Special Issue "Towards Sustainable Cities: Real Estate Markets between Financial Feasibility, Spatial Complexity, and Social Challenges"

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

Deadline for manuscript submissions: 31 March 2021.

Special Issue Editors

Dr. Valentina Antoniucci
Website
Guest Editor
Department of Civil, Environmental and Architectural Engineering, University of Padua, via Venezia 1, 35131 Padova, Italy
Interests: housing market; real estate market; energy efficiency; immigration; retrofit; REIT; spatial analysis; HPM; regression; BIM; big data; investment choices; planning policies; spatial complexity; post carbon city; urban development; urban economics
Prof. Giuliano Marella

Guest Editor
Department of Civil, Environmental and Architectural Engineering, University of Padua, via Venezia 1, 35131 Padova, Italy
Interests: housing market; real estate market; energy efficiency; immigration; retrofit; REIT; spatial analysis; HPM; regression; BIM; big data; investment choices; planning policies; spatial complexity; post carbon city; urban development; urban economics

Special Issue Information

Dear Colleagues,

The real estate market has faced a decade of crisis that changed, on the one hand, the fundamentals of urban development, and on the other the principles of real estate itself. New paradigms have arisen from the containment and reduction in energy consumption to off-site construction, from a technological perspective to a more tailor-made, demand-oriented real estate product. The global financial crisis and the massive downsizing of the construction sector, in Europe at least, compel new challenges in terms of economic and financial feasibility, from both the public and private sector perspectives. Furthermore, societal changes, such as the aging population, increasing immigration from the Global South, and the new way of living working spaces in the tertiary sector, require innovation in real estate products. Finally, after the global financial crisis, some segments of real estate have grown more than others, such as logistic, innovative commercial and hospitality, and senior housing, at the expense of more traditional functions, such as housing and office buildings, at least in Europe and Western Countries.

Finally, technological innovation engages in both the project development, for instance, with the BIM development, and also in the valuation of economic feasibility with the availability of big data, whose impact on the discipline is not fully understood.

 These changes affected not only the real estate market but also the urban planning sector, which has embraced the sustainability and circular economy paradigm, still without common ground in metropolitan and territorial experiences. The norms and designed rules are not always able to represent the need for innovation, meaning that they more and more frequently experimented with in self-organization and spontaneous developments.

In this perspective, economic assessment and valuation of assets, plans, and public-private development also face new challenges, mostly related to the new paradigm of financial sustainability of real estate investments.

This Special Issue will gather original research in the field of sustainable real estate markets that highlights innovation features related to urban planning, urban development feasibility, and new real estate solutions according to societal changes.

The following topics are encouraged, but the Special Issue is not limited to them:

  • societal changes affecting the real estate market and urban development
  • big data and valuation
  • technological innovation and valuation
  • technological innovation and new real estate products
  • sustainable investments and finance to promote urban development
  • smart cities and green housing: new challenges for valuation
  • circular economy applied to the real estate market, both to the supply and demand side.
  • innovation in urban planning
  • spontaneous and self-organization developments

Dr. Valentina Antoniucci
Prof. Giuliano Marella
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 semimonthly 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 1800 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

  • sustainable real estate
  • valuation
  • big data
  • risk assessment
  • innovation
  • sustainable finance
  • self-organization
  • technological innovation
  • smart cities
  • sustainable urban development
  • population ageing
  • income divide
  • immigration
  • commercial and hospitality assets
  • circular economy

Published Papers (1 paper)

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Research

Open AccessArticle
Reconstruction or Reuse? How Real Estate Values and Planning Choices Impact Urban Redevelopment
Sustainability 2020, 12(10), 4060; https://doi.org/10.3390/su12104060 - 15 May 2020
Abstract
Local administrators and private investors rely on various urban redevelopment strategies, the choice of which depends on the economic expectations of property owners and investors. Some of these options foresee replacing obsolete buildings with new constructions; others prefer the reuse of existing assets. [...] Read more.
Local administrators and private investors rely on various urban redevelopment strategies, the choice of which depends on the economic expectations of property owners and investors. Some of these options foresee replacing obsolete buildings with new constructions; others prefer the reuse of existing assets. This study examines the conditions that make these different strategies feasible, bringing to light the aspects that favor demolition and reconstruction processes over interventions based on the redevelopment of existing assets. The analysis focuses on the variables that determine the choice between these two options. The model that has been developed highlights, on one hand, the role of urban planning tools and urban densification and, on the other, the relationship between the land market and the value of existing assets. The model has been tested on five cities in northern Italy, which fall into three territorial categories—large metropolitan cities, medium-sized cities, and cities of limited rank—to test how different social and economic contexts affect the feasibility of the strategies we evaluated. The results of the study underscore the extent to which the demolition and reconstruction of existing assets is only viable in certain limited areas and under particular market and settlement conditions. While large metropolitan areas seem to have the option of radically replacing existing real estate assets, medium-sized cities and especially small cities are constrained in redeveloping existing urban assets and must forego demolition and reconstruction projects, which do not prove to be economically feasible. Full article
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