Francesco Tajani

• Professor (Associate) at Sapienza University of Rome

The aim of this study is to provide a thorough assessment of the sustainability indicators employed to support the changes related to the United Nations Sustainable Development Goal 11, which seeks to make cities and human settlements inclusive, safe, resilient, and sustainable. A selection of scientific articles published from 2013 to 2022 has bee...

The territorial production system demand innovation and adaptability to provide the majority of decisions, especially when splitting up available resources among productive sectors by the lens of sustainable development. The system's economic units evolve in dimensional profile, technical execution, and management of productive process to approach...

Urban development is increasingly scrutinized for its sustainability from an economic, social, and environmental viewpoint. This study emphasizes how important indicators are in capturing the complexity of urban settings when assessing urban landscapes and making sure that comprehensive development plans incorporate all these aspects. The work aim...

The pressing need to successfully integrate non-financial assets (social, environmental) into consolidated economic-financial analysis operations motivates the scientific community in general to seek operational strategies to help with this effort. The broad field of sustainable finance is characterized by increasingly difficult-to-account for Envi...

The change in the sustainability assessment paradigm based on the ESG pillars requires a fundamental methodological-operational change, promoting the search and definition of taxonomies, criteria and standardized performance indicators that support generally accepted ESG impact assessment practices. As of today (2023), there is a heterogeneity of t...

The present research aims at identifying any changes in the market appreciations of the residential segment in Italy caused by the COVID-19 pandemic. With reference to the first half of 2023 (phase III, “post-COVID-19”), in the paper, a logical–operational methodology is implemented: a sample of properties sold in the two-month period January–Febru...

Purpose The goal is to deliver a decision-support framework to both public and private entities engaged in energy retrofit investments in the property market. Design/methodology/approach The evaluation algorithm that is being offered takes an innovative approach to financial and economic analysis. Its foundation is a market-driven/cost-driven meth...

The Conference aims to provide a space for reflection and debate on the dissemination of knowledge and innovations related to the most advanced real estate valuation methodologies, applied in the fields of architecture, civil, building, and environmental engineering, as well as the current tools to guide decision-making processes in sustainable urb...

In a global context, the identification of frameworks and assessment tools for achieving sustainable development requires the study of urban sustainability at different scales. While sustainability can be quantified more precisely on a larger scale, it is challenging to adapt these accounting techniques to smaller sites. Measuring becomes more chal...

The urban policies for the sustainable development of the territories are focused on the definition of effective regeneration projects. Within the design and ideas competitions, the evaluation of the proposals constitutes a crucial step in the decision‐making processes. During the last decades, the participatory approach has played a central role f...

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...

With the financialization of the real estate market, the application of the income approach through the Discounted Cash Flow Analysis (DCFA) for estimating the market value has significantly increased. In this income approach method, the Discount Rate (DR) is one of the factors that decisively affects the result. Despite the several procedures prop...

In twenty-first century university education, transversal competencies have become essential in study plans, focusing on the development of fundamental skills for employability. This article addresses the concept of collaborative learning within an experience of teaching innovation implemented in a subject that recognizes professional competencies....

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...

In the present research the analysis of the financial feasibility of a Public Private Partnership (PPP) intervention, related to the enhancement and management of a social housing complex, has been carried out. With reference to the redevelopment initiative of Torrevecchia area located on the western periphery of the city of Rome (Italy), the Disco...

This paper intends to examine the property market structure, taking into account the effects determined by the 2007 financial crisis, that has hit the real estate sector producing both the multiplication and fragmentation of the supply and a progressive reduction in the demand. Starting from an examination of the market structures that typically de...

In light of the growing demand for sustainability in the construction sector and real estate market, the European Community (EC) has recently begun incentivizing renovations of private and public European buildings. This aligns with the EC’s aim to reduce harmful emissions by 55% by 2030 compared to 1990 levels, and to achieve complete decarbonizat...

The paper aims to provide a decision-support model to ensure a proper use of the limited resources, financial and not, for the enhancement of the cultural heritage and comprehensive development of small towns from sustainable perspective. The assessment model is set up using a multi-criteria method that combines elements of linear planning with a...

Within a context in which temperatures are increasing due to global warming, it is important to assess the capacity of buildings, old and modern, to respond to this new situation. Recent studies have highlighted the importance of understanding more about the thermal properties of traditional constructions. This study quantifies the impact of the hi...

