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Special Issue "Sustainability of Real Estate and Social Dynamics"

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Geography and Sustainability".

Deadline for manuscript submissions: closed (31 January 2020) | Viewed by 11007

Special Issue Editor

Dr. Benedetto Manganelli
E-Mail Website
Guest Editor
School of Engineering, University of Basilicata, via dell'Ateneo Lucano 10, 85100 Potenza, Italy
Interests: real estate appraisal; property valuation; financial and economic analysis for investment projects; econometrics; decision sciences
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The economic evaluations and the analysis of the real estate market are instrumental for the correct management of the territorial resources. In turn, urban planning decisions imply clear consequences in the field of real estate, e.g., regarding the issue of taxation or investment strategies.

Economic evaluations allow for the management, control, and verification of the impact of territorial policies on environmental resources. Because different elements come into play in the evaluation of problems and in the decision-making processes concerning the transformation and management of resources, it is essential that research focuses on the experimentation of multidimensional approaches that are able to hold together the entire network of relationships between stakeholders. The study of indicators and their organization in complex systems is the most appropriate approach to predict or analyze changes in urban and regional planning induced by planned or implemented transformation interventions.

The implementation of territorial policies and the sustainable redevelopment of existing cities complement the union between planning and evaluation. Starting from the recognition of the centrality of evaluations and estimative practices in the planning and management of resources, this Special Issue aims to collect papers that are able to bring out the richness and variety of scientific contributions that characterize research in this sector.

The following list aims to provide a representative but not exhaustive overview of potential topics:

1) Real estate appraisals and real estate market analysis: theoretical insights, experimentation, and the development of valuation models aimed at the management for the tax purposes related to real estate assets and/or that are useful for policies concerning the acquisition or valorization of resources.
2) Laws and regulations for the administration of territorial resources.
3) Sustainable use of resources, strategic land use planning, urban area planning, evaluation of the processes and impact of land use activities.
4) Territorial information systems aimed at the classification and grading of urban and agricultural areas, as well as the forecast of likely scenarios resulting from transformation activities.

Prof. Benedetto Manganelli
Guest Editor

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 submissions that pass pre-check are 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 2000 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

  • economic evaluations
  • real estate market
  • social dynamics
  • urban planning
  • investment strategies
  • sustainable redevelopment
  • environmental resources
  • land use
  • spatial economics

Published Papers (6 papers)

