Rough Set Theory for Real Estate Appraisal: An Application to Directional District of Naples

This paper proposes an application of Rough Set Theory (RST) to the real estate field, in order to highlight its operational potentialities for mass appraisal purposes. RST allows one to solve the appraisal of real estate units regardless of the deterministic relationship between characteristics that contribute to the formation of the property market price and the same real estate prices. RST was applied to a real estate sample (office units located in Directional District of Naples) and was also integrated with a functional extension so-called Valued Tolerance Relation (VTR) in order to improve its flexibility. A multiple regression analysis (MRA) was developed on the same real estate sample with the aim to compare RST and MRA results. The case study is followed by a brief discussion on basic theoretical connotations of this methodology

Valuation of real estate investments through Fuzzy Logic

This paper aims to outline the application of Fuzzy Logic in real estate investment. In literature, there is a wide theoretical background on real estate investment decisions, but there has been a lack of empirical support in this regard. For this reason, the paper would fill the gap between theory and practice. The fuzzy logic system is adopted to evaluate the situations of a real estate market with imprecise and vague information. To highlight the applicability of the Possibility Theory, we proceeded to reconsider an example of property investment evaluation through fuzzy logic. The case study concerns the purchase of an office building. The results obtained with Fuzzy Logic have been also compared with those arising from a deterministic approach through the use of crisp numbers

Using Genetic Algorithms for Real Estate Appraisal

The main aim of this paper is the interpretation of the existing relationship between real estate rental prices and geographical location of housing units in a central urban area of Naples (Santa Lucia and Riviera of Chiaia neighborhoods). Genetic algorithms (GA) are used for this purpose. Also, to verify the reliability of genetic algorithms for real estate appraisals and, at the same time, to show the forecasting potentialities of these techniques in the analysis of housing markets, a multiple regression analysis (MRA) was applied comparing results of GA and MRA

The effect of taxation on investment demand in the real estate market: The Italian experience

This study investigates the effect that property taxation has on investment in the real estate market. There is a close relationship between investments in the real estate market and taxes, local communities, public policies and economic development. The analysis was developed with reference to the Italian real estate market and its tax regime. In Italy, taxation on real estate affects possession, transfers and income. These three tax rates vary according to the subjects who exchange assets and manage them, to the intended use of the real estate property and to the options for choosing the type of tax regime permitted by law. On the basis of these parameters, a financial analysis of real estate investment is constructed and simulated in order to understand to which types of taxation investment is most sensitive. The results showed that a change in income taxation can have an important effect on the investment choice. This evidence may also suggest fiscal policy actions aimed at stimulating the real estate market

Rethinking Design and Urban Planning for the Cities of the Future

Growth of urban areas and abandonment of rural areas are phenomena that increase quickly. The main consequences of urbanization are pollution, consumption of resources and energy, waste dumps, and junk yards. These aspects require a better planning and design of European urban metropolitan areas, considering benefits, opportunities, costs and risks (B.O.C.R.), derivable by urban transformations and available resources. The paper consists of five parts. The first part contains some reflections on consequences of urban sprawl. In the second part, some possible kinds of cities are discussed (sustainable city, smart city, and compact city). The third part briefly describes a multicriteria decision-making approach known as the ‘analytic hierarchy process’ to deal with complex decisions. In the fourth part, alternative city models are analyzed (compact city, elevated city, green house city, and water city). Finally, in the fifth part, the criteria selected for the planning and design of the alternative city models are used for the prioritization of some European cities

Landscape value in the spanish Costa del Sol’s real estate market: the case of Marbella

Housing prices are influenced by extrinsic and intrinsic factors. This study aims to highlight the economic impact of the perceived landscape on single-family houses prices in a Spanish Mediterranean urban area (Marbella). Considering the landscape an important added value in real estate markets, this study also explores the landscape elements that contribute the most to the value of housing. A particularly positive influence of mixed views (urban elements and Mediterranean scrub) and sea views is detected in the analysis. Sea views are highly requested in the local housing market, but due to the graded topographical layout of Marbella, it is not very difficult to have sea views for houses. The low importance of views on natural land areas is worth noting when one of the attractions of this municipality is that of a highly valued Mediterranean natural environment. Views on the old town centre are somewhere in between: although the old town centre is highly regarded, with a generally good state of preservation, the sampled properties have poorer quality perspectives, with reduced visual basins and views centred on the foreground, usually the houses opposite.Partial funding for open access charge: Universidad de Málag

