Benedetto Manganelli

Verified

Benedetto verified their affiliation via an institutional email.

Learn more

Verified

Benedetto verified their affiliation via an institutional email.

Learn more

• Professor of Real Estate Appraisal
• Professor (Full) at University of Basilicata

The study focuses on seismic resilience at a sub-regional level and its effect on proactive planning of seismic strengthening. The case study for application is the sub-regional community of Agri Valley in Southern Italy. A resilience priority index is proposed and quantified, to determine the priority ranking of communities requiring retrofit inte...

The Sharing Economy, or the economy of sharing, is an economic phenomenon that has rapidly spread in recent years, transforming the ways in which resources and services are accessed and consumed. This phenomenon has had a significant impact on consumption dynamics, redefining the concept of ownership and promoting the idea of temporary and shared a...

In recent decades, the seismic performance of existing reinforced concrete (RC) buildings has played a key role. Nevertheless, the performance and reliability verification of important structural elements such as floors has often been neglected. Floors are primary structural elements that can affect the life cycle life of a building. However, the w...

The assessment of income-producing properties - considered as the bulk of the existing assets - has rapidly increased. An efficient assessment of the market value of this kind of properties requires an adequate involvement of the main risk factors of the local real estate market for the determination of the capitalization rate for the income approa...

ES rapidly was adopted by quantitative geographers and urban planners as an effective tool to deliver reliable spatial analysis on natural capital and its interaction with citizens and economic ecosystem. Although several relevant applications of ES in planning have been realised, it is still difficult to find a common agreement on how to adopt ES...

The Italian territory is characterized by the presence of numerous degraded buildings, which consequently undergo significant depreciation due to their age and obsolescence, resulting in a reduction of their attributed value. This phenomenon is observed in various areas of the country, both in large cities and small urban centers. Degraded properti...

Real estate redevelopment processes represent an important avenue for achieving sustainable development goals, but at the same time, they pose complex and opaque decision-making problems. Most existing risk assessment tools involve aggregate-scale analysis or require knowledge of extensive project financial data, which is often not yet available un...

Within historic city centers, custodians of a timeless cultural heritage, lies an often-overlooked reality: the seismic vulnerability of buildings. These ancient structures are often constructed with techniques and materials that do not meet modern seismic safety standards. In the outlined framework, the contribution aims to address the issue of ma...

The article addresses real estate appraisals in Italy involving lands already subject to Local Government uses then legitimized or soils burdened by Emphyteusis (Land Lease). Local Government uses are collective property rights on rural land. Considering these conditions, it is possible for the land to be legitimized by the occupant, who thus obtai...

The concession for the use of real estate intended to provide public services is the tool often used by the public administration to obtain, with the recourse to private investment, the valorisation of the asset and a more efficient management of the service. A typical case is that of football stadiums, the management of which is normally entrusted...

Higher education has been becoming increasingly globalized as a business. Currently, there are approximately 200 million University students worldwide, which is more than double the number from twenty years ago. According to several studies, this number will reach 263 million by 2025. In Italy, the structural shortage of beds barely covers 12% of t...

Some significative historical events have contributed to radical changes in people life (industrial revolution, great depression of the 1920s, world wars, digital revolution, American subprime crisis of the 2000s, COVID-19 pandemic, war in Ukraine). All this at the same time as the unprecedented acceleration of digital technological development. Th...

The valuation of natural capital has become an increasingly important issue in the environmental debate and in public policies, given the growing awareness that human well-being depends on the health of terrestrial ecosystems and their services. Natural Capital Accounting (NCA) proposes a solution to measure and value the ecosystem services provide...

Current technology still does not allow the use of quantum computers for broader and individual uses; however, it is possible to simulate some of its potentialities through quantum computing. Quantum computing can be integrated with nature-inspired algorithms to innovatively analyze the dynamics of the real estate market or any other economic pheno...

The historic designation of individual properties and entire neighborhoods has experienced an evolution in its meaning in recent decades. The original passive approach to managing historical buildings, which primarily regarded them as “values” to be defended and preserved for future generations, has been supplemented by strategies aimed at their va...

The lack of transparency in the property market and the resulting difficulty in finding comparables to use in property valuations, very often forces evaluators to substitute the asking prices with the selling prices in the market approach. This alternative is now also accepted by case law but has the limitation of having to quantify, albeit very ro...

The location of a university campus can generate a virtuous circle of economic effects on the territory, often not limited to the nearby neighborhoods. A frequent phenomenon associated with the construction of a University and which is widely studied in the scientific reference literature, is represented by studentification, namely, the process thr...