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Research

Article
The Social Cost of Urban Sprinkling
Sustainability 2020, 12(6), 2236; https://doi.org/10.3390/su12062236 - 13 Mar 2020
Cited by 16 | Viewed by 1943
Abstract
Low-density dispersed urban development, known as “sprawl” or “sprinkling”, is an alternative configuration that best expresses the structure of the Italian urban system and is taking on increasingly significant dimensions. This phenomenon has increased in recent decades due to a weakening of the [...] Read more.
Low-density dispersed urban development, known as “sprawl” or “sprinkling”, is an alternative configuration that best expresses the structure of the Italian urban system and is taking on increasingly significant dimensions. This phenomenon has increased in recent decades due to a weakening of the urban agglomeration force that had characterized the first half of the last century. Partial abandonment of agricultural activities and socio-economic changes led to the progressive urbanization of rural areas and the birth of widespread cities. This work discusses the externalities generated by sprawl, focusing on the tangible costs that this urban development model unloads on the people. In particular, the territory of the Basilicata Region is analyzed. Based on the data of some municipalities in the region, a relationship between the marginal costs relating to the greater linear infrastructure that sprinkling requires and an index already described in the literature to provide a quantitative measure of this phenomenon was built and verified with a regression model. Full article
(This article belongs to the Special Issue Sustainability of Real Estate and Social Dynamics)
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Article
Detecting Possible Reduction of the Housing Bubble in Korea for Different Residential Types and Regions
Sustainability 2020, 12(3), 1220; https://doi.org/10.3390/su12031220 - 07 Feb 2020
Viewed by 1337
Abstract
The objective of this paper is to detect the arbitrage opportunity and to manage the bubbles in the Korean real estate market based on a binomial American option pricing model with heteroscedasticity. The limitation of previous research where the real options framework was [...] Read more.
The objective of this paper is to detect the arbitrage opportunity and to manage the bubbles in the Korean real estate market based on a binomial American option pricing model with heteroscedasticity. The limitation of previous research where the real options framework was first introduced is its macro-economic implication based on the utilization of the general housing indices. Therefore, in this paper, we extensively apply the model to different residential types and regions. The results suggest that the model can detect the realistic and reasonable trend of housing bubbles and the arbitrage opportunities for different times, residential types, and regions. We also simulate two scenarios to encourage the trades of real estate assets: promotion of early exercise, and the shortened Contract period. Performing arbitrage trading based on these two methods, we discover that both approaches effectively reduce the housing bubbles in all residential types and regions. Specifically, the promotion of early exercise reduces the housing bubble more effectively than the shortened Contract period. Hence, we advocate the utilization of the information obtained from the model to boost the transactions in the Korean real estate market in order to reduce the bubble-related risks and to support sustainable economic growth. Full article
(This article belongs to the Special Issue Sustainability of Real Estate and Social Dynamics)
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Article
Moving towards a Smarter Housing Market: The Example of Poland
Sustainability 2020, 12(2), 683; https://doi.org/10.3390/su12020683 - 17 Jan 2020
Cited by 14 | Viewed by 1974
Abstract
Cities are currently undergoing vast changes, which have very significant implications for the functioning of the housing market. In particular, it should be stated that the traditional residential market, in imitation of the smart city concept, is becoming increasingly smarter. This smartness can [...] Read more.
Cities are currently undergoing vast changes, which have very significant implications for the functioning of the housing market. In particular, it should be stated that the traditional residential market, in imitation of the smart city concept, is becoming increasingly smarter. This smartness can be expressed in four dimensions: the “automatic” rental housing market; innovative digital platforms in the traditional housing market; innovative policies and housing models; and the ability to forecast demand on the housing market, which together form the so-called smart housing concept. On this basis, this study attempted to assess empirically the smartness of the residential markets in Polish provincial capitals. Firstly, after a thorough analysis of digital housing portals, official websites of Polish provincial capitals and public statistics data, the smart housing concept was operationalised in all its dimensions by defining appropriate indicators measuring its level in a given city. Then, using the zero unitarization and entropy weight methods, followed by a no-pattern synthetic measure, a comprehensive smart housing index was obtained for each city investigated. Research results showed that there is a large degree of variation in the level of smartness of the housing markets in the examined cities. Furthermore, the analysis also indicates that the economic dimension of the smart city concept and the co-working concept are the main driving forces behind the development of smart residential markets. In addition, the study reveals that the implementation of the smart housing concept has a positive impact on the quality of life of city inhabitants. Full article
(This article belongs to the Special Issue Sustainability of Real Estate and Social Dynamics)
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Article
Exploring the Determinants of Residential Satisfaction in Historic Urban Quarters: Towards Sustainability of the Walled City Famagusta, North Cyprus
Sustainability 2019, 11(22), 6261; https://doi.org/10.3390/su11226261 - 07 Nov 2019
Cited by 12 | Viewed by 1790
Abstract
In recent times, despite the importance of historic urban quarters in the sustenance of ancient cultural heritage, planned modernization of urban areas usually neglects these culturally sensitive areas. Resulting in relocations and perceived dissatisfaction of its residents, this reported negligence is partly the [...] Read more.
In recent times, despite the importance of historic urban quarters in the sustenance of ancient cultural heritage, planned modernization of urban areas usually neglects these culturally sensitive areas. Resulting in relocations and perceived dissatisfaction of its residents, this reported negligence is partly the result of a dearth of research exploring the multi-dimensional evaluation framework for assessing the long-term environmental, economic, social, and cultural aspects of residential satisfaction in historic urban quarters. Hence, the aspirations, needs, demands, and desires of the residents of historic urban quarters are not readily known to policy makers; neither is these needs, desires and expectations are well established in the residential satisfaction literature. The essence of residential satisfaction research is not merely to report the current living situation in a given residential environment, but also to pinpoint which facets the municipal governments must enhance to improve homeownership and rental rates, amongst others. Most of the studies on residential satisfaction merely focused on the social sustainability dimension, therefore, not acknowledging the salient roles, environmental, and economic concerns play in boosting the satisfaction levels of residents of historic urban quarters. Thus, this study aims to fill this gap between theory and application of the sustainability concept in addressing