Select Academic Year:     2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021
Professor
IVAN BLECIC (Tit.)
Period
Second Semester 
Teaching style
Convenzionale 
Lingua Insegnamento
ITALIANO 



Informazioni aggiuntive

Course Curriculum CFU Length(h)
[80/71]  ARCHITECTURAL SCIENCE [71/00 - Ord. 2017]  PERCORSO COMUNE 5 50
[70/80]  CIVIL ENGINEERING [80/35 - Ord. 2013]  PROGETTAZIONE SOSTENIBILE DELLE COSTRUZIONI EDILI 6 60

Objectives

The main purpose of this course is to provide students with an understanding of the principles and methods of real estate appraisal. It is structured to provide them the conceptual thinking and skills to approach property valuation . Moreover, it consists of frontal lectures related to the following main topics: history of the value theory and land economics, RE market cycles, principles of real estate appraisal, direct comparison and analytical approaches, direct capitalization, market value approach, cost value, synergistic value and transformation value.

Prerequisites

Knowledge and skills typical of an introductory course of mathematical analysis are required.

Contents

The course is divided in two parts, offering a series of lectures on the following topics.


PART I. INTRODUCTION TO MICROECONOMICS AND TO URBAN AND REGIONAL ECONOMICS

Consumer behaviour. Theory of the firm. Market demand and supply. Main market structures. Features of the real-estate market.
Theories of land and urban rent. Geographical economics of urban organisation and of urban structures.


PART II. THEORY AND METHODS OF REAL-ESTATE APPRAISAL

THE PRINCIPLES OF REAL-ESTATE APPRAISAL
Fundamental principles of real-estate appraisal. Assumptions of objectivity and ordinary value.

APPRAISAL METHODOLOGY
The method of comparison. Taxonomy of appraisal methods. Direct and indirect appraisal methods.

MARKET VALUE
Assumptions and operational methods. Data sources. The processes of value formation on the real-estate market. Direct methods and relevant factors for value formation. Indirect approach with the application of of capitalisation rates.

COST VALUE
Production costs and the structure of technical building costs. Synthetic and analytic methods for building costs estimation. Introduction to bill of quantities. Planning fees. The temporal evolution of costs in the building industry. Introduction to cost & revenue analysis.

SYNERGISTIC/ASSEMBLAGE/PLOTTAGE VALUE
The principle of complementary goods. Predial servitude. Eminent domain and valuation of compensation.

TRANSFORMATION VALUE
Building land and the valuation of its value. Applicability of transformation value method. Possible transformations of buildings.

INTERNATIONAL VALUATION STANDARDS

Teaching Methods

The course is predominantly organised in a series of lectures.
The last 6 hours will be dedicated to the presentation of case studies and to the valuation exercise the students need to develop.

During the Covid-19 emergency, lessons can take place in presence and online.

Verification of learning

Student assessment will be accomplished through a written exam. The student have to demonstrate his or her knowledge and familiarity with the topics presented during the lectures.
Furthermore, for the final grade, the evaluation will consider the practical exercise of application of appraisal methods to a case-study.

Texts

READINGS / BIBLIOGRAPHY

= Krugman P., Wells R. (2013), Microeconomia, Zanichelli, Bologna;

Original English edition also available.

Chapters:

- Principi fondamentali
- I modelli economici: trade-off e scambio [solo leggere per comprensione]
- Domanda e offerta
- Il surplus del consumatore e del produttore
- Controlli dei prezzi e della quantità: interferire coi mercati
- L'elasticità
- Il processo decisionale degli individui e delle imprese
- Il consumatore razionale (con appendice: preferenze e scelta del consumatore)
- Dietro le curva di offerta [solo leggere per comprensione]
- La concorrenza perfetta e la curva di offerta
- Il monopolio
- L'oligopolio
- Concorrenza monopolistica e differenziazione del prodotto
- Beni pubblici e risorse comuni


= Roscelli R. (a cura di) (2014), Manuale di Estimo, Utet, Torino
(ad esclusioni dei seguenti capitoli: 4 - Risvolti estimativi indotti dal processo di armonizzazione contabile avviato a livello internazionale; 5 - Le valutazioni di fattibilità; 6 - Le valutazioni ambientali strategiche e la V.I.A., 7 - Economia ed estimo dei beni culturali e ambientali)

More Information

The course uses a shared online space on the university's elearning platform (elearning.unica.it), for announcements, interaction, exchange of materials and general support for the course activities.

Questionnaire and social

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