Real estate appraisals with Bayesian approach and Markov Chain Hybrid Monte Carlo Method: An application to a central urban area of Naples

This paper experiments an artificial neural networks model with Bayesian approach on a small real estate sample. The output distribution has been calculated operating a numerical integration on the weights space with the Markov Chain Hybrid Monte Carlo Method (MCHMCM). On the same real estate sample, MCHMCM has been compared with a neural networks model (NNs), traditional multiple regression analysis (MRA) and the Penalized Spline Semiparametric Method (PSSM). All four methods have been developed for testing the forecasting capacity and reliability of MCHMCM in the real estate field. The Markov Chain Hybrid Monte Carlo Method has proved to be the best model with an absolute average percentage error of 6.61%

Building Efficiency Adopting Ecological Materials and Bio Architecture Techniques

Objective. There are many measures that individual consumers, families, companies, contractors, real estate developers, household owners and governments can take to promote post-carbon cities. Thermal insulation is definitely one of the most important investment to make in order to achieve these future goals. Method and solutions   Insulation can be carried out by using ecological cork panels. Cork is a natural and renewable material, which in itself, is the result of a CO2 sequestration, and it can also store C. Therefore it can effectively contribute to the design of the Post-Carbon City by reducing energy waste, improving the quality and the insulation of buildings.The expansion of the area occupied by the cork oak forests would permanently increase the absorption and sequestration of carbon. Forest policy guidelines must aim at the restoration of the existing cork oak forests, as well as the rehabilitation of cork oak forests destroyed by man. This will increase and strengthen the contribution made by forest resources to the construction of the Post Carbon City.Outcomes and benefits   Some benefits of such policy are as follows: the sequestration of CO2 eliminated from the atmosphere (creating carbon credits), because it is used for the growth of trees and the creation of cork bark; the availability of cork planks which are the raw material for bio-building; the positive consequences of using cork panels and granules in Bio Green Buildings, such as energy saving for heating and cooling and the consequent reduction of CO2  emissions. Risparmio energetico negli edifici mediante adozione di eco materiali e tecniche di Bio EdiliziaObiettivo. L’obiettivo di ridurre i sovra consumi energetici negli edifici e promuovere le città post-carbone può essere raggiunto adottando diverse misure ad opera di individui, famiglie, imprese, costruttori, promotori immobiliari, governi. L’isolamento termico degli edifici, o “passivazione” risulta essere uno dei più importanti investimenti per raggiungere questi risultati.Metodi e soluzioni.L’isolamento termico (o “passivazione”) può essere realizzato con pannelli di sughero. Il sughero è un materiale naturale e rinnovabile. Esso stesso è il risultato della eliminazione (sequestration) della CO2 . Non solo, è un depositi di C. Può quindi efficacemente contribuire a realizzare concretamente la Post Carbon City migliorando l’ isolamento e la qualità degli edifici ed eliminando lo spreco di energia. Ampliare le aree occupate da sugherete aumenta in modo permanente l’assorbimento e la eliminazione definitivo ovvero il sequestro della CO2 . Per questa ragione la policy urbana può essere integrata con la policy ambientale e forestale, propugnando il restauro delle sugherete esistenti e il re impianto di quelle compromesse dall’azione antropica. In tal modo si rafforza il contributo natura-based alla costruzione della Post Carbon City. Risultati e beneficiSolo alcuni dei primi benefici derivanti dalla policy integrata natura-based sopra sintetizzata: la  CO2  non solo si sequestra e si elimina dall’atmosfera ma addirittura viene utilizzata dalle sughere per crescere e per produrre il sughero;si rendono disponibili nuovi quantitativi di sughero grezzo, come materia prima versatile; utilizzando i lavorati per la passivazione dei Bio Edifici Verdi, non solo si risparmia significativamente energia, ma anche si abbattono le conseguenti emissioni di  CO2.Objective. There are many measures that individual