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 use of the public State-owned lands for privately managed bathing establishments involves the payment of a properly agreed concession fee and the definition of its duration. On these aspects, Italy appears not to be in line with the current European legislation and therefore an update of the current legal provisions presupposes an investigation...

European directives on sustainable finance identify binding guidelines in investment planning for the decarbonization of the real estate sector. The Sustainable Finance Disclosure Regulation regularizes the methods of economic evaluation of projects by identifying the pillars Environmental (E), Social (S) and Governance (G) as thematic reference st...

Instead of the well-known three-pillar model of economic, social, and environmental sustainability, the shift in valuation paradigm to the sustainable realm needs a fundamental methodological and operational modification, with a focus on determining and describing metrics, criteria, and performance indicators that can be used to support Environment...

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...

The real estate market constitutes one of the major sectors that was influenced by the COVID-19 pandemic. It is therefore useful to understand the ways in which COVID-19 has changed the dynamics of the real estate market, establishing new trends in different market segments. The health crisis has upset the consolidated “human normality” by spreadin...

In the field of urban transformation interventions, the “privatization” of the potential indirect benefits is a crucial issue. In fact, if not adequately recaptured and managed they can favor the private developers or owners by reducing the share of acquirable public resources intended for the realization of new infrastructures and services. For th...

Equality of opportunity for all people, regardless of their abilities, is a fundamental principle in contemporary society. This includes the ability to use any object, service, or environment. The analysis of universal accessibility in the built environment is a requirement to achieve the full inclusion of society as a whole, both in the urban and...

With reference to the urban regeneration interventions issue, in the present research an innovative model for the ex-ante financial verification of the projects is proposed. The model starts from the logic underlying the Break-Even Analysis (BEA) and modifies some of its starting hypotheses that in specific situations are inconsistent with the real...

The benefits generated by the urban transformation interventions can often favour the private property owners or developers by increasing their gains (effective or potential) and therefore reducing the acquirable resources for the public city’s construction. However, due to the requirements of achieving the sustainable development targets establish...

With reference to the growing need of recovery and functional reconversion of abandoned industrial sites located in urban areas, the present research intends to highlight the significance of using valid evaluation models for supporting the public subjects and private investors’ choices processes. In particular, in the paper a model to assess the fi...

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...

The aim of the present research is to highlight the central role of the usufruct right in the context of property valuations, in particular with reference to the need of supporting the Public Administration (PA) in the proper definition of effective strategies in order to achieve its real estate objectives while containing financial exposure. Often...

In the context of the maintenance of urban and extra-urban road infrastructures, the need to support Public Administrations in the selection of technological solutions able to, on one hand, pursue compliance with i) environmental issue, ii) urban planning and iii) protection of cultural and landscape heritage regulations, and, on the other hand, to...

In the perspective of a sustainable development of the urban territory, the aim of this research is to define a methodology for the characterization of a brownfield inventory, accessible by the government and the private investors to facilitate decision making, by reaching the needed information upon land capability, development incentives, public...

The present research concerns the relevant and current issue of the urban regeneration. In particular, a methodological approach for the identification of the areas - included in a city district or a larger macro-area - for which a higher urgency of urban redevelopment is detected, is developed. The proposed methodology intends to support the defin...

Using mass appraisal techniques has become strategically important in case of plans property assets, investments in technical and economic renewals, alienation of structures no longer suitable for public needs. Multiple operators implement mass appraisal procedures for residential properties. The UTility Additive (UTA) approach for mass residential...

The need to define effective interventions for the urban sustainable development goals is always growing and recognized by the central governments. In the current economic situation, the adequate use of EU-funds for the investments to be carried out on the territory requires a targeted and valid implementation of the economic evaluations of the pro...

Urban project evaluation methods frequently rely on the assessment of costs and benefits that are directly tied to monetary measurement. They do not account for the additional advantages to society and economy that ecosystems, depending on their conditions and in response to rising community need, might provide. What might therefore be developed to...

Projects carried out under Public-Private Partnership (PPP) forms are increasingly being used for construction, new infrastructure implementation, urban redevelopment operations and more general land interventions. PPP projects, due to their complexity, are characterized by risks that undermine their success, for this reason risk assessment models...

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 goal of this Special Issue is to collect papers (original research articles and review papers) to give insights on the assessment and evaluation frameworks concerning the risks of economic-financial, social, health and environmental issues generated by land consumption or industrial and production activities in the urban environment where both...

