmental Quality of Buildings: The Noise Pollution Effects on Housing Prices in the City of Bari (Italy)." Buildings 11, no. 5: 213.

Review
Published: 24 April 2021 in Sustainability
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From the 21st century to the present(2021), a worldwide awareness that cities’ development must be based on projects for socio-economic growth and environmental protection is increasing. World governmental agencies and the European Union have suggested action strategies for the construction of «prototype cities» whose value must be founded on the inclusion and/or preservation of anthropic-natural elements and their effects on territories. In order to minimize the theoretical–practical gap between planning and project design with a view to sustainable development and the evaluation of their performance from economic, social and environmental points of view, the present contribution aims to outline a framework useful for systematizing the main scientific contributions concerning sustainability and the evaluation of urban transformation projects. The objective is pursued by analyzing bibliographic references with specific regard to the use of logical-operative methodologies used to rationalize the processes of interventions’ evaluation and selection. The task of examining the available literature is carried out with an investigation protocol of four sequential steps. From the implementation of the last one, the evidence expressing the heterogeneity of the examples in the literature is described. Accordingly, the theoretical-methodological framework for the project evaluation from an urban sustainability perspective is illustrated.

ACS Style

Pierluigi Morano; Francesco Tajani; Maria Guarini; Francesco Sica. A Systematic Review of the Existing Literature for the Evaluation of Sustainable Urban Projects. Sustainability 2021, 13, 4782 .

AMA Style

Pierluigi Morano, Francesco Tajani, Maria Guarini, Francesco Sica. A Systematic Review of the Existing Literature for the Evaluation of Sustainable Urban Projects. Sustainability. 2021; 13 (9):4782.

Chicago/Turabian Style

Pierluigi Morano; Francesco Tajani; Maria Guarini; Francesco Sica. 2021. "A Systematic Review of the Existing Literature for the Evaluation of Sustainable Urban Projects." Sustainability 13, no. 9: 4782.

Editorial
Published: 22 April 2021 in Sustainability
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Production and consumption activities have determined a weakness of the sustainable real estate economy

ACS Style

Pierfrancesco De Paola; Francesco Tajani; Marco Locurcio. Sustainable Real Estate: Management, Assessment and Innovations. Sustainability 2021, 13, 4676 .

AMA Style

Pierfrancesco De Paola, Francesco Tajani, Marco Locurcio. Sustainable Real Estate: Management, Assessment and Innovations. Sustainability. 2021; 13 (9):4676.

Chicago/Turabian Style

Pierfrancesco De Paola; Francesco Tajani; Marco Locurcio. 2021. "Sustainable Real Estate: Management, Assessment and Innovations." Sustainability 13, no. 9: 4676.

Journal article
Published: 27 February 2021 in Buildings
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The present research is focalized on public-private partnership (PPP) procedures as a driving force of urban sustainable development. The paper intends to point out the relevant role played by the public administrations in the implementation of these mechanisms aimed at degraded urban area renovation, public property assets enhancement, or ex novo realization. In this sense, in the existing reference literature, the private investor tasks and risks have been often explored, neglecting the significant public entities position. The efficiency in the use of the PPP is verified through the discounted cash-flow analysis (DCFA) implementation: the assessment of the costs and the revenues derived from the project allows the private investor to verify the financial feasibility of the initiative. In the context outlined, the public administration could contribute to the success of the intervention through a periodic fee paid to the private investor in order to ensure the financial convenience of the project. In the present research, a functional reconversion operation related to a building located in the small town of Cesano Romano (Italy) and carried out through the PPP operational tool, has been illustrated. In the analysis, a public monetary amount has been considered and determined, able (i) to guarantee the financial sustainability for the private investor and (ii) to comply with the regulatory constraints in the Italian context. Finally, a scenario analysis has been developed to identify the situation/s in which public participation is necessary for the convenience of the initiative and to quantify this monetary amount.

