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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Giampiero Bambagioni1, 2
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DOI:10.17265/1934-7359/2017.03.006
Affiliation(s)
1. European Real Estate Institute, Milano 20136, Italy;
2. Faculty of Architecture, University of Rome “La Sapienza”, Roma 00196, Italy
ABSTRACT
In this study, the interdependency
is presented between the characteristics of the buildings and the relative
economic value, in order to plan economic policies and preconditions for
improving the quality of the European buildings heritage through access, by an holistic approach, to the necessary financial resources. The economic value of a
real estate asset is closely connected to the construction features and their performance over time (lifecycle). Safer, more comfortable and
productive buildings for inhabitants are at the same time more operationally efficient and economically convenient
for the owners. Solidity characteristics and static resistance to earthquakes,
eco-efficiency and other constructive
qualities of the building will provide benefits in the long term, and they are
directly related the LCC (life cycle cost) including specific construction and/or maintenance costs. Moreover, these characteristics have an
impact on the “market value” and on the “mortgage lending
value” of
properties, as well as on the possibility of financing the purchase through access to more affordable mortgages, and to make really feasible conversions even
in the absence of public
financial resources. This study introduces a new approach for conversions involving whole
buildings or city areas. This research identifies the
economic sustainability of a project by combining principles and suitable methodologies, together with
performance and other characteristics. These aspects constitute the essential
prerequisite for obtaining mortgages from banks and/or financial resources from international investors.
KEYWORDS
Housing and land management, project evaluation, market value, appraisal and real estate finance, urban sustainability, risk assessment, smart cities.
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