Appraisal of the real estate. The Italian methodological evolution

Marina Ciuna

ERES from European Real Estate Society (ERES)

Abstract: The appraisal methods mostly employed in Italy for the real properties are: the valuation for typical values and the mono-parametric approach (or synthetic) and the income capitalization approach (or analytical). Such procedures even if reporting to the complex reality of the real estate market don't deepen the knowledge of it. In the advanced Countries the valuations are developed by methods based on the study of the real estate market, complex and segmented, on the collection of trading and renting real data and the characteristics of the real properties, on the employment of quantitative models. The principal obstacle to the evolution of the appraisal methodology in Italy is represented by the scarce transparency of the real estate market and by the inadequate information level: the lack of market data in practice doesnít permit the quantitative valuation analysis and it makes precarious appraisal forecasts. It appears necessary then not to postpone a methodology based on market data collection, that will be able to bring our Country to compete with the most evolved countries in the real estate sector, from the USA to the European ones. This study delineates the passage from the classical methodology to the future appraisal approaches. Therefore the market approach in their adaptations to the real estate reality of our country and the principal theoretical and methodological tools of quantitative analysis in the appraisal field, represented by the highest and best use and by the appraisal system will be examine.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2004-06-01
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