ACS Style

Pierluigi Morano; Francesco Tajani; Felicia Di Liddo; Paola Amoruso. The Public Role for the Effectiveness of the Territorial Enhancement Initiatives: A Case Study on the Redevelopment of a Building in Disuse in an Italian Small Town. Buildings 2021, 11, 87 .

AMA Style

Pierluigi Morano, Francesco Tajani, Felicia Di Liddo, Paola Amoruso. The Public Role for the Effectiveness of the Territorial Enhancement Initiatives: A Case Study on the Redevelopment of a Building in Disuse in an Italian Small Town. Buildings. 2021; 11 (3):87.

Chicago/Turabian Style

Pierluigi Morano; Francesco Tajani; Felicia Di Liddo; Paola Amoruso. 2021. "The Public Role for the Effectiveness of the Territorial Enhancement Initiatives: A Case Study on the Redevelopment of a Building in Disuse in an Italian Small Town." Buildings 11, no. 3: 87.

Journal article
Published: 17 February 2021 in Applied Sciences
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The design of a natural park is generated by the need to protect and organize, for conservation and/or for balanced growth, parts of the territory that are of particular interest for the quality of the natural and historical–cultural heritage. The necessary tool to support the decision-making process in the design of a natural park are the financial and economic evaluations, which intervene in three successive steps: in the definition of protection and enhancement levels of the park areas; in the choice of the interventions to be implemented for the realization of these levels of protection and enhancement; in determining and verifying the economic and financial results obtainable from the project execution. This contribution deals with aspects and issues relating to the economic and financial evaluation of natural park projects. In particular, an application of the “Complex Social Value” to a concrete case of environmental design is developed on the basis of the elements that can be deduced from a feasibility study of a natural park: the levels of protection and enhancement of the homogeneous areas of the natural park are preliminarily defined, and the choice of the design alternative to be implemented is, therefore, rationalized with multicriteria analysis.

ACS Style

Vincenzo Del Giudice; Pierfrancesco De Paola; Pierluigi Morano; Francesco Tajani; Francesco Del Giudice. A Multidimensional Evaluation Approach for the Natural Parks Design. Applied Sciences 2021, 11, 1767 .

AMA Style

Vincenzo Del Giudice, Pierfrancesco De Paola, Pierluigi Morano, Francesco Tajani, Francesco Del Giudice. A Multidimensional Evaluation Approach for the Natural Parks Design. Applied Sciences. 2021; 11 (4):1767.

Chicago/Turabian Style

Vincenzo Del Giudice; Pierfrancesco De Paola; Pierluigi Morano; Francesco Tajani; Francesco Del Giudice. 2021. "A Multidimensional Evaluation Approach for the Natural Parks Design." Applied Sciences 11, no. 4: 1767.

Conference paper
Published: 29 September 2020 in Transactions on Petri Nets and Other Models of Concurrency XV
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The sustainable development of cities, by focusing on abandoned or degraded areas, represent the key driver that is able to remedy to damages that are produced by uncontrolled urban growth. The aim of the work is to highlight usefulness of the Cost-Revenue Analysis (CRA) in decision-making process concerning the enhancement of a military complex located in the city of Rome (Italy). In particular, existence of conditions that allow the Public Administration (PA) to request private entrepreneur additional operations to those established by the law is intended to examine, ensuring financial convenience of both subjects involved. The results achieved demonstrate feasibility of initiative, but also existence of wide margins for financial convenience of private entrepreneur that allow the PA to request additional financial resources or the direct realization of the initiatives to be intended to public functions. Furthermore, the influence of combination of the intended uses on urban planning loads and financial budget of the initiative is tested by analyzing the variation of share of gross floor area that can be attributed to each intended use. The adoption of the CRA can be implemented by subjects involved in the early stage of redevelopment initiatives in order to provide the size of the amount of financial resources that are necessary.

