Real estate and land management are characterised by a complex, elaborate combination of technical, regulatory and governmental factors. In Europe, Public Administrators must address the complex decision-making problems that need to be resolved, while also acting in consideration of the expectations of the different stakeholders involved in settlement transformation. In complex situations (e.g., with different aspects to be considered and multilevel actors involved), decision-making processes are often used to solve multidisciplinary and multidimensional analyses, which support the choices of those who are making the decision. Multi-Criteria Decision Analysis (MCDA) methods are included among the examination and evaluation techniques considered useful by the European Community. Such analyses and techniques are performed using methods, which aim to reach a synthesis of the various forms of input data needed to define decision-making problems of a similar complexity. Thus, one or more of the conclusions reached allow for informed, well thought-out, strategic decisions. According to the technical literature on MCDA, numerous methods are applicable in different decision-making situations, however, advice for selecting the most appropriate for the specific field of application and problem have not been thoroughly investigated. In land and real estate management, numerous queries regarding evaluations often arise. In brief, the objective of this paper is to outline a procedure with which to select the method best suited to the specific queries of evaluation, which commonly arise while addressing decision-making problems. In particular issues of land and real estate management, representing the so-called “settlement sector”. The procedure will follow a theoretical-methodological approach by formulating a taxonomy of the endogenous and exogenous variables of the multi-criteria analysis methods.

According to recent estimates (Reuters), the cost of implementing the sustainable development goals of Agenda 2030 will be USD 176 trillion. This amount seems unattainable, even when considering the public resources currently available to governments that are part of the United Nations. It is undoubtedly necessary to involve the private financial sector, within the so-called finance for sustainable development. To achieve the SDGs, it may be also necessary to schedule local-level initiatives and actions that consider the environmental, social, and governance (ESG) criteria, which can be used to source forms of private finance for sustainable development and contribute to the implementation of the SDGs. Based on these observations, this article deals with the study of clearly defined parameters: (1) the factors that should be considered when assessing the sustainability of a (local) real-estate project and, in particular, of a housing project, in order for the project to be considered sustainable and participate, albeit pro rata, in achieving one (or more) of the eleven SDG sub-goals; and (2) funding opportunities in the world of sustainable-development finance. The specific goal of the research contribution presented in this paper was to use the Delphi method to define a set of local-level evaluation criteria and indicators for real-estate projects, specifically housing projects, with an ESG matrix and in line with some of the SDG 11 targets, considering the Florence Metropolitan Area as a case study. The application of the Delphi method to the case study made it possible to test the usability of this method for the definition of the criteria and indicators, at the local level, for assessing the level of implementation of the SDGs. Specifically, a set of 48 criteria and 74 indicators were defined for assessing the consistency of housing projects with SDG 11 and ESG criteria.

In Europe, the operating context in which initiatives of settlement transformation are currently initiated is characterized by a complex, elaborate combination of technical, regulatory and governance-related factors. A similar set of considerations makes it necessary to address the complex decision-making problems to be resolved through multidisciplinary, comparative approaches designed to rationalize the process and treat the elements to be considered in systematic fashion with respect to the range of alternatives available as solutions. Within a context defined in this manner, decision-making processes must often be used to obtain multidisciplinary and multidimensional analyses to support the choices made by the decision-makers. Such analyses are carried out using multi-criteria tools designed to arrive at syntheses of the numerous forms of input data needed to describe decision-making problems of similar complexity, so that one or more outcomes of the synthesis make possible informed, well thought-out, strategic decisions. The technical literature on the topic proposes numerous tools of multi-criteria analysis for application in different decision-making contexts. Still, no specific contributions have been drawn up to date on the approach to take in selecting the tool best suited to providing adequate responses to the queries of evaluation that arise most frequently in the various fields of application, and especially in the settlement sector. The objective of this paper is to propose, by formulating a taxonomy of the endogenous and exogenous variables of tools of multi-criteria analysis, a methodology capable of selecting the tool best suited to the queries of evaluation which arise regarding the chief categories of decision-making problems, and particularly in the settlement sector.

In the European Union, real estate initiatives involving public–private partnerships (PPPs) are characterized by the payment of a charge, which is generally used for public purposes (and works). In Italy, since the 1990s, PPPs have also been used to start negotiated initiatives giving the possibility of modifying town planning forecasts. Such initiatives are aimed at increasing the value of private properties and, through the charge, financing public works. This charge was regulated only in 2014 with the change of Article 16, paragraph 4, point d-ter of the Presidential Decree 380/2001 (Consolidated building law) and was named the “extraordinary urbanization contribution” (or simply the “extraordinary contribution”). The extraordinary contribution makes it possible to finance public works with private monetary resources. The amount of the extraordinary contribution is not less than 50% of the capital gain that is produced by real estate initiatives concerning modifications to town planning forecasts. A crucial issue of the this kind of PPPs has always been the appraisal of the capital gain of real estate initiatives due to changes in town planning forecasts. The factors to be considered while evaluating the extraordinary contribution, the appraisal tools and procedures to be used in assessing the capital gain are not indicated at regulatory level. However, an over 20 years’ practice has been consolidating the use of an analytical procedure for the appraisal of the transformation value to be used in evaluating the extraordinary contribution. In this procedure, the evaluation of the profitability index of real estate initiatives appears critical: in fact, the capital gain depends upon this element. At the same time, this topic is substantially neglected by the scientific debate. In this paper, a methodology has been defined, which is structured on the Build-Up Method and allows the profitability index (or rate of return) of a real estate initiative to be evaluated. Through a test, the developed methodology has been used in a case study: the appraisal of the extraordinary contribution in three integrated intervention programs in the city of Rome.

The effects of the world economic and financial crisis, which began in 2007 and is still in progress, has made increasingly sharp the line of demarcation between those able to access home ownership on the free market, and those unable to do so. For the European Union’s member states, Social Housing (SH) policies include all the initiatives aimed at providing housing support for all the weak segments of the population; these policies have declined differently by different Member States according to their specific needs. In Italy, the growing need for SH accommodation together with the shortage of public resources makes developing forms of Public–Private Partnership (PPP) necessary. Evaluation techniques like Break-Even Analysis and Contribution Margin Analysis are useful in planning interventions including SH initiatives in the context of real estate development or retraining initiatives in PPP (in negotiation processes or in project financing). These kinds of techniques especially allow evaluation of public and private convenience in PPP. In the present work, an assessment procedure has been structured: first the main parameters of a settlement of SH initiative in PPP are defined; subsequently, it is possible to assess the feasibility and the financial balance of the initiative itself. The procedure has been applied to a case study: the interrupted initiative of self-renovation in Via Grotta Perfetta 315 in Rome (Italy).

The Strategic Environmental Assessment (SEA) is a systematic evaluation process of the environmental consequences of urban and territorial plans and programs which aims to guarantee a high degree of environmental protection and to contribute to integrating environmental factors during the design, adoption, and approval of plans and programs. Even if in Europe the SEA was already included in the legislation of each European Member State as of 2017, in these countries—and particularly in Italy—there is a diffuse lack of indications on procedures and/or evaluation protocols. In this article, the use of evaluation techniques in SEA is discussed. The specific objective of the research is the construction of an evaluation method to express a synthetic judgement—based on acknowledged, objective parameters—within the SEA procedure. According to the literature review, results regarding the SEA procedure, and its possible supporting methodologies, Multi Criteria Decision Analysis (MCDA) appears to be the most SEA-coherent approach. Moreover, the ELECTRE method family has shown the highest suitability to perform the evaluation phase of SEA. Hence, an operational development of ELECTRE III is herein proposed and applied to a case study.