Improving Nature-Smart Policies through Innovative Resilient Evaluations

Topic Information

Dear Colleagues,

Production and consumption activities have determined a weakness of the sustainable 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 of 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, the prices of which are often formed in atypical real estate markets, giving ever greater importance to sustainable development and transformation issues. Furthermore, during recent decades, the overestimation of demographic growth has highlighted the need for urban planning processes restructuring by limiting the area’s building potential, mitigating the loss of place identity with high environmental and cultural value, and preventing uncontrolled land use, also through the valorization and recovery of the existing heritage.

In this context, economic, social, and environmental demands are combined with uncertainties about the near future, relating to economic crises and geopolitical tensions. In the outlined framework, the focus on sustainability issues also has significant relevance in the financial sector: EU Regulation 2019/2088 requires an effort to evaluate the investment risks concerning their ability to promote environmental and social sustainability. In this sense, the European Commission highlights the stress between a short-term approach based on the exclusive profit pursuit and the need for long-term investment aimed at sustainability objectives. This is called an ESG (Environmental, Social, and Governance) investment rating, oriented to assess the contribution of a financial product and/or a real estate project's contribution to improving environmental, social, and governance quality.

The Special Issue is dedicated, but not only limited, to developing and disseminating knowledge and innovations related to the 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, sustainable 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, the economic effects of building transformations or projects on the environment, and sustainable real estate, the analysis of the effects of COVID-19 and/or economic crises and/or geopolitical tensions on real estate markets dynamics and the hit on the resilient cities development processes.

Prof. Dr. Pierfrancesco De Paola
Prof. Dr. Francesco Tajani
Prof. Dr. Francesco Sica
Topic Editors

Keywords

Participating Journals

Journal Name	Impact Factor	CiteScore	Launched Year	First Decision (median)	APC
Buildings buildings	3.1	4.4	2011	14.9 Days	CHF 2600	Submit
Land land	3.2	5.9	2012	16 Days	CHF 2600	Submit
Real Estate realestate	-	-	2024	15.0 days *	CHF 1000	Submit
Sustainability sustainability	3.3	7.7	2009	19.3 Days	CHF 2400	Submit

* Median value for all MDPI journals in the first half of 2025.

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Published Papers (9 papers)

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18 pages, 4817 KiB  

Open AccessArticle

Residential Mobility: The Impact of the Real Estate Market on Housing Location Decisions

by Fabrizio Battisti, Orazio Campo, Fabiana Forte, Daniela Menna and Melania Perdonò

Real Estate 2025, 2(3), 9; https://doi.org/10.3390/realestate2030009 - 3 Jul 2025

Viewed by 283

Abstract

In the context of increasing digitization, integrating ICT technologies, artificial intelligence, and remote working is altering residential mobility patterns and housing preferences. This study examines the housing market’s impact, focusing on how residential affordability affects residential choices, using a case study of the [...] Read more.

In the context of increasing digitization, integrating ICT technologies, artificial intelligence, and remote working is altering residential mobility patterns and housing preferences. This study examines the housing market’s impact, focusing on how residential affordability affects residential choices, using a case study of the Metropolitan City of Florence. The analysis employs a methodology centered on the Debt-to-Income Ratio (DTI), which cross-references real estate market values (source: Agenzia delle Entrate and leading real estate portals) with household income brackets to identify affordable areas. The results reveal a clear divide: households with incomes below EUR 26,000 per year (representing about 69% of the population) are excluded from the central urban property market. This evidence confirms regional and national trends, emphasizing a growing mismatch between housing costs and disposable incomes. The study concludes that affordability is a technical–financial parameter and a valuable tool for supporting inclusive urban planning. Its application facilitates the orientation of effective public policies and the identification of socially sustainable housing solutions. Full article

(This article belongs to the Topic Improving Nature-Smart Policies through Innovative Resilient Evaluations)

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21 pages, 1681 KiB  

Open AccessArticle

Analytical Decision Support Systems for Sustainable Urban Regeneration

by Benedetto Manganelli, Vincenzo Del Giudice, Francesco Tajani, Francesco Paolo Del Giudice, Daniela Tavano and Giuseppe Cerullo

Real Estate 2025, 2(3), 8; https://doi.org/10.3390/realestate2030008 - 27 Jun 2025

Viewed by 215

Abstract

The rapid urbanization of contemporary cities represents one of the most complex challenges of the 21st century, with profound implications for the environmental, social, and economic sustainability of territories. In this context, urban regeneration emerges as a strategic approach to territorial transformation. The [...] Read more.

