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  • Pierluigi Morano
Pierluigi Morano

Pierluigi Morano
Politecnico di Bari | Poliba · Dipartimento di Ingegneria Civile, Ambientale, del Territorio, Edile e di Chimica

PhD (Investment Valuation), European Master (Property Valuation)

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149
Publications
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1,265
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Publications

Publications (149)
Article
Full-text available
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...
Chapter
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...
Article
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...
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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...
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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...
Article
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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...
Article
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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...
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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...
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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...
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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...
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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...
Article
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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...
Article
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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...
Article
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...
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The International Energy Agency (2019) states 40% of CO2 emissions in cities are linked to the buildings stock, in particular to heating and cooling systems, material types and users’ performance. According to Green New Deal, the energy transition of buildings is becoming a priority. This is via investments with low environmental impacts through re...
Article
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The insufficiency of public resources in Europe, which increased due to the debt crisis of 2010, has raised the need for combined financing forms to activate urban settlement transformation processes. Among these is the partial recapture of surplus value generated by interventions that derogate from urban planning tools as a regulation form of the...
Chapter
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...
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With reference to a study sample related to the city of Milan (Northern Italy), the present research intends to identify the impact of the most influencing factors on the residential rents. In particular, in the analysis two hundred and twenty housing properties rented in the second half of 2019 have been collected and the most relevant intrinsic a...
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This paper proposes a logical-deductive model for the estimate of forced sale value, in support of individuals involved in real estate auctions. This value is estimated by starting from market value, considering an appropriate discount/premium coefficient which, due to obtainable yields and associated risk, guarantees transaction admissibility for...
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The establishment of real estate funds has made it possible to attract greater local and foreign capital in the context of the enhancement and reuse of the Italian public real estate assets. The process of optimal allocation of the financial resources available in a real estate portfolio, however, is often opaque and linked to multiple factors. The...
Chapter
In the present research the risks matrix related to a transformation intervention to be carried out through the Project Financing (PF) operational tool, has been developed. With reference to the expansion and management of the cemetery of a small town located in Southern Italy, the identification and allocation of the risks among the parties involv...
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The worrying levels of land take and insufficient ecosystem services related to phenomena of uncontrolled urban expansion in the cities force many countries far away from achieving Sustainable Development Goals of Agenda 2030. It is necessary to promote strategies which lead to effective and efficient measures in the perspective of sustainable deve...
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The present study is part of a wider research line focused on the analysis of the effects caused by the pandemic of the Coronavirus disease (Covid-19) on the Italian residential property market. The paper aims to propose a methodology for the assessment of the effects of this abnormal event on the housing price mechanisms. The research could be an...
Article
The establishment of the “extraordinary urbanization contribution” with Law no. 165 of 2014 requires regulating the division between public and private of the capital gains achievable from interventions on urban areas or buildings as variant or in derogation of the regulatory instruments in force. The “free interpretation” of the aforementioned dir...
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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,...
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Among environmental factors, noise represents one of the most relevant determinants on human health and on the urban quality level and, consequently, on real estate values. Thus, the noise pollution issue plays a significant role in public urban policies aimed at increasing the acoustic comfort level and creating more sustainable and comfortable ci...
Article
From the 21st century to the present(2021), a worldwide awareness that cities’ development must be based on projects for socio-economic growth and environmental protection is increasing. World governmental agencies and the European Union have suggested action strategies for the construction of «prototype cities» whose value must be founded on the i...
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Green areas in urban agglomerations are strategic resource for the sustainable city development. The implementation of Urban Forestry Projects (UFP) allows on the one hand to raise the environmental quality level, improving the microclimate and preserving biodiversity, on the other hand to promote urban regeneration and promote socio-economic devel...
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The present research is focalized on public-private partnership (PPP) procedures as a driving force of urban sustainable development. The paper intends to point out the relevant role played by the public administrations in the implementation of these mechanisms aimed at degraded urban area renovation, public property assets enhancement, or ex novo...
Article
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The design of a natural park is generated by the need to protect and organize, for conservation and/or for balanced growth, parts of the territory that are of particular interest for the quality of the natural and historical–cultural heritage. The necessary tool to support the decision-making process in the design of a natural park are the financia...
Chapter
In 2017 the European AVM Alliance emphasized the importance of Automated Valuation Methods, to be used to assess market values and/or to monitor the evolution of property prices. This last aspect has acquired a particular cogency for market operators (sellers, buyers, investors, etc.) over time, in order, on the one hand, to make reliable valuation...
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Following the approval of the Basel capital adequacy framework, the credit institutions had to adapt their skills to determine regulatory capital. In this regard, the methodologies defined by the Third Basel Accord [2] have some limits concerning the subjectivity of some aspects and the complexity of the valuation models, especially for the smaller...
Chapter
The paper aims to discuss the new typology of the Rent to Buy contract from an appraisal perspective. Starting from the analysis of the contractual typologies alternative to the traditional property sale, the paper analyzes the Rent to Buy formula, with particular reference to the definition of the Discounted Cash Flow terms. The study prefigures t...
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Even if the mortgage lending value is not included among the bases of valuation recognized by the International Valuation Standards, the consequences of the global financial crisis have pointed out the peremptoriness for the banking institutions to adopt, in the transactions that involve properties as credit exposure guarantees, sustainable value j...
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Environmental health studies are a really central topic in the debate about territorial development.
