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Special Issue "Real Estate Economics, Management and Investments"

A special issue of Sustainability (ISSN 2071-1050).

Deadline for manuscript submissions: 30 June 2018

Special Issue Editors

Guest Editor
Prof. Pierfrancesco De Paola

Department of Industrial Engineering, Univeristy of Naples “Federico II”, Piazzale Vincenzo Tecchio 80, 80125 Napoli, Italy
Website | E-Mail
Interests: econometric models; mass appraisal; real estate market; risk management; urban and real estate economics; real estate investments; building management; economic valuation of real estate investment projects; environmental economics; transport economics; sustainability; knowledge management; corporate valuation
Guest Editor
Prof. Vincenzo Del Giudice

Department of Industrial Engineering, Univeristy of Naples “Federico II”, Piazzale Vincenzo Tecchio 80, 80125 Napoli, Italy
Website | E-Mail
Interests: econometric models; mass appraisal; real estate market; risk management; urban and real estate economics; real estate investments; building management; economic valuation of real estate investment projects; environmental economics; transport economics; sustainability; knowledge management; corporate valuation

Special Issue Information

Dear Colleagues,

The current difficult situation of production and consumption activities has also determined a weakness of real estate economy. The main problems are the subordination of public decision-making, which is subjected to pressure from big companies, inefficient appraisal procedures, excessive use to financial leverage in investment projects, the atypical nature of markets, income positions in urban transformations, and the financialization of real estate markets with widespread negative effects.

A delicate role in these complex problems is assigned to real estate appraisal activities, called to make value judgments on real estate goods and investment projects, of which prices are often formed in atypical real estate markets.

Recently, theoretical and empirical research on real estate has seen a great expansion, especially using the paradigms and methodologies of finance and economics.

The Special Issue is dedicated, but not only limited, to developing and disseminating knowledge related to most recent real estate evaluation methodologies applied in the fields of architecture and civil, building, and environmental and territorial engineering. Suitable works include studies on econometric models, building management, building costs, risk management and real estate appraisal, mass appraisal methods applied to real estate properties, urban and land economics, transport economics, the application of economics and financial techniques to real estate markets, the economic valuation of real estate investment projects, and the economic effects of building transformations or projects on the environment.

Prof.  Pierfrancesco De Paola
Prof. Vincenzo Del Giudice
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • building management
  • building costs
  • mass appraisal methods
  • econometric models
  • real estate risk management
  • economic valuation of real estate investment projects
  • real estate market
  • property
  • social housing
  • urban economics
  • land
  • transport economics
  • real estate economics
  • real estate finance
  • building transformations and economic effects on environment
  • projects and economic effects on environment

Published Papers (4 papers)