ACS Style

Pierluigi Morano; Maria Rosaria Guarini; Francesco Tajani; Debora Anelli. Sustainable Redevelopment: The Cost-Revenue Analysis to Support the Urban Planning Decisions. Transactions on Petri Nets and Other Models of Concurrency XV 2020, 12251, 968 -980.

AMA Style

Pierluigi Morano, Maria Rosaria Guarini, Francesco Tajani, Debora Anelli. Sustainable Redevelopment: The Cost-Revenue Analysis to Support the Urban Planning Decisions. Transactions on Petri Nets and Other Models of Concurrency XV. 2020; 12251 ():968-980.

Chicago/Turabian Style

Pierluigi Morano; Maria Rosaria Guarini; Francesco Tajani; Debora Anelli. 2020. "Sustainable Redevelopment: The Cost-Revenue Analysis to Support the Urban Planning Decisions." Transactions on Petri Nets and Other Models of Concurrency XV 12251, no. : 968-980.

Conference paper
Published: 29 September 2020 in Transactions on Petri Nets and Other Models of Concurrency XV
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Despite the widespread opinion that the traditional finance is exclusively interested in the monetary return, in the last ten years this sector has been affected by a contamination of the public principles related to the social impacts. The global development and the spread of “win-win” financial instruments such as the Social Impact Bonds (SIBs) outlines a growing interest in making an investment that aims at generating benefits for all the subjects involved, always guaranteeing a monetary return to the private investor. The complexity of identifying the social impact sectors to be preferred, in a context characterized by different social needs, represents a critical issue in the SIBs investment. This research defines a model that can constitute a decision support tool for the public and private subjects in the preliminary phases concerning the resource allocation for a social program. The proposed algorithm allows to define a temporal priority of the social impact sectors that are simultaneously able to maximize the conveniences for all the subjects involved. Through the model, the public and private subjects will be able to determine the best allocation of financial resources according to the real social needs, contributing to an effective spread of SIBs both in Italy and abroad.

ACS Style

Francesco Tajani; Pierluigi Morano; Debora Anelli; Carmelo Maria Torre. A Model to Support the Investment Decisions Through Social Impact Bonds as Effective Financial Instruments for the Enhancement of Social Welfare Policies. Transactions on Petri Nets and Other Models of Concurrency XV 2020, 12251, 941 -951.

AMA Style

Francesco Tajani, Pierluigi Morano, Debora Anelli, Carmelo Maria Torre. A Model to Support the Investment Decisions Through Social Impact Bonds as Effective Financial Instruments for the Enhancement of Social Welfare Policies. Transactions on Petri Nets and Other Models of Concurrency XV. 2020; 12251 ():941-951.

Chicago/Turabian Style

Francesco Tajani; Pierluigi Morano; Debora Anelli; Carmelo Maria Torre. 2020. "A Model to Support the Investment Decisions Through Social Impact Bonds as Effective Financial Instruments for the Enhancement of Social Welfare Policies." Transactions on Petri Nets and Other Models of Concurrency XV 12251, no. : 941-951.

Journal article
Published: 02 September 2020 in Land Use Policy
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The present research concerns the procedures of concessions for the improvement and exploitation of public property assets. We propose a model that helps to define the optimal combination of novel uses in public properties. This model is an answer to the need for effective strategies to find new functions for disused buildings or abandoned areas. The model integrates the logic of the Discounted Cash-Flow Analysis (DCFA) and the goal programming for determining the new functions, to identify the macro-solution that maximizes the financial conveniences of the parties involved (Public Administration and private investor), in terms of monetary compensation for the Public Administration and return on investment for the private operator. The algorithm of the model has been applied to five existing public properties located in the city of Rome (Italy); for each property a specific procedure of concessions for the improvement of public assets can be activated and different eligible enhancement projects can be realized. The outputs generated by the optimization model are a valid decision support in all the phases of the concession procedure to identify the (public and private) strengths and weaknesses concerning the redevelopment initiatives on public properties. The effective re-use of these properties can actually help to prevent further soil consumption.

