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Buildings 2017, 7(4), 94;

Assessing Social and Territorial Vulnerability on Real Estate Submarkets

Architecture and Design Department, Politecnico di Torino, Castello del Valentino, V.le Mattioli 39, 10125 Torino, Italy
Author to whom correspondence should be addressed.
Received: 28 July 2017 / Revised: 12 October 2017 / Accepted: 16 October 2017 / Published: 24 October 2017
(This article belongs to the Special Issue Real Estate Economics, Management and Investments)
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The concept of social vulnerability is widely studied in literature in order to identify particularly socially fragile sectors of the population. For this purpose, several studies have adopted indexes to measure the economic and social conditions of the population. The aim of this paper is to investigate the link between social and territorial vulnerability and the real estate market, by means of an exploratory analysis related to the possibility that spatial analyses can help to identify spatial latent components and variables in the process of price determination. A three phase approach is proposed, using the geographical segmentation of Turin and its related submarkets as a case study. After the identification and analysis of a set of three social and territorial vulnerability indicators, a traditional hedonic approach was applied to measure their influence on property listing prices. Subsequently, spatial analyses were investigated to focus on the spatial components of the indicators and property prices; their spatial autocorrelation was measured and the presence of spatial dependence was taken into account by applying a spatial regression. Results demonstrated that two indicators were spatially correlated with property prices and had a significant and negative influence on them. The proposed approach may help not only to identify the most vulnerable urban areas characterized by the lowest property prices, but also to support the future modification to the actual geographical segmentation of Turin. View Full-Text
Keywords: social and territorial vulnerability; real estate submarkets; spatial autocorrelation analysis; Local Indicator of Spatial Association (LISA); hedonic models; Torino social and territorial vulnerability; real estate submarkets; spatial autocorrelation analysis; Local Indicator of Spatial Association (LISA); hedonic models; Torino

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Barreca, A.; Curto, R.; Rolando, D. Assessing Social and Territorial Vulnerability on Real Estate Submarkets. Buildings 2017, 7, 94.

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