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With reference to the urban redevelopment interventions carried out through the Public Private Partnership procedure, the present research aims at testing a model able to quickly evaluate the convenience of the parties involved (private investors and Public Administrations). The model has been applied to three urban transformation initiatives to be...
Book
This book features a selection of the best papers presented at two recent conferences organized by the SIEV (Italian Society of Appraisal and Valuation). Taking into account the current need for evaluative skills in order to make effective and sustainable investments, it highlights the multidisciplinary role of valuation, which opens the door for i...
Article
The evaluation of the effects that an urban interventiongenerates on the area in which it is realized, and moregenerally on the city-system, plays a central role in thedefinition of its effectiveness, as it measures the effectsthat may derive from its implementation in terms of im-proving the quality level of the natural and built envi-ronment. The...
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The present research concerns the procedures of concessions for the improvement and exploitation of public property assets. We propose a model that helps to define the optimal combination of novel uses in public properties. This model is an answer to the need for effective strategies to find new functions for disused buildings or abandoned areas. T...
Chapter
The sustainable development of cities, by focusing on abandoned or degraded areas, represent the key driver that is able to remedy to damages that are produced by uncontrolled urban growth. The aim of the work is to highlight usefulness of the Cost-Revenue Analysis (CRA) in decision-making process concerning the enhancement of a military complex lo...
Chapter
The Public-Private Partnership is also used, at international level, to carry out interventions in urban variant on areas or buildings that, by enhancing the value of (private) real estate properties, guarantee an economic return for the local community through an extraordinary contribution of urbanization (ECU) paid to the Administration by the pr...
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Despite the widespread opinion that the traditional finance is exclusively interested in the monetary return, in the last ten years this sector has been affected by a contamination of the public principles related to the social impacts. The global development and the spread of “win-win” financial instruments such as the Social Impact Bonds (SIBs) o...
Chapter
In the present research the effects of urban transformation projects on the housing prices have been analyzed. With reference to a redevelopment initiative in the peripheral area of the city of Bari (Southern Italy), the study has been carried out on a sample of two hundred residential properties, sold in the period 2017–2019 and located in the per...
Article
Full-text available
With reference to the European goals concerning the noise pollution control, the present research aims at verifying the existence and, eventually, determining the influence level of the acoustic component on the selling prices in the residential segment. The analysis has been contextualized to the city of Bari (Southern Italy) and the study sample...
Article
Full-text available
In the marginal areas of the Alps, there is a huge built heritage expressed by local communities, resulting in an architectural model that is sustainable in terms of its material use, resource exploitation, and landscape coherence. Although buildings in these small settlements have been largely protected from transformation, currently this heritage...
Article
Purpose The present research aims to develop and test an evaluation support model for decisions alert soil surface saving to be used in the redevelopment of abandoned and degraded properties through involvement of private developers. Design/methodology/approach Adapting operations research principles to the public–private partnership features that...
Article
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The financial transmission of the USA's housing price bubble has highlighted the inadequacy of the valuation methods adopted by the credit institutions, due to their static nature and inability to understand complex socio-economic dynamics and their related effects on the real estate market. The present research deals with the current issue of usin...
Article
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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...
Article
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In the present research the financial convenience of refurbishment investments concerning residential properties located in the Italian territory was analyzed. The study aimed at determining the unit profit range for a potential investor deriving from the refurbishment of residential properties and contextualizing the analysis to the Italian provin...
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It is recognized, in Europe and elsewhere, that there is a need to implement sustainable urban intervention policies based also on the recovery of existing public real estate assets. In Italy, the schools are a significant part of public property. At this time (2019), many buildings destined for teaching need to be redeveloped, both from a structur...
Chapter
With reference to the current topic of the energy efficiency of residential properties, the aim of this research is to analyze the contribution of the energy performance component on the housing prices. The study has been carried out on a sample of two hundred residential properties recently sold and located in the city of Bari (Italy). In addition...
Chapter
In the world the cities development must take place through urban sustainable interventions. This aims at promoting city economic growth, protecting citizens health and safeguarding natural and environmental components. In this perspective, forestry initiatives, raise the environmental, social and cultural quality level, as well as the income capac...
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In the paper an analysis of functional correlations of property prices with the main locational and socio-economic variables, which generally contribute to define the market value of properties, has been developed. Locational characteristics are represented by the surfaces of soil used for the main functions, borrowing the logic of the system of cl...
Article
Purpose In this research a model for the rationalization of the assessment in a rent to buy contract has been proposed, in order to contextualize the economic amounts involved in the negotiation according to the specific market risk of the area where the property is located. The paper aims to discuss this issue. Design/methodology/approach The mod...
Article
Full-text available
Purpose The purpose of this paper is to develop an innovative model that can be included within the market approach methods for property valuations. The algorithm takes into account the frequent high level of dissimilarity of the comparables selected for the assessment, thus providing for the use of appropriate similarity and reliability coefficien...
Article
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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–...
Article
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The technological components regarding building cladding are designed for ensuring thermo-hygrometric comfort conditions within habitable spaces and realising smart buildings. Often the solutions adopted are identified referring only to the characteristics of mechanical and energy materials without considering the ecological–environmental propertie...
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Among the market oriented appraisal methods, an interesting possibility is represented by the application of the Appraisal System Approach, whose reliability is linked to the availability of an adequate number of comparison data needful to allow the mathematical resolution of the system itself.
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The extreme volatility that has characterized the real estate market in recent years constitutes an important issue for researchers and experts, stimulating the development and the test of evaluation models able to predict future trends and to monitor the consequences of scenario evolutions that are different from those initially expected. With ref...
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Although the presence of an urban green areas seems to be an important factor in housing decisions, there are few empirical research on the incidence of different types of urban green spaces on housing prices. With reference to a study sample of apartments located in the Flaminio district of the city of Rome (Italy), an innovative data-driven techn...
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The cogency of evaluation models able to predict future trends and to monitor the consequences of scenarios different from those initially expected has been determining a growing scientific interest for the development of financial sustainability methods. With reference to quarterly time series collected for the metropolitan area of five Spanish ci...