In Italy, the opacity of the real estate market, which often does not reveal the real consistency of selling prices, or, in relation to the phase of the economic cycle, the low number of transactions force appraisers to use asking prices as comparables in the market approach. The international literature recognizes the importance of analyzing the r...

In a context of dwindling resources and growing financial constraints for public administrations, available real estate assets can become an important economic resource both for debt reduction through their alienation, and for carrying out public works through rehabilitation and defunctionalisation using private capital. The latter requires the ado...

Land is increasingly becoming a precious and limited resource[...]

In recent years, the preservation strategies of cultural heritage have become an element of considerable importance. Unfortunately, research has often been conducted in an excessively mono-sectoral or disaggregated manner. Moreover, there is a significant number of reinforce concrete (RC) buildings and engineering works that are of historical inter...

In this paper the relationship between price and rent dynamics in the Italian housing market is studied. The aim is reached through the implementation of a multivariate autoregressive model (VAR), that makes it possible to explain the interdependencies of multiple time series. The analysis considers a series of macroeconomic variables in the model...

A suitable cap-rate is generally determined through an analogical process in order to estimate the value of any real estate through the capitalization of the incomes. The analogy relates to the risk and duration of similar investments. There are numerous methods to rationalize the valuation of the cap-rate. Appraisals have a certain degree of uncer...

The economic crisis of 2008 has highlighted the ineffectiveness of the banks in their disbursement of mortgages which caused the spread of Non-Performing Loans (NPLs) with underlying real estate. With the methods stated by the Basel III agreements, aimed at improving the capital requirements of banks and determining an adequate regulatory capital,...

The city of Matera, an UNESCO World Heritage site in Basilicata Region, has been designed in 2015 as European Capital of Culture for the year 2019. It is the first town in the Southern Italian which has been awarded the title. The paper represents a first step of an ongoing research, and aims to quantify the benefits which the title of European Cap...

Urban regeneration represents an opportunity for sustainable development and smart growth of towns. The European best practices of urban regeneration demonstrate its effectiveness to valorize obsolete existing buildings, through integrated design of energy and structural upgrade. In countries of southern Europe, characterized by medium to high seis...

The estimated compensation provided for damage to property deriving from the remedial acquisition pursuant to art. 42-bis of the Consolidated Law on Expropriations (Presidential Decree 327/2001), raises some questions both of a general and an applicative nature. This study, on the one hand, defines the contours of the estimation problem so as to fr...

The increasing trend of the amount of properties entering in the short-term rental market has been involving most of global and European capitals. Latest innovative computer technologies, especially digital platforms, the availability of a housing stock until now underutilized or unused and changing styles of travel, concurrently, are the factors t...

The maintenance, renovation and eventual demolition of a building, incurs substantial financial and social cost. The optimal and rational management of these phases in the life cycle of the building is a priority to support the economic and environmental sustainability of the construction process. The scientific community and government organizatio...

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...

Low-density dispersed urban development, known as “sprawl” or “sprinkling”, is an alternative configuration that best expresses the structure of the Italian urban system and is taking on increasingly significant dimensions. This phenomenon has increased in recent decades due to a weakening of the urban agglomeration force that had characterized the...

Energy produced from renewable sources has assumed an increasingly central role, thanks to the investments in renewable energy and the agreements reached during the last Conferences of the Parties. This paper deals with the economic-estimative evaluation of two photovoltaic plants with similar peak power and geographic position located precisely in...

The present research takes into account the current and widespread need for rational valuation methodologies, able to correctly interpret the available market data. An innovative automated valuation model has been simultaneously implemented to three Italian study samples, each one constituted by two-hundred residential units sold in the years 2016–...

Building Information Modeling (BIM) can be defined synthetically as a digital model of a real estate that collects data from the different disciplines that contribute to its realization. In civil engineering, it represents an innovative approach to the construction and management of a building. Cost assessment is a fundamental activity both in the...

https://www.mdpi.com/journal/sustainability/special_issues/Sustainability_Real_Estate_Social_Dynamics Special Issue Information Dear Colleagues, The economic evaluations and the analysis of the real estate market are instrumental for the correct management of the territorial resources. In turn, urban planning decisions imply clear consequences in...

This research tries to investigate, in the current condition of the Italian real estate market, the economic advantage of investing in energy retrofitting of existing buildings or in expenditure aimed at obtaining higher energy performances in the construction phase of new buildings. A cost-benefit analysis is developed referring to the constructio...

The recent earthquakes have highlighted a significant economic losses and a low resilience of communities, particularly in historic centers of the town. These effects are mainly due to the high vulnerability of buildings and the correlated economic system. The consequences of the long recovery time on social-economic-management issues are often dra...