ACS Style

Francesco Tajani; Pierluigi Morano; Felicia Di Liddo. The optimal combinations of the eligible functions in multiple property assets enhancement. Land Use Policy 2020, 99, 105050 -105050.

AMA Style

Francesco Tajani, Pierluigi Morano, Felicia Di Liddo. The optimal combinations of the eligible functions in multiple property assets enhancement. Land Use Policy. 2020; 99 ():105050-105050.

Chicago/Turabian Style

Francesco Tajani; Pierluigi Morano; Felicia Di Liddo. 2020. "The optimal combinations of the eligible functions in multiple property assets enhancement." Land Use Policy 99, no. : 105050-105050.

Chapter
Published: 11 August 2020 in Smart and Sustainable Planning for Cities and Regions
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Even if the mortgage lending value is not included among the bases of valuation recognized by the International Valuation Standards, the consequences of the global financial crisis have pointed out the peremptoriness for the banking institutions to adopt, in the transactions that involve properties as credit exposure guarantees, sustainable value judgments in the long term. In the present work, with reference to the Italian context, a rational method for estimating the mortgage lending value is proposed and tested. By borrowing the operating logic of the Value at Risk and introducing appropriate assumptions, the model is based on a time series analysis of the property values recorded in the Italian regional capitals, and assesses the abatement coefficients of the market value according to the location of the urban area (central, semi-central or peripheral) of the property. The coefficients obtained satisfy the need for a rational assessment of the property risk and for an appropriate spatial contextualization of the risk components as regards the local demand and supply.

ACS Style

Francesco Tajani; Pierluigi Morano; Vincenzo Del Giudice; Pierfrancesco De Paola. A Rational Assessment Procedure of Long-Term Sustainable Values for Bank Lending Purposes. Smart and Sustainable Planning for Cities and Regions 2020, 315 -325.

AMA Style

Francesco Tajani, Pierluigi Morano, Vincenzo Del Giudice, Pierfrancesco De Paola. A Rational Assessment Procedure of Long-Term Sustainable Values for Bank Lending Purposes. Smart and Sustainable Planning for Cities and Regions. 2020; ():315-325.

Chicago/Turabian Style

Francesco Tajani; Pierluigi Morano; Vincenzo Del Giudice; Pierfrancesco De Paola. 2020. "A Rational Assessment Procedure of Long-Term Sustainable Values for Bank Lending Purposes." Smart and Sustainable Planning for Cities and Regions , no. : 315-325.

Journal article
Published: 20 July 2020 in Sustainability
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The financial transmission of the USA's housing price bubble has highlighted the inadequacy of the valuation methods adopted by the credit institutions, due to their static nature and inability to understand complex socio-economic dynamics and their related effects on the real estate market. The present research deals with the current issue of using Automated Valuation Methods for expeditious assessments in order to monitor and forecast market evolutions in the short and medium term. The paper aims to propose an evaluative model for the corporate market segment, in order to support the investors’, the credit institutions’ and the public entities’ decision processes. The application of the proposed model to the corporate real estate segment market of the cities of Rome and Milan (Italy) outlines the potentialities of this approach in property big data management. The elaboration of input and output data in the GIS (Geographic Information System) environment allowed the development of an intuitive platform for the immediate representation of the results and their easy interpretation, even to non-expert users.

ACS Style

Marco Locurcio; Pierluigi Morano; Francesco Tajani; Felicia Di Liddo. An Innovative GIS-Based Territorial Information Tool for the Evaluation of Corporate Properties: An Application to the Italian Context. Sustainability 2020, 12, 5836 .

AMA Style

Marco Locurcio, Pierluigi Morano, Francesco Tajani, Felicia Di Liddo. An Innovative GIS-Based Territorial Information Tool for the Evaluation of Corporate Properties: An Application to the Italian Context. Sustainability. 2020; 12 (14):5836.