consumers, families, companies, contractors, real estate developers, household owners and governments can take to promote post-carbon cities. Thermal insulation is definitely one of the most important investment to make in order to achieve these future goals. Method and solutions   Insulation can be carried out by using ecological cork panels. Cork is a natural and renewable material, which in itself, is the result of a CO2 sequestration, and it can also store C. Therefore it can effectively contribute to the design of the Post-Carbon City by reducing energy waste, improving the quality and the insulation of buildings.The expansion of the area occupied by the cork oak forests would permanently increase the absorption and sequestration of carbon. Forest policy guidelines must aim at the restoration of the existing cork oak forests, as well as the rehabilitation of cork oak forests destroyed by man. This will increase and strengthen the contribution made by forest resources to the construction of the Post Carbon City.Outcomes and benefits   Some benefits of such policy are as follows: the sequestration of CO2 eliminated from the atmosphere (creating carbon credits), because it is used for the growth of trees and the creation of cork bark; the availability of cork planks which are the raw material for bio-building; the positive consequences of using cork panels and granules in Bio Green Buildings, such as energy saving for heating and cooling and the consequent reduction of CO2  emissions. Risparmio energetico negli edifici mediante adozione di eco materiali e tecniche di Bio EdiliziaObiettivo. L’obiettivo di ridurre i sovra consumi energetici negli edifici e promuovere le città post-carbone può essere raggiunto adottando diverse misure ad opera di individui, famiglie, imprese, costruttori, promotori immobiliari, governi. L’isolamento termico degli edifici, o “passivazione” risulta essere uno dei più importanti investimenti per raggiungere questi risultati.Metodi e soluzioni.L’isolamento termico (o “passivazione”) può essere realizzato con pannelli di sughero. Il sughero è un materiale naturale e rinnovabile. Esso stesso è il risultato della eliminazione (sequestration) della CO2 . Non solo, è un depositi di C. Può quindi efficacemente contribuire a realizzare concretamente la Post Carbon City migliorando l’ isolamento e la qualità degli edifici ed eliminando lo spreco di energia. Ampliare le aree occupate da sugherete aumenta in modo permanente l’assorbimento e la eliminazione definitivo ovvero il sequestro della CO2 . Per questa ragione la policy urbana può essere integrata con la policy ambientale e forestale, propugnando il restauro delle sugherete esistenti e il re impianto di quelle compromesse dall’azione antropica. In tal modo si rafforza il contributo natura-based alla costruzione della Post Carbon City. Risultati e beneficiSolo alcuni dei primi benefici derivanti dalla policy integrata natura-based sopra sintetizzata: la CO2  non solo si sequestra e si elimina dall’atmosfera ma addirittura viene utilizzata dalle sughere per crescere e per produrre il sughero;si rendono disponibili nuovi quantitativi di sughero grezzo, come materia prima versatile; utilizzando i lavorati per la passivazione dei Bio Edifici Verdi, non solo si risparmia significativamente energia, ma anche si abbattono le conseguenti emissioni di CO2

Capital Asset Pricing Model: An application to the estimation of undivided real estate shares

The estimate of undivided and indivisible real estate shares, in relation to different building types represents, in practice application, a recurring underestimated by the professional appraisers. This problem requires finding a logical solution that can to rationalize the process the process of estimation of undivided shares, given that these shares are more difficult to sell and, consequently, there is a decrease of their market value. It follows that in this estimative case the problem can be lead, both in theoretical and practical terms, to assessment of specific real estate investment’s risk and how to convert the measure of risk into an expected return that can compensate it. In this framework, the proposed contribution aims to implement the Capital Asset Pricing Model with Penalized Spline Semiparametric Method in order to obtain an estimation algorithm that allows to rationalize the approach to the problem of estimation of undivided real estate shares using data easy to find