Currently, a significant part of the residential building stock has been built without modern provisions for earthquake resistance and energy efficiency, resulting in high seismic vulnerability and very expensive management and environmental cost due to low energy performance buildings. An integrated approach to seismic and energy retrofitting is n...

The latest Italian seismic events have highlighted a high discrepancy between the potential destructiveness of an earthquake and the consequent economic losses due to damage to buildings. The main reason for this mismatch is the high number of vulnerable residential buildings or the low-to-medium vulnerability of buildings that are reaching the end...

Purpose The purpose of this study is the evaluation of the cost and benefits of earthquake protection of buildings to verify whether the legislative push, through tax incentives, will produce results and lead to a redevelopment of private real estate assets. Design/methodology/approach Through contingent valuation, this research aims to measure...

In urban policies, Italian and European, the urban regeneration of residential districts, especially suburbs built in post-war urban expansions, has been a crucial question since the 1990s. An integrated approach is now essential for effective urban redevelopment programs, which consider not only architectural and urban, but also social, economic,...

The vast majority of the existing European building stock has been built without modern provisions for earthquake resistance and energy efficiency, resulting in seismic vulnerable and low energy performance buildings. Although many studies to address both these needs exist, energy and seismic retrofitting are nowadays treated separately. In this st...

The purpose of this research is to analyse the performance of a real estate valuation model based on the multi objective decision making methods. The optimal price function is achieved with the goal programming model. The price function which is described as the sum of the individual objectives (criteria), and the goals are the prices of comparable...

This paper deals with the problem of estimating the compensation for the expropriation or easement of land to be used as a wind farm and the infrastructure essential for its activity. Bear in mind that the construction of a wind farm requires the acquisition (through expropriation, or amicable agreement of the surface rights) of at least the land t...

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...

This research tries to interpret the results of the empirical analysis of urban land value variations from 1977 to 2012 in the regional Italian capital cities based on the well-known theory of urban land rent. The historical series to be analyzed were obtained as the difference between the market value of a property and its cost of production. The...

The appraisal objectivity depends on the possibility to quickly and easily access to reliable real estate data in order to apply appropriate appraisal approaches. In order to ensure the objectivity of the real estate appraisals, in recent years Automated Valuation Methods (AVM) have been developed, integrating computerized real estate databases and...

This study estimates a hedonic price function using a semiparametric regression based on Penalized Spline Smoothing, and compares the price prediction performance with conventional parametric models. The excellent results obtained show that the semiparametric models allow to obtain a significant improvement in the prediction of housing sales prices...

The current regulations on the energy certification of buildings represent, for the real estate market and the building sector, a real cultural revolution. In recent years, the focus on the energy efficiency of buildings has grown exponentially. It is, therefore, necessary that the property valuations and methodologies used for this purpose bear in...

This paper proposes a theoretical model of evaluation of environmental externalities based on the analysis of real estate prices. This issue is included in regional planning policies which include activities and interventions that produce economic and non-economic effects. The monetary assessment of economic and non-economic effects can be expresse...

The push towards standardization of the evaluation methodology in the real estate market, due to the publication of International and European codes, has undermined the theoretical structure of the Italian tradition of real estate appraisal. Compared to the empiricism of these codes, which is perhaps excessive, some principles of the Italian discip...

In real estate appraisal, research has long been addressed to the experimentation of multi-parametric models able to reduce the margin of error of the estimate and to overcome or to limit, as far as possible, the problems and difficulties that the use of these models often involves. On the one hand, researchers are trying to overcome the essentiall...

This study focuses on the analytical description of depreciation methods applied to firm’s equipments for corporate accounting and balance sheet. Depreciation is a systematic allocation of fixed asset cost over its useful life. Several methods are applied to estimate depreciation cost: Straight-Line Method, Sum of Years Digits Method, Declining Bal...

Urban sprawl phenomenon is one of the higher threats to the preservation of soil resources. Soil consumption is strongly related to social and economic factors that characterize a territory. Several models have been developed to recreate future scenarios based on past expansion development dynamics. Among cellular automata models for urban growth s...

In the real estate market, there are examples of bilateral monopoly in special situations related to the position and the configuration of the property. Typical cases are the trading involving: extra ordinary properties that are taken away from the normal interactions between supply and demand; landlocked funds and/or residual surfaces that get a c...

The survival of a construction company depends on its ability to minimize the total cost of production in the long run. The long run cost curves reflect the production technology and the organizational structure of a company. These elements are the result of choices made by the entrepreneur and they are certainly influenced by the economic environm...