Chicago/Turabian Style

Marco Locurcio; Pierluigi Morano; Francesco Tajani; Felicia Di Liddo. 2020. "An Innovative GIS-Based Territorial Information Tool for the Evaluation of Corporate Properties: An Application to the Italian Context." Sustainability 12, no. 14: 5836.

Earlycite article
Published: 19 July 2020 in Property Management
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PurposeThe present research aims to develop and test an evaluation support model for decisions alert soil surface saving to be used in the redevelopment of abandoned and degraded properties through involvement of private developers.Design/methodology/approachAdapting operations research principles to the public–private partnership features that are typical of urban planning issues, the model pursues a complex objective function, that concerns urban parameters to be attributed to properties to be recovered. An elaboration of a Pareto-optimal frontier has defined possible scenarios for different trends of the variables under consideration.FindingsThe efficiency of the model is verified through application to a real case study concerning urban renewal of a property in disuse located in a city in Southern Italy. The outputs confirm the potentialities and flexibility of the proposed model to support urban planning decisions by improving the implementation of conservation policies, in terms of a reduced impact of urban transformation projects on the available natural land surface.Practical implicationsDepending on the objectives of public sector, the model can generate a range of urban parameter combinations to be attributed to the recovered properties to achieve low consumption of natural surfaces, with bargaining between the public and private sectors around these parameters. The model can also be used in the initial phases of the renewal initiative, when it is necessary to define the costs and the revenues involved or to assess alternative solutions capable of reducing impacts on the environment.Originality/valueThe model can be applied to identify the appropriate rewards in a project that can stimulate the private developers to realize further public infrastructures and services than minimum quantities established by the current local urban regulations. In this sense, the model represents an original scientific reference in the current strategies promoted by the European Union for achievement of a “no net land take” by 2050, aimed at reducing natural surface occupied by buildings and roads.

ACS Style

Pierluigi Morano; Francesco Tajani; Debora Anelli. Urban planning decisions: an evaluation support model for natural soil surface saving policies and the enhancement of properties in disuse. Property Management 2020, 38, 699 -723.

AMA Style

Pierluigi Morano, Francesco Tajani, Debora Anelli. Urban planning decisions: an evaluation support model for natural soil surface saving policies and the enhancement of properties in disuse. Property Management. 2020; 38 (5):699-723.

Chicago/Turabian Style

Pierluigi Morano; Francesco Tajani; Debora Anelli. 2020. "Urban planning decisions: an evaluation support model for natural soil surface saving policies and the enhancement of properties in disuse." Property Management 38, no. 5: 699-723.

Editorial
Published: 09 July 2020 in Complexity
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Over the last few decades, as a result of the serious economic and financial crisis that has affected the USA and most European countries, there has been an increasing need for tools that provide reliable mass appraisals. The crisis was triggered by the drastic price reduction of properties as securities for credit exposures, characterized by values that, at the time of the sale due to the debtor’s default, had revealed a real market price that made it impossible for the banks to recover the loaned capital.

ACS Style

Marco Locurcio; Francesco Tajani; Pierluigi Morano. Computational Methods Applied to Data Analysis for Modeling Complex Real Estate Systems. Complexity 2020, 2020, 1 -3.

AMA Style

Marco Locurcio, Francesco Tajani, Pierluigi Morano. Computational Methods Applied to Data Analysis for Modeling Complex Real Estate Systems. Complexity. 2020; 2020 ():1-3.

Chicago/Turabian Style

Marco Locurcio; Francesco Tajani; Pierluigi Morano. 2020. "Computational Methods Applied to Data Analysis for Modeling Complex Real Estate Systems." Complexity 2020, no. : 1-3.