Purpose The European Commission has established the reference value of the social discount rate (SDR) to be used in the cost-benefit analysis according to the subdivision of the states relating to the beneficiaries of the Cohesion Fund. This criterion does not allow to adequately consider the economic, social and environmental conditions of each Eu...

This Special Issue will focus on innovative frameworks for financing and maintaining forests in cities, industrial areas, the urban–rural interface, commercial sites, degraded lands, and brownfields. Particularly, this Special Issue seeks to integrate research, techniques, and tools to investigate the impact of investments on ecosystems and the rel...

With reference to brownfield sites redevelopment interventions, an innovative model for the definition of effective and financially sustainable initiatives is proposed and tested. The model borrows the operative logic of the break-even analysis (BEA). It neglects the basic assumption of BEA related to revenue linearity, by considering the real tren...

The development and management models of land use—both natural and man-made—and infrastructures, in order to be considered sustainable, must guarantee the inhabitants of the area the satisfaction of their vital needs in a way that can also continue to be implemented in the future, without conflicting with the limited availability of natural resourc...

The real estate redevelopment process is an important route for achieving the sustainable development goals established worldwide, but at the same time it represents a complex and not very transparent decision-making issue for the public and private subjects involved. In particular, for the private entrepreneurs it is generally considered more risk...

The issue of sustainability is central to development strategies. Although this alignment is acknowledged and shared world-wide, territorial development in a sustainable light must also take the ongoing COVID-19 pandemic into consideration, specifically by evaluating the effects of COVID-19 on the global health, social order, and economic-environme...

With reference to the current focus on urban redevelopment issue, the evaluation of the projects plays a central role for the definition of effective urban development policies. In the present research, a logical-deductive model for the identification of “warning areas” is proposed. Given an urban area to be renovated, the developed methodological...

The sustainability has a central role in the urban policies of cities in Europe and worldwide. The United Nations, Europe and Member States suggest guidelines to make cities and human settlements more inclusive, safe, resilient and sustainable. The European Commission upholds initiatives aimed at improving the city’s resilient status and the migran...

Policies of environmental redevelopment and urban regeneration, actions for social and multicultural integration, the growing attention to “green” or high energy performance buildings, the need to rethink buildings in “smart” mode due to pandemic emergencies on a global level, all these aspects require to assess the impact of choices about maintena...

With reference to the National Recovery and Resilience Plan (NRRP), the financial budget provided for a specific project constitutes a fundamental constraint to be taken into account in the selection phase of the initiatives to be carried out. In the present research, a methodological approach based on an optimization algorithm that allows one to m...

In view of the uncontrolled cities urbanization, climate change and, last but not least, the pandemic crisis from COVID-19, there is the need to implement intervention practices at the territorial scale by an integrated sustainable approach. This to consolidate the different aspects of the design system made by interacting elements in the respect o...

The economic convenience of urban transformation interventions carried out as derogation of existing urban planning instruments is subject to the determination of the “higher value” generated by the urban planning variant. Aim of the work consists in the development and testing of a procedural protocol for supporting the municipal administrations f...

The Covid-19 pandemic has caused numerous variations in the global economies with repercussions in all sectors. Once the emergency phase has finished, the entire worldwide population has changed its lifestyle and has had to adapt to live with the pandemic. In particular, the several modifications that have occurred in the job market and in schools...

With reference to a study sample related to eleven countries (Australia, Canada, Denmark, Germany, Iceland, Ireland, Italy, New Zealand, Norway, Sweden and United Kingdom), the present work intends to identify the impact of specific factors on the sustainability of the construction sector through the definition of a composite index. In particular,...

The projects for cities’ development must comply with multiple instances defined according to the sustainability dimensions, i.e. economic, social and environmental ones. Even in the light of the most demanding international governmental and other current provisions for climate-change adaptation, initiatives of public and/or private interest must b...

The multiple features of the urban systems require actions designed according to integrated logics. In line to current European dispositions on ecological transition and digital innovation, worldwide attention is focused on the programming-planning interventions in view of intergenerational equity. The valorization of existing built-natural environ...

With reference to the redevelopment of brownfields areas, in the present research a non-linear model aimed at assessing the conveniences of regeneration initiatives of the parties involved has been proposed. The model is part of the assessment methods aimed at verifying the financial feasibility of an urban redevelopment intervention carried out th...