This paper analyses the influence of the economic system on housing market price trends in the usa and Italy using a Vector Autoregression Model (var). This econometric model comprises the historic series of house prices from 1970 to 2012 and the historic series of certain macroeconomic variables, defined through the empirical findings of similar s...

There is a close relationship between the risk attitude of the investor and investment choices. This means that the relationship between perceived risk and expected return is just as close. The concept of risk is therefore associated with the particular investor who in any case, regardless of a personal special aptitude, behaves in such a way as to...

The success of a good investment is based on an adequate market research. The peculiarities of the real estate market and, in particular, the large possibility of differentiation of investment properties, compel to increase efforts in the research market, surely greater than those required in other sectors of the economy. An investment decision is...

The topic of risk management is one of the main problems that investors have to deal with. There are many variables that identify the risk of an investment, many are also subjective in nature. This makes the task of the analyst who wants to incorporate the risk factor in the assessment of convenience, a difficult one. The analyst will have to study...

This chapter introduces the basic features of the real estate market. This is an imperfect highly segmented market. The segmentation is derived from the characteristics of traded goods. In order to understand the trend in the different submarkets, the following paragraphs analyse the trend patterns of stakeholders involved in the sale or purchase o...

This paper tests the use of Genetic Algorithms to interpret the relationship between real estate prices and the geographic locations of the properties. Issues of choosing algorithm parameters are discussed on the basis of applying data collected in the city of Potenza to 190 houses. The aim of the study is to show the potential and the limits of ge...

The exact prediction of housing selling prices is a relevant issue for real estate market, also to evaluate alternative forms of financial investment. In this paper a hedonic price function built through a semiparametric additive model is implemented. This model use penalized spline functions and aims to achieve a significant improvement in the pre...

Retrofitting and management strategies of existing RC buildings are actually a crucial topic. In this work, a novel approach in order to define a retrofitting and management strategies is reported. The main goal is define a framework based on multidisciplinary approach. An accurate seismic performance evaluation model is considered. This probabilis...

In the present work the economic feasibility of a project of public infrastructure, the expansion of the subway of the city Potenza, is estimated. The assessment has been developed through the application of the Cost-Benefit Analysis. As is known the advantage of this technique is the ability to express in monetary terms the externalities (positive...

The concept of “loss in value” was introduced in the Appraisal discipline to resolve the issue of damage assessment determined by restrictions on the use of property. In particular, case law has used this concept to estimate the compensation of the damage caused by renewed planning restrictions introduced prior to compulsory purchase. Although the...

The evaluation of the economic efficiency of investment in real estate, involves the appraisal and comparison of costs and revenues generated from its production and management. In the following paragraphs, the possible approaches to the estimation of cash flows are briefly indicated. On the other hand, this estimate does not exhaust the task of th...

The chapter deals with the characteristics of the investment property. The specific risks associated with the investment property are shown, as well as the advantages and disadvantages compared to other types of investment. The meaning of investment value is explained in general and, with reference to real estate investment, the parameters that aff...

Given the substantial commitment of capital required by a real estate investment, the use of financial instruments is usually necessary. The loan involves a double cost: the first is explicit and corresponds to interest payable to the creditor, while the second is implicit, because it has to compensate for the higher investment risk arising from th...

The limits of discounted cash flow analysis in its static version, even when using a probabilistic approach to risk analysis, are given by the impossibility to incorporate strategic assessments, that is, to take into account the interaction between current investment alternatives and future decisions. The theory of real options outlined in this cha...

L’espropriazione di beni soggetti a uso civico costituisce una fattispecie particolare dell’istituto espropriativo la cui regolamentazione, nella parte in cui coinvolge le indennità e i diritti su esse vantate, va ricercata in normative speciali molto spesso anche lontane nel tempo o in pronunce giurisprudenziali. La questione diventa molto delicat...

The current economic crisis is creating serious global effects on the real economy, especially in terms of solvency and economic stability of many companies, forced to interrupt their activities and to initiate bankruptcy proceedings. In this case, the assessment of the value of the industrial machinery that can be reused is a problem that often ar...

This book describes in full the major approaches used to evaluate investment in real estate and shows how theory informs decision-aid methods and tools to support such evaluation. The inclusion of numerous examples makes it also a practical guide to assessing the suitability of an investment property. The first part of the text is devoted to an ana...

In many cases, the strategy adopted for the seismic retrofit of existing RC buildings is not based on rational criteria, but just on the professional skill and past experiences of the designer. As a consequence, often the selected choice results questionable under a cost-benefit ratio point of view. Therefore, there is an increasing need to provide...