Journal article
Published: 23 March 2020 in Sustainability
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In the present research the financial convenience of refurbishment investments concerning residential properties located in the Italian territory was analyzed. The study aimed at determining the unit profit range for a potential investor deriving from the refurbishment of residential properties and contextualizing the analysis to the Italian provincial capitals. With reference to the three macro-areas that for geographic and socio-economic differences define the Italian territory, namely the North, Center, South and Islands, three financial convenience maps were elaborated with the aim of providing a useful support in the investment choices of private and public operators. In particular, the financial convenience maps could guide the private operators in their investment decisions through a higher awareness of the achievable earnings and could help to identify the optimal allocation of financial resources due to the increase in the market value of the refurbished property. For the public administrations, instead, the study will be a useful reference for the calibration of the fiscal policy decisions regarding the incentives for building refurbishment at the different territorial scales and of the tax revenues related to the increase in the market value of the refurbished properties.

ACS Style

Pierluigi Morano; Francesco Tajani; Felicia Di Liddo; Debora Anelli. A Feasibility Analysis of The Refurbishment Investments in The Italian Residential Market. Sustainability 2020, 12, 2503 .

AMA Style

Pierluigi Morano, Francesco Tajani, Felicia Di Liddo, Debora Anelli. A Feasibility Analysis of The Refurbishment Investments in The Italian Residential Market. Sustainability. 2020; 12 (6):2503.

Chicago/Turabian Style

Pierluigi Morano; Francesco Tajani; Felicia Di Liddo; Debora Anelli. 2020. "A Feasibility Analysis of The Refurbishment Investments in The Italian Residential Market." Sustainability 12, no. 6: 2503.

Earlycite article
Published: 27 November 2019 in Property Management
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Purpose In this research a model for the rationalization of the assessment in a rent to buy contract has been proposed, in order to contextualize the economic amounts involved in the negotiation according to the specific market risk of the area where the property is located. The paper aims to discuss this issue. Design/methodology/approach The model borrows the logical principles of operational research, in order to take into account the convenience constraints of the parties involved (seller and buyer) and to determine the minimum amount of the additional annual rent to be charged as down payment on the final sale price, compensating the investment risk. The procedure proposed for the risk assessment combines the discrete modeling of real option analysis and the exponentially weighted moving average method, in order to weigh appropriately the data available for the specific area in the analysis. Findings Considering the limit conditions of variability of the property market value at the time provided for the notarial deed, the proposed model returns two values (minimum and maximum) for a fixed contract duration and for a specific market area for the annual additional rent, which define the reference range to ensure the compliance with the convenience constraints of the parties involved. Practical implications In order to test the reliability of the developed methodology, the model has been implemented to the 24 “microzones” defined by the Italian Revenue Agency for the city of Bari (Southern Italy). The results obtained were then georeferenced, in order to create thematic maps of convenience for the subjects interested in the rent to buy formula. The developed maps define a useful support to be consulted in the negotiation phase between the seller and the buyer, allowing both to verify the investment conveniences within the limits of their disposable incomes and their needs. Originality/value The tabulated values of the down-payment amounts and the related thematic maps constitute a valid support for both the parties in the initial negotiation phase of the contractual conditions: in fact, if comparable data for the assessment of the market value and the market rent at the time of the stipulation of the contract are ordinarily available, the increase in the rent, to be charged as the annual down payment on the final purchase price, is generally entrusted to the contractual capabilities of the subjects involved, since there is no market reference that can direct an appropriate assessment.

ACS Style

Francesco Tajani; Pierluigi Morano; Francesca Salvo; Manuela De Ruggiero. An evaluation model for an effective risk assessment in the rent to buy property market. Property Management 2019, 38, 124 -141.

AMA Style

Francesco Tajani, Pierluigi Morano, Francesca Salvo, Manuela De Ruggiero. An evaluation model for an effective risk assessment in the rent to buy property market. Property Management. 2019; 38 (1):124-141.

Chicago/Turabian Style

Francesco Tajani; Pierluigi Morano; Francesca Salvo; Manuela De Ruggiero. 2019. "An evaluation model for an effective risk assessment in the rent to buy property market." Property Management 38, no. 1: 124-141.

