Housing price gradient and immigrant population: Data from the Italian real estate market

The database presented here was collected by Antoniucci and Marella to analyze the correlation between the housing price gradient and the immigrant population in Italy during 2016. It may also be useful in other statistical analyses, be they on the real estate market or in another branches of social science. The data sample relates to 112 Italian provincial capitals. It provides accurate information on urban structure, and specifically on urban density. The two most significant variables are original indicators constructed from official data sources: the housing price gradient, or the ratio between average prices in the center and suburbs by city; and building density, which is the average number of housing units per residential building. The housing price gradient is calculated for the two residential sub-markets, new-build and existing units, providing an original and detailed sample of the Italian residential market. Rather than average prices, the housing price gradient helps to identify potential divergences in residential market trends.As well as house prices, two other data clusters are considered: socio-economic variables, which provide a framework of each city, in terms of demographic and economic information; and various data on urban structure, which are rarely included in the same database. Keywords: Housing market, Immigrants, Multivariate regression, Real estate market, Price gradien

SINFONIA Project Mass Appraisal: Beyond The Value Of Energy Performance In Buildings

Energy retrofit of existing buildings stock is today a major urban challenge and opportunity. Although a market appreciation of green buildings is generally recognized, specificities related to different countries, contexts and sectors still need further investigation. Moreover, the energy retrofit carries with it multiple elements, ranging from monetary savings to personal fulfillment of living greener. The ongoing European smart city project SINFONIA offers the chance to analyze a double international case study, and to estimate expected positive effects on dwellings\u2019 value, due to energy retrofit measures undertaken at the district level. This paper, starting from previous similar experiences, designs an operational approach based on spatial hedonic price method and analytic hierarchy process. Finally, it suggests how to develop a spatialized mass appraisal by linking results with a geographical information system. Such approach will contribute to assess the socio-economic impact of SINFONIA project and to evaluate the effectiveness of further smart city initiatives

Immigrants and the city: The relevance of immigration on housing price gradient

Foreign citizens are a more and more significant part of the population of Italian cities and society (8% of the country’s total population), and they contribute to changes in the cultural, social, and economic structure of the country. Our aim was to assess the incidence of the immigrant population on urban house price polarization, as measured using an original indicator: the center-periphery housing price gradient. While there is ample literature on the relationship between average prices and immigrant populations, less research has been conducted on immigration and the housing price gradient on a national scale. This price gradient may indicate whether immigration contributes to changing the residential market, also possibly revealing segregation phenomena. We ran multivariate regressions in several steps on an original dataset of housing prices and socio-economic factors concerning 112 Italian provincial capitals to elucidate whether immigration is correlated with the housing market divide. Our main findings confirmed that larger immigrant populations coincide with steeper housing price gradients on a national scale. Our tests also demonstrated that the relevance of this phenomenon varies for different urban forms, confirming related to housing price dynamics between the cities of northern and southern Italy the relevance of urban density in elucidating

Urban Density and Household-Electricity Consumption: An Analysis of the Italian Residential Building Stock

AbstractThe influence of urban density on household electricity consumption is still scarcely investigated, despite the growing attention to building energy performance and the electrification of heating systems advocated at the European level. While the positive correlation between urban sprawl developments and the increasing of marginal costs of public infrastructures, services, amenities, public, and private transports are known, there has been little research on the relationship between urban form and electricity consumption in residential building stock. The present work aims to contribute to filling the gap in the existing literature, presenting the early results of ongoing research on the role of urban form in the household electricity consumption in Italy and, consequently, the related energy costs. The building typology and, in general, the structure of urban dwellings, is crucial to forecasting the electricity requirements, taking into account single housing units and their spatial composition in multi-family homes and neighborhoods. After a brief literature review on the topic, the contribution presents empirical research on the electricity consumption at the municipal level in 140 Italian cities, analyzing the diverse consumption patterns under different conditions of urban density to verify whether there exists a significant statistical correlation between them. The analysis confirms that there is a statistically negative correlation between urban density and the log of electricity consumption, even if its incidence is very limited. Further investigation may highlight whether there exists a threshold for which this relationship would be reversed, explaining the higher electricity consumption in dense metropolitan areas

Guarantees and Collaterals Value in NPLs

Abstract The burst of the subprime mortgage crisis affected on a large scale the Italian real estate industry. The Italian real estate market underwent and is still undergoing a severe stagnancy due to the credit crunch worsened by the banking system and the resulting lack of liquidity. In financing real estate property investments, security packages play an extremely important role and guarantees have become a major tool for risk management and financial innovation in order to facilitate credit enhancement and hedging of risks. In this context the evaluation of guarantees and collaterals becomes extremely important. A robust measure of the value of collaterals is more than a key issue in times of financial crisis, when the value of the guarantees is questioned. Aim of this paper is to investigate, on a sample of 89 foreclosures, whether the collaterals were overestimated and the mortgage lending value represents a robust measure of the mortgage underlying guarantee

IL VALORE DI VENDITA FORZATA DEGLI IMMOBILI A GARANZIA DEI CREDITI

As a consequence of the long lasting crisis that begun in 2006, the evaluation of collaterals and guarantees become a key issue. The global financial crisis had actually a heavy relapse on loans supply. The decrease of new granted mortgages was mainly related to the weakness and decline of the housing market and the negative phase of the economic cycle, characterized by an increase in the unemployment rate and a reduction in household incomes. In this context, robust risk assessment procedures and proper evaluation of collaterals are required for lending institutions to the granting of loans. The aim of this paper is to investigate whether assets used as collaterals are overestimated and how much of the mortgage lending value (VC) can be recouped by the property forced sale price (VF). The present study analyses the Italian foreclosed homes market, by surveying 89 forced sales, which occurred between 2006 and 2014 in the provinces of Treviso, Venice and Padova.DOI: http://dx.medra.org/10.19254/LaborEst.14.0

Time Overrun in Public Works—Evidence from North-East Italy

Cost and time overruns in public mega-projects have been widely studied and considered as interdependent factors in the literature on project management and the public economy. On the other hand, small-scale projects for public works (costing under €100 million) are far more common and contribute to transforming cities and territories even more than mega-projects. Is the development of these kinds of projects affected in the same way by overrun issues? Do cost and time overruns always go hand in hand? The present contribution tries to answer these questions by means of an empirical study on a dataset of 4781 small public works planned and built in the Veneto Region (north-east Italy) from 1999 to 2018. Specifically, the analysis refers to the stage of development when the decision is made to outsource the work, that is, after the project’s design and before its construction. Our sample of data is considered both as a whole and clustered by period, cost, contractor and category of work. The results of our analysis and statistical modeling are counterintuitive, suggesting that time overruns do not depend on the cost dimension, whereas norms and regulations play a crucial part in extending the duration of public works. The threshold by law of 1 million € costs implies time-consuming procedures to verify abnormal offers in the bid, that double the average award time from 244 days to 479 days