This paper proposes an estimation model of in use industrial machinery. The model is based on the cost approach (depreciated replacement cost). The model starts from the classification of the factors that contribute with different way to decrease the original value of the machinery. Value-time functions were constructed for the three main depreciat...

The high variability of market prices and the uncertainty that, even in restrained timeframes, is characterizing the general economic situation, have led real estate operators to a prudent attitude, who tend to postpone or at least stagger the start of the initiatives on hold of more stable conditions. In this context it is appropriate to use evalu...

This study focuses on the market of property subject to lifelong usufruct in Italy. This type of investment or disinvestment has found more widespread than in the past because of the difficulties related to the current economic conditions that adversely affect the disposable income and access to credit of households. This paper develops a Decision...

Urban real estate property values are mainly conditioned by several aspects, which can be summarised in two main classes: intrinsic and extrinsic ones. Intrinsic characters are specific goods while extrinsic features are related to a diversity of goods. Therefore, there is an extremely close correlation between 'rigidity location' of property (fixe...

The decision to perform an extraordinary maintenance or a seismic retrofit of existing RC buildings should be based on rational criteria, which lead into account a number of factors that are able to define the cost-effectiveness of the investment. Among them the age of the concrete structure and its normal depreciation are key. The paper proposes v...

Tra le imposte locali l’Imposta Municipale Unica (IMU), già ICI, è quella che garantisce il gettito maggiore ai Comuni. Nel caso delle aree fabbricabili la base imponibile dell’IMU è costituita dal valore venale al 1° gennaio dell’anno di imposizione. Col D.Lgs 446/1997 è stata concessa ai Comuni la potestà di stabilire, periodicamente e per zone o...

Purpose – This paper aims to propose a management model of public assets within public-private partnerships which can be applied to properties subject to a possible requalification through the redevelopment and/or modification of the intended use. Design/methodology/approach – The logic developed is described by an algorithm which borrows the math...

For some time now, the development of systems for electricity production based on the exploitation of renewable energy sources has begun to progress. Biogas is one of these energy sources. Thanks to the new regulations in the field of self-production of energy, the recognition of the environmental value of electricity from renewable sources and a p...

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 faciliti...

In estimating the market value of a property by income approach, the determination of the capitalization rate is ordinarily conducted through analogical process. The procedure is based on the identification of price-earnings ratio of similar investments. The analogy refers to the risk and the duration of the investment. However, in all cases there...

The sale and lease real estate markets have cyclical developments which are often dissimilar in the short term and then take coincident trends in longer horizons. The imbalance in the relationship between prices and income is normally used by economists to determine any "housing bubbles". However, the structural limitations require caution in the u...

This paper provides the logical basis and the algorithms of an evaluation model of investment concerning the purchase of the bare dominium of a residential property. The model is based on the decision tree analysis in order to address the fundamental and specific aspect of this type of investment. The decision tree analysis is one of the first atte...

In this paper the relationship between price and rent dynamics in the Italian housing market is studied. The aim is reached through the implementation of a multivariate autoregressive model (VAR), that makes it possible to explain the interdependencies of multiple time series. The analysis considers a series of macroeconomic variables in the model...

A suitable cap-rate is generally determined through an analogical process in order to estimate the value of any real estate through the capitalization of the incomes. The analogy relates to the risk and duration of similar investments. There are numerous methods to rationalize the valuation of the cap-rate. Appraisals have a certain degree of uncer...

This paper aims to explore three closely related issues: building maintenance, building depreciation, land rent. What makes these three issues deeply connected is the market value of the property. The choice to carry out preventive or corrective maintenance depends on how the building is affected by age (physical depreciation) and on the trend of l...

Urban real estate property values are mainly conditioned by several aspects, which can be summarized in two main classes: intrinsic and extrinsic ones. Intrinsic characters are specific goods while extrinsic features are related to a diversity of goods. Therefore, there is an extremely close correlation between "rigidity location" of property (fixe...

The dynamics of the housing market have been the subject of study and modelling for several decades (including: Muth, 1963; Ozanne, Thibodeau, 1983; Stiglitz, 1993; Green, Malpezzi and Mayo, 2005). The contingent relationships between the property market and micro and macroeconomic situations are particularly interesting. Studies were carried out b...

The well-known evaluation indices do not allow to take into account the interaction between current investment alternatives and future decisions. The real options theory provides answers to the limits that the evaluators discovered in the traditional techniques of capital budgeting and allows to give a value to managerial flexibility, i.e. the abil...