practical problems of relocations and perceived dissatisfaction amid residents of urban culturally sensitive areas. It fills this gap by assessing the perceptions of residents and non-residents on the importance of the determinants of residential satisfaction in a historic urban quarter. Regarding this, a comprehensive list of 32 potential sustainability performance factors (SPF) was determined through an extensive review of related literature, based on which a questionnaire administered to 245 households residing in the historic urban quarters of the Walled City, Famagusta, North Cyprus. Also, 167 households residing outside of the quarters, to assess their perception of the criticality of the identified factors, as well as examine the agreement levels in the opinions of the two participant groups. Using principal component analysis (PCA), the 32 different factors were narrowed down to eight. The study findings show that “Cost of housing” and “Suitable Management rules” are the most critical factors with relatively high overall scoring. Findings reveal that residents’ perceptions differ significantly based on participants’ ethnicity, while there is no significant difference based on the profile of residents/social class. This study argues that clearly understanding the criticality of the factors impacting satisfaction in housing and the residential environment is crucial for planning sustainable regeneration and revitalization programs in any HUQ. The findings of this study would be useful to housing policy decision-makers, urban planners, and municipalities to understand better the residents’ needs that could aid the sustenance of historic urban quarters. The authors suggest the adoption of the framework developed by this study as an analytical, research, and assessment tool in future housing satisfaction studies in different contexts. Full article
(This article belongs to the Special Issue Sustainability of Real Estate and Social Dynamics)
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Article
Exploring the Severity of Factors Influencing Sustainable Affordable Housing Choice: Evidence from Abuja, Nigeria
Sustainability 2019, 11(20), 5792; https://doi.org/10.3390/su11205792 - 18 Oct 2019
Cited by 13 | Viewed by 2374
Abstract
It is a shared global experience that a house which is already expensive will become even more costly. This experience is partly because housing supply has always failed to satisfy demand. In many developing countries, the issues of affordable housing supply center on [...] Read more.
It is a shared global experience that a house which is already expensive will become even more costly. This experience is partly because housing supply has always failed to satisfy demand. In many developing countries, the issues of affordable housing supply center on shortage and poor distribution. Recent studies on this subject reveal that distribution-related problems can be addressed through choice reconciliations. Therefore, understanding how housing affordability problems affect housing choice enables a broader interpretation of the issue. Thus, critical in housing policy making and implementation, as well as towards sustainable development/delivery of affordable housing programs. In Nigeria, housing choice has never been investigated, neither has it been studied within the framework of sustainability. It is not a common strategy to incorporate sustainability into the concept of affordable housing choice. However, integrating sustainability into the concept of affordable housing choice allows for the introduction of wide-ranging and broader criteria such as environmental and social factors, which are routinely neglected in housing choice literature. Therefore, this study aims at filling this literature gap by identifying the determinants of sustainable affordable housing choice (SAHC) in the study area. The purpose is to establish the severity of the identified factors based on respondents’ perception and discuss the agreement levels amongst the three respondent groups. Regarding this, a comprehensive list of 43 different factors contributing to SAHC were determined through a systematic literature review. Based on which a survey of 83 affordable housing applicants, 102 and 69 residents of affordable housing estate and shantytown respectively, was performed. Through statistical analysis, results reveal that the factors affecting SAHC cuts across economic, social and environmental dimensions. Also, there is an agreement (correlation) by each group and the overall ranking of all participants. The tests confidence level for all inferential statistics was 95%, which implies 0.05 level of significance. These figures indicate that the data were obtained from the same population and points to the relatedness of factors identified. Using principal component analysis (PCA), the 43 different factors were narrowed down to seven. The study findings show that “Housing price in relation to income” and “rental price in relation to income” are the most severe factors with relatively high overall scoring, which is consistent with similar studies in this domain. However, it was uncovered that respondents placed high priorities on other non-economic factors like security (safety), housing location and building type. The study presents an interesting topic, usually unexplored in the field of decisions and public policy. It argues that at present, the housing affordability concerns and affordable housing choice determinants in the study area cannot be restrictedly defined in economic terms. Our findings build on previous studies and reiterate the need to consider a broader view towards affordable housing problem. It offers salient information to stakeholders and real estate companies, which could aid sustainable development/delivery of housing projects that are affordable. Full article
(This article belongs to the Special Issue Sustainability of Real Estate and Social Dynamics)
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Article
Exploring the Adequacy of Massive Constructed Public Housing in China
Sustainability 2019, 11(7), 1949; https://doi.org/10.3390/su11071949 - 02 Apr 2019
Cited by 12 | Viewed by 1336
Abstract
Public housing programs are an effective strategy to provide adequate housing, not only in developed countries, but also developing countries. This study holistically investigates the sitting occupants’ perception of adequate housing towards their public housing units using Chongqing, a typical city in western [...] Read more.
Public housing programs are an effective strategy to provide adequate housing, not only in developed countries, but also developing countries. This study holistically investigates the sitting occupants’ perception of adequate housing towards their public housing units using Chongqing, a typical city in western China, as a case study. Results showed that generally, the public rental housing (PRH) programs were perceived to be adequate by their residents in the estates sampled. The components of neighborhood environment, housing unit, and affordability were the top three factors affecting the overall housing adequacy. The importance of physical aspects as well as the nonphysical aspects of adequate housing is likely to change according to their residential purpose. Therefore, the residential purpose of residents should be taken into consideration when planning the physical and nonphysical elements of public housing programs. Meanwhile, socioeconomic characteristics of age, family income, family members, residence length, and housing types have significant effects on overall housing adequacy and its components. These findings shed some useful insights on the sustainable development of public housing in China and provide a useful reference for future public housing developments in developing countries. The provision of adequate housing also helps to attract and retain talent, which consequently improves the competitiveness of the city. Full article
(This article belongs to the Special Issue Sustainability of Real Estate and Social Dynamics)
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