The rapid urbanization of contemporary cities represents one of the most complex challenges of the 21st century, with profound implications for the environmental, social, and economic sustainability of territories. In this context, urban regeneration emerges as a strategic approach to territorial transformation. The complexity of urban dynamics requires the adoption of innovative paradigms and systemic approaches capable of guiding decision-making processes toward eco-sustainable and resilient solutions. This research develops advanced decision support tools for urban regeneration, using the city of Potenza (Italy) as a case study. The main objective is to identify key indicators to evaluate the effectiveness of urban regeneration interventions in advance (ex-ante). The methodology develops a composite economic-financial risk index capable of providing an accurate picture of existing conditions while adapting to the territorial specificities of the analyzed area. This index, which uses the Analytic Hierarchy Process (AHP) technique to integrate elementary economic-financial indicators in order to assess the sustainability level of urban redevelopment projects, is able to synthesize complex economic variables into a single parameter of immediate comprehension, strategically guiding investments toward a sustainable urban development model. The analysis of results highlights a peculiar territorial configuration: semi-central areas present the greatest criticalities, while there is a progressive decrease in risk both toward the central core and toward peripheral and extra-urban areas. The study represents a significant methodological contribution to future urban regeneration initiatives at the local level, promoting an integrated vision of sustainable urban development for the benefit of current and future generations. Full article

(This article belongs to the Topic Improving Nature-Smart Policies through Innovative Resilient Evaluations)

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15 pages, 2650 KiB  

Open AccessArticle

Intra-Urban Real Estate Cycles and Spatial Endogenous Regimes: Theory and Some Evidence

by João Victor Santana Andrade and Renan Pereira Almeida

Real Estate 2025, 2(3), 7; https://doi.org/10.3390/realestate2030007 - 20 Jun 2025

Viewed by 275

Abstract

This paper investigates the dynamics of intra-urban real estate cycles by examining the segmentation of real estate markets and their spatial heterogeneity. Despite extensive literature on real estate cycles, insights into intra-urban cycles remain scarce. Utilizing a dataset of over 350,000 apartment sales [...] Read more.

This paper investigates the dynamics of intra-urban real estate cycles by examining the segmentation of real estate markets and their spatial heterogeneity. Despite extensive literature on real estate cycles, insights into intra-urban cycles remain scarce. Utilizing a dataset of over 350,000 apartment sales from 2007 to 2022, first we apply the SKATER (Spatial K’luster Analysis by Edge Tree Removal) algorithm to delineate the city into six distinct clusters, each containing at least 3000 observations, and then analyze the six generated time series of real estate prices. Our findings confirm the hypothesis of market segmentation, revealing significant cyclical differences among the identified submarkets. Analysis indicates that real estate cycles are not uniform across the city. This approach contributes a novel perspective to the existing literature on real estate cycles, emphasizing the need to consider spatial endogenous regimes. Full article

(This article belongs to the Topic Improving Nature-Smart Policies through Innovative Resilient Evaluations)

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29 pages, 1728 KiB  

Open AccessArticle

Who Can Afford to Decarbonize? Early Insights from a Socioeconomic Model for Energy Retrofit Decision-Making

by Daniela Tavano, Francesca Salvo, Marilena De Simone, Antonio Bilotta and Francesco Paolo Del Giudice

Real Estate 2025, 2(2), 6; https://doi.org/10.3390/realestate2020006 - 11 Jun 2025

Viewed by 340

Abstract

The real estate sector is steadily moving towards zero-emission buildings, driven by EU policies to achieve near-zero energy (NZEB) buildings by 2050. In Italy, more than 70% of residential buildings fall into the lower energy classes, and this mainly affects low-income households. As [...] Read more.

The real estate sector is steadily moving towards zero-emission buildings, driven by EU policies to achieve near-zero energy (NZEB) buildings by 2050. In Italy, more than 70% of residential buildings fall into the lower energy classes, and this mainly affects low-income households. As a result, the decarbonisation of the real estate sector presents both technical and socio-economic obstacles. Building on these premises, this study introduces the Retrofit Optimization Problem (ROP), a methodological framework adapted from the Multidimensional Knapsack Problem (MdKP). This method is used in this study to conduct a qualitative analysis of accessibility to retrofit between different socio-economic groups, integrating constraints to simulate restructuring capacity based on different incomes. The results show significant disparities: although many retrofit strategies can meet regulatory energy performance targets, only a small number are financially sustainable for low-income households. In addition, interventions with the greatest environmental impact remain inaccessible to vulnerable groups. These preliminary results highlight important equity issues in the energy transition, indicating the need for specific and income-sensitive policies to prevent decarbonisation efforts from exacerbating social inequalities or increasing the risk of assets being stranded in the housing market. Full article