Journal article
Published: 06 September 2019 in Sustainability
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The present research takes into account the current and widespread need for rational valuation methodologies, able to correctly interpret the available market data. An innovative automated valuation model has been simultaneously implemented to three Italian study samples, each one constituted by two-hundred residential units sold in the years 2016–2017. The ability to generate a “unique” functional form for the three different territorial contexts considered, in which the relationships between the influencing factors and the selling prices are specified by different multiplicative coefficients that appropriately represent the market phenomena of each case study analyzed, is the main contribution of the proposed methodology. The method can provide support for private operators in the assessment of the territorial investment conveniences and for the public entities in the decisional phases regarding future tax and urban planning policies.

ACS Style

Pierluigi Morano; Paolo Rosato; Francesco Tajani; Benedetto Manganelli; Felicia Di Liddo. Contextualized Property Market Models vs. Generalized Mass Appraisals: An Innovative Approach. Sustainability 2019, 11, 4896 .

AMA Style

Pierluigi Morano, Paolo Rosato, Francesco Tajani, Benedetto Manganelli, Felicia Di Liddo. Contextualized Property Market Models vs. Generalized Mass Appraisals: An Innovative Approach. Sustainability. 2019; 11 (18):4896.

Chicago/Turabian Style

Pierluigi Morano; Paolo Rosato; Francesco Tajani; Benedetto Manganelli; Felicia Di Liddo. 2019. "Contextualized Property Market Models vs. Generalized Mass Appraisals: An Innovative Approach." Sustainability 11, no. 18: 4896.

Conference paper
Published: 29 June 2019 in Transactions on Petri Nets and Other Models of Concurrency XV
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The extreme volatility that has characterized the real estate market in recent years constitutes an important issue for researchers and experts, stimulating the development and the test of evaluation models able to predict future trends and to monitor the consequences of scenario evolutions that are different from those initially expected. With reference to the metropolitan area of ​​Barcelona (Spain), ​​the methodology implemented in this paper has allowed to make explicit the functional relationships between the residential properties prices and the socio-economic variables selected by the model (number of loans, unemployment level, market rent). The analysis carried out is “dynamic”, i.e. it refers to a quarterly time series database covering a period of sixty-seven periods (1st quarter 2001-3rd quarter of 2017). The results obtained have shown the forecasted potentialities of the tool used, as support (i) for the investment decisions of private operators, (ii) for the fiscal decisions of central governments, (iii) for the selection of the most convenient urban transformation initiatives from local administrations.

ACS Style

Pierluigi Morano; Francesco Tajani; Maria Rosaria Guarini; Felicia Di Liddo; Debora Anelli. A Multivariate Econometric Analysis for the Forecasting of the Interdependences Between the Housing Prices and the Socio-economic Factors in the City of Barcelona (Spain). Transactions on Petri Nets and Other Models of Concurrency XV 2019, 13 -22.

AMA Style

Pierluigi Morano, Francesco Tajani, Maria Rosaria Guarini, Felicia Di Liddo, Debora Anelli. A Multivariate Econometric Analysis for the Forecasting of the Interdependences Between the Housing Prices and the Socio-economic Factors in the City of Barcelona (Spain). Transactions on Petri Nets and Other Models of Concurrency XV. 2019; ():13-22.

Chicago/Turabian Style

Pierluigi Morano; Francesco Tajani; Maria Rosaria Guarini; Felicia Di Liddo; Debora Anelli. 2019. "A Multivariate Econometric Analysis for the Forecasting of the Interdependences Between the Housing Prices and the Socio-economic Factors in the City of Barcelona (Spain)." Transactions on Petri Nets and Other Models of Concurrency XV , no. : 13-22.