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Research

Open AccessArticle A Methodology for the Selection of Multi-Criteria Decision Analysis Methods in Real Estate and Land Management Processes
Sustainability 2018, 10(2), 507; doi:10.3390/su10020507
Received: 15 December 2017 / Revised: 9 February 2018 / Accepted: 10 February 2018 / Published: 13 February 2018
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Abstract
Real estate and land management are characterised by a complex, elaborate combination of technical, regulatory and governmental factors. In Europe, Public Administrators must address the complex decision-making problems that need to be resolved, while also acting in consideration of the expectations of the
[...] Read more.
Real estate and land management are characterised by a complex, elaborate combination of technical, regulatory and governmental factors. In Europe, Public Administrators must address the complex decision-making problems that need to be resolved, while also acting in consideration of the expectations of the different stakeholders involved in settlement transformation. In complex situations (e.g., with different aspects to be considered and multilevel actors involved), decision-making processes are often used to solve multidisciplinary and multidimensional analyses, which support the choices of those who are making the decision. Multi-Criteria Decision Analysis (MCDA) methods are included among the examination and evaluation techniques considered useful by the European Community. Such analyses and techniques are performed using methods, which aim to reach a synthesis of the various forms of input data needed to define decision-making problems of a similar complexity. Thus, one or more of the conclusions reached allow for informed, well thought-out, strategic decisions. According to the technical literature on MCDA, numerous methods are applicable in different decision-making situations, however, advice for selecting the most appropriate for the specific field of application and problem have not been thoroughly investigated. In land and real estate management, numerous queries regarding evaluations often arise. In brief, the objective of this paper is to outline a procedure with which to select the method best suited to the specific queries of evaluation, which commonly arise while addressing decision-making problems. In particular issues of land and real estate management, representing the so-called “settlement sector”. The procedure will follow a theoretical-methodological approach by formulating a taxonomy of the endogenous and exogenous variables of the multi-criteria analysis methods. Full article
(This article belongs to the Special Issue Real Estate Economics, Management and Investments)
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Open AccessArticle Immigration and the Housing Market: The Case of Castel Volturno, in Campania Region, Italy
Sustainability 2018, 10(2), 343; doi:10.3390/su10020343
Received: 16 December 2017 / Revised: 24 January 2018 / Accepted: 26 January 2018 / Published: 29 January 2018
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Abstract
According to Eurostat, Italy is the fifth country of the European Union per immigrant population. The complexity of the phenomenon, as it has evolved in recent years, leads to analyzing it from a specific point of view, that of the real estate market.
[...] Read more.
According to Eurostat, Italy is the fifth country of the European Union per immigrant population. The complexity of the phenomenon, as it has evolved in recent years, leads to analyzing it from a specific point of view, that of the real estate market. The article represents the early stage of research on the housing condition of the immigrant population in the Southern Italy and its effect on the housing market. First, we describe the spatial segregation phenomenon affecting the immigrant population in Campania Region; then we analyze data of the municipality of Castel Volturno, which has one of the greater migratory pressure throughout the whole region. We provide statistical regressions correlating housing prices and socio-economic features from 2006 to 2016. The results confirm the findings of the current literature on the subject: there is a specific phenomenon associated with the presence of an immigrant population residing in conjunction with a reduction of housing prices. Full article
(This article belongs to the Special Issue Real Estate Economics, Management and Investments)
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Open AccessArticle Have Housing Prices Gone with the Smelly Wind? Big Data Analysis on Landfill in Hong Kong
Sustainability 2018, 10(2), 341; doi:10.3390/su10020341
Received: 9 November 2017 / Revised: 16 January 2018 / Accepted: 24 January 2018 / Published: 29 January 2018
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Abstract
Unlike many other places around the globe, Hong Kong is a small city with a high population density. Some housing units are built near the sources of an externality, such as a landfill site. As the blocks of buildings are particularly tall, many
[...] Read more.
Unlike many other places around the globe, Hong Kong is a small city with a high population density. Some housing units are built near the sources of an externality, such as a landfill site. As the blocks of buildings are particularly tall, many are walled buildings that block the bad odor from the landfill. Thus, the wind blowing from a landfill site may not affect the entire building estate. Some buildings are more heavily affected than others, partly because walled buildings built near landfills are rare. Only a few studies currently examine the correlation between wind direction and the prices of walled buildings. In this paper, we aim to bridge this research gap by illustrating Hong Kong as a case study. Most previous research studies only examine a few factors affecting housing prices. Modern big data is characterized by its large volume of data, which includes various types of data that analysts would not necessarily sample, but instead merely observe to track what happens. Therefore, another innovative point of our paper, is that we adopt a big data approach to study this issue. In this aspect, this paper is the first of its kind. There are 53,071 observations in the 1999 to 2014 dataset, with 2,175,911 data entries. Our results reflect that when more municipal solid waste is sent to the South East New Territories Landfill, residents’ complaints in Tseung Kwan O increase. However, entire property prices in the region also increase, which rejects our hypothesis. We speculate that as more people become aware of the housing estate due to complaints, with only a limited number of housing units affected by the smell, since the wind usually only blows in certain directions, the “advertisement effect” originating from complaints about the bad smell boosts the property prices of the unaffected units. That is, people become aware of the existence of the property, visit the site, and discover that only specific units facing one particular direction are affected. Then, they purchase units that are unaffected by the smelly wind, leading to an overall increase in property prices. The study’s results may provide a new perspective on urban planning, and possible implications for other cities in view of the constant increase in population and expansion of landfill sites. Full article
(This article belongs to the Special Issue Real Estate Economics, Management and Investments)
Open AccessArticle Real Estate Appraisals with Bayesian Approach and Markov Chain Hybrid Monte Carlo Method: An Application to a Central Urban Area of Naples
Sustainability 2017, 9(11), 2138; doi:10.3390/su9112138
Received: 15 August 2017 / Revised: 12 November 2017 / Accepted: 15 November 2017 / Published: 21 November 2017
Cited by 1 | PDF Full-text (401 KB) | HTML Full-text | XML Full-text
Abstract
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
[...] Read more.
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 model (NNs), traditional multiple regression analysis (MRA) and the Penalized Spline Semiparametric Method (PSSM). All four methods have been developed for testing the forecasting capacity and reliability of MCHMCM in the real estate field. The Markov Chain Hybrid Monte Carlo Method has proved to be the best model with an absolute average percentage error of 6.61%. Full article
(This article belongs to the Special Issue Real Estate Economics, Management and Investments)
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