Estimating the Market Value of the Building Sites for Homogeneous Areas

Abstract:

The estimated market value of a building site can be determined from several practical reasons. Amongst the various cases, it may be required to determine the market value of the building site aggregated into homogeneous areas, as occurs in the estimates carried out for tax purposes, in the assessments related to the construction of public facilities or infrastructure and urban regeneration interventions related to whole degraded environments. The process outlined in this paper is instrumental to these goals. The method uses an indirect approach to estimate, based on a combination of planning parameters and characteristics of the area that contribute to the formation of market values of building sites. It does not provide a point estimate, relative to assets specifically identified, but produces average market values of the building sites to separate homogeneous areas, for intended use and for building ratio.

• Periodical: Advanced Materials Research (Volumes 869-870)
• Pages: 14-19
• DOI: https://doi.org/10.4028/www.scientific.net/AMR.869-870.14
• Online since: December 2013
• Authors: Pierluigi Morano*, Benedetto Manganelli
• Keywords: Building Site, Market Value, Real Estate Appraisal Process

References

[1] D. Richmond, Introduction to valuation, The Macmillan Press Ltd, London, UK, (1975).

[2] D. Scarrett, Property Valuation, E & FN Spon, London, UK, (1995).

[3] D. Isaac, T. Steley, Property Valuation Technicques, John Wiley & Sons, The Macmillan Press Ltd, Honh Kong, (1993).

[4] International Valuation Standard Council (IVSC), International valuation standards. IVSC, London, (2001).

[5] TEGOVA, European valuation standards (7th ed. ), Gillis, Belgium, (2012).

[6] F. Carlo, Estimo urbano, Etas-Kompass, Milano, Italy, (1974).

[7] P. Morano, F. Tajani, The transfer of development rights for the regeneration of developments sites, Applied Mechanicsand Materials, vol. 409-410, pp.971-978.

DOI: 10.4028/www.scientific.net/amm.409-410.971

[8] B. Manganelli, P. Pontrandolfi, A. Azzato, B. Murgante, Urban Residential Land Value Analysis: The Case of Potenza, in: B. Murgante et al., ICCSA 2013, Part IV (2013), LNCSvol. 7974, pp.304-314.

DOI: 10.1007/978-3-642-39649-6_22

[9] W. Alonso, A theory of the urban land rent, in Cheshire P. e Evans A., Urban and Regional Economics, Edwar Elgar, Brookfield, (1991).

[10] P. Morano, B. Manganelli, F. Tajani, Real Options for risk analysis in estimating the capitalization rate, in: Recent advances in Business administration, Marketing and Economics, Proceedings of 2013 International Conference on Business Administration, Marketing and Economics (BAME 2013), vol. 12, pp.25-30.

DOI: 10.46300/91015.2021.15.12

[11] B. Manganelli, Maintenance, building depreciation and land rent, Applied Mechanics and Materials, Vol. 357-360 (Architecture, Building Materials and Engineering Management), 2013, pp.2207-2214.

DOI: 10.4028/www.scientific.net/amm.357-360.2207

[12] B. Manganelli, B. Murgante, Spatial Analysis and Statistics for Zoning of Urban Areas. World Academy of Science, Engineeringand Technology, vol. 71, 2012, pp.783-788.

[13] L. D'Acci, Monetary, Subjective and Quantitative Approaches to Assess Urban Quality of Life and Pleasantness in Cities, Social Indicators Research, February (2013).