Journal article
Published: 28 June 2019 in Sustainability
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The cogency of evaluation models able to predict future trends and to monitor the consequences of scenarios different from those initially expected has been determining a growing scientific interest for the development of financial sustainability methods. With reference to quarterly time series collected for the metropolitan area of five Spanish cities, in this research an innovative methodology has been implemented, in order to make explicit, for each case study, the main functional relationships between the housing prices and the socio-economic factors. The models obtained are characterized by both high statistical performance and compliance with the expected market phenomena, highlighting the decisive role in the housing price formation of the factors that indirectly represent the population’s income capacity (market rents, unemployment level, mortgages). Then, an empirical procedure for the construction of the future property value trends has been developed. The results point out the forecasting and monitoring potentialities of the methodology used, as a fundamental decision support tool in the urban planning policies of the local administrations, interested in anticipating and checking future housing bubbles through appropriate economic policies, and for private operators, in the phases of selection of the most attractive territorial areas for new property realizations.

ACS Style

Francesco Tajani; Pierluigi Morano; Maria Paz Saez-Perez; Felicia Di Liddo; Marco Locurcio. Multivariate Dynamic Analysis and Forecasting Models of Future Property Bubbles: Empirical Applications to the Housing Markets of Spanish Metropolitan Cities. Sustainability 2019, 11, 3575 .

AMA Style

Francesco Tajani, Pierluigi Morano, Maria Paz Saez-Perez, Felicia Di Liddo, Marco Locurcio. Multivariate Dynamic Analysis and Forecasting Models of Future Property Bubbles: Empirical Applications to the Housing Markets of Spanish Metropolitan Cities. Sustainability. 2019; 11 (13):3575.

Chicago/Turabian Style

Francesco Tajani; Pierluigi Morano; Maria Paz Saez-Perez; Felicia Di Liddo; Marco Locurcio. 2019. "Multivariate Dynamic Analysis and Forecasting Models of Future Property Bubbles: Empirical Applications to the Housing Markets of Spanish Metropolitan Cities." Sustainability 11, no. 13: 3575.

Journal article
Published: 07 January 2019 in Sustainability
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This research tries to investigate, in the current condition of the Italian real estate market, the economic advantage of investing in energy retrofitting of existing buildings or in expenditure aimed at obtaining higher energy performances in the construction phase of new buildings. A cost-benefit analysis is developed referring to the construction industry entrepreneur. Firstly, the increase in value due to a different measurement of the energy performance of new buildings or newly redeveloped residential buildings is achieved through an innovative statistical approach. Energy performance is measured by taking as a reference the category of energy certification, as required by European legislation. In the estimate of the contribution, the measurement of energy performance, expressed on an ordinal scale, is treated as a categorical variable in the implementation of an iterative regression model, called the alternating least squares model. Afterwards, this contribution is compared to the cost of sustainable building, trying to define a percentage increase in cost compared to a minimum condition according to different and increasing levels of energy performance. In the developed case studies, the comparison between likely benefits and investment spending showed that the entrepreneur would have no convenience at an expense for energy retrofitting while obtaining a positive balance in the construction phase of new buildings. The financial advantage grows if the investment is aimed at achieving the best energy performance and in areas where the price level of the real estate market is lower. The finding can be used as a guide for construction industry investors to make decisions in energy-efficient residential buildings production or transformation.

ACS Style

Benedetto Manganelli; Pierluigi Morano; Francesco Tajani; Francesca Salvo. Affordability Assessment of Energy-Efficient Building Construction in Italy. Sustainability 2019, 11, 249 .

AMA Style

Benedetto Manganelli, Pierluigi Morano, Francesco Tajani, Francesca Salvo. Affordability Assessment of Energy-Efficient Building Construction in Italy. Sustainability. 2019; 11 (1):249.

Chicago/Turabian Style

Benedetto Manganelli; Pierluigi Morano; Francesco Tajani; Francesca Salvo. 2019. "Affordability Assessment of Energy-Efficient Building Construction in Italy." Sustainability 11, no. 1: 249.