SHARE LINK: https://authors.elsevier.com/a/1fepn4ckJEyP18 The enhancement of historical, artistic and cultural assets is a topic of significant interest in the international and national context within the policies able to reduce the land take. However, it often happens that the full conservation and enhancement of the cultural heritage site is hin...

Accidents at work represent, globally, a significant social and business cost for all production processes and working sectors. With a view to achieve the Sustainability Goals shared in the 2030 Agenda, it is necessary to design tools that can analyze and monitor the costs related to the accidents phenomenon, to support the Public Administration in...

The economic crisis generated by the current Covid-19 has scratched many of the certainties consolidated in the past, highlighting the fragility of the economic system and the need for a more efficient management of the investments. Extreme events, whether environmental, social, health and economic, trigger off shocks to which it is necessary to pr...

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...

The increase in the frequency and intensity through which natural disasters have hit cities in the last twenty years has created the need to prefigure a model of sustainable urban development not only consistent with the goals promoted by the Agenda 2030, but also efficient in the regulation of the main cause of the natural disasters: consumption o...

Production and consumption activities have determined a weakness of the sustainable real estate economy [...]

During the last decades, the public investments have very often determined “white elephants” whose initial costs have increased during construction phase and, at the end of project realization, the necessary financial resources for the operation of the investment have not been available. Starting from these bankruptcy initiatives, different techniq...

The present research has focused on the development and experimentation of a model for the forced sale value determination. With reference to six study samples consisting of residential properties sold through judicial auctions between November 2020 and May 2021 and each of them located in an Italian region, the forced sale price, the market value...

In recent decades, the issue of existing buildings’ energy retrofit has played a central role in the context of international and national territorial development policies, mainly due to the obsolescence state that characterizes the housing stock. Since the current need for energy renovation collides with the widespread low spending capacity of the...

The assessment of sustainability—in its three meanings: economic, social, and environmental ones—needs to be supported by specific econometric and statistical methodologies in order to be properly considered in policymaking processes. In the current literature the use of specific indices, capable of summarizing the three fields of sustainability, i...

With reference to the Italian context, the present research intends to analyze the functional relationships between the unit cost of restructuring and the selling prices in the residential segment. The analysis has been contextualized to the three clusters (Northern Italy, Central Italy, Southern Italy and Islands) in which the Italian territory is...

In the current historical moment of post-crisis recovery, the real estate sector has a dual role: i) through the construction industry and its impacts on related economic sectors, it is called upon to be an active part of the economic recovery; ii) the enhancement of existing property assets is of primary importance in the containment of greenhouse...

With reference to real estate auctions activated in the context of judicial procedures (bankruptcy and/or executive), this work develops and tests a logical operating model for the assessment of the forced sale value. This is determined from the market value of the asset by applying an appropriate discount (or premium) coefficient based on the pote...

The widespread uncertainty that characterizes the current world economic situation has also influenced the real estate market, leading investors towards generally lower risk profiles and more stable returns. However, in the absence of adequate skills, it is difficult to carefully manage the main risks factors which occur during the decision-making...

Since the current need to renovate the existing residential asset, especially in Italy numerous fiscal measures have been promoted in order to encourage the buildings energy improvement initiatives. Among the incentive policies for the energy requalification, the Italian “Relaunch” Law Decree No. 34/2020 has introduced a fiscal deduction equal to 1...

Several methods and operational tools for assessing the sustainability and corresponding aspects can be identified in the current literature. At international level, the use of synthetic indices is clearly established through analytical indicators capable of expressing multiple aspects from an economic, social and environmental perspective. By a li...

In order to support the decision-making process related to the reduction of land consumption into the urban regeneration interventions, the present research has the aim to define and propose a goal programming-based model that can be adopted for the negotiation phases of public and private subjects involved. In particular, the proposed model can pr...

In the last decades, some global events such as the economic crisis of 2008 and the COVID-19 emergency of 2020, have generated more attention towards the housing rental market and its capacity to meet several social needs. In order to study the existent demand for houses, then define the interventions on the residential assets to make them more aff...

Due to the forced changes that the COVID-19 pandemic has had in many aspects of ordinary life (working, social life, training and learning in schools etc.), the characteristics of domestic spaces have significantly modified buying, selling and renting decisions in the real estate market. The aim of this research was to structure a methodology, arti...

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 second post world-war period has been widely characterized by urbanization phenomena related to the urban rent formation dynamics. The scarcity of public financial resources and the growing privatization of the benefits generated by several territorial initiatives have highlighted the need for negotiation tools capable of ensuring a fair redist...