(This article belongs to the Topic Improving Nature-Smart Policies through Innovative Resilient Evaluations)

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20 pages, 727 KiB  

Open AccessArticle

A Methodological Proposal for Determining Environmental Risk Within Territorial Transformation Processes

by Marco Locurcio, Felicia Di Liddo, Pierluigi Morano, Francesco Tajani and Laura Tatulli

Real Estate 2025, 2(2), 5; https://doi.org/10.3390/realestate2020005 - 10 Jun 2025

Viewed by 322

Abstract

In recent decades, the intensification of extreme events, such as floods, earthquakes, and hydrogeological instability, together with the spread of pollutants harmful to health, has highlighted the vulnerability of territories and the need to direct urban policies towards sustainable strategies. The built assets [...] Read more.

In recent decades, the intensification of extreme events, such as floods, earthquakes, and hydrogeological instability, together with the spread of pollutants harmful to health, has highlighted the vulnerability of territories and the need to direct urban policies towards sustainable strategies. The built assets and the real estate sector play a key role in this context; indeed, being among the first ones to be exposed to the effects of climate change, they serve as a crucial tool for the implementation of governance strategies that are more focused on environmental issues. However, the insufficient allocation of public resources to interventions to secure the territory has made it essential to involve private capital interested in combining the legitimate needs of performance with the “ethicality” of the investment. In light of the outlined framework, real estate managers are called upon to take into consideration the environmental risks associated with real estate investments and accurately represent them to investors, especially in the fundraising phase. The tools currently used for the analysis of such risks are based on their perception measured by the “risk premium” criterion, reconstructed on the basis of previous trends and the analyst’s expertise. The poor ability to justify the nature of the risk premium and the uncertainty about future scenario evolutions make this approach increasingly less valid. The present work, starting from the aspects of randomness of the risk premium criterion, aims at its evolution through the inclusion of environmental risk components (seismic, hydrogeological, and pollution). Full article

(This article belongs to the Topic Improving Nature-Smart Policies through Innovative Resilient Evaluations)

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16 pages, 1011 KiB  

Open AccessArticle

A Data Analysis of the Relationship Between Life Quality Indicators and the Real Estate Market in Italian Provincial Capitals

by Felicia Di Liddo, Paola Amoruso, Pierluigi Morano, Francesco Tajani and Marco Locurcio

Real Estate 2025, 2(2), 4; https://doi.org/10.3390/realestate2020004 - 27 May 2025

Viewed by 363

Abstract

With regard to the Italian context, the present research aims to empirically assess whether and to what extent real estate market dynamics (prices and vibrancy levels) are influenced by the life quality in a specific reference area. In particular, the study compares parameters [...] Read more.

With regard to the Italian context, the present research aims to empirically assess whether and to what extent real estate market dynamics (prices and vibrancy levels) are influenced by the life quality in a specific reference area. In particular, the study compares parameters related to the residential real estate market—such as the Real Estate Market Observatory quotations and the real estate market intensity index (used as a proxy for market dynamism)—with the Life Quality index developed by the study center of the Italian newspaper “Il Sole 24 Ore” for the selected provincial capitals. Furthermore, by breaking down the Life Quality index into the individual indicators used for its elaboration, the research identifies those most closely linked to real estate market mechanisms to explore these relationships within each context. This approach allows for the identification of potential local differences, providing insights into the degree of geographical heterogeneity. Finally, a GIS-based analysis is employed to graphically represent the various indicators, capturing the potential spatial correlations related to phenomena where the geographic component plays a significant role. Full article

(This article belongs to the Topic Improving Nature-Smart Policies through Innovative Resilient Evaluations)

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15 pages, 3124 KiB  

Open AccessArticle

Balancing Public and Private Interests in Urban Transformations: Handling Uncertainty with the Monte Carlo Method

by Nicholas Fiorentini, Matteo Moriani and Massimo Rovai

Real Estate 2025, 2(2), 3; https://doi.org/10.3390/realestate2020003 - 29 Apr 2025

Viewed by 369

Abstract

Urban transformations require balancing private real estate interests with the provision of public spaces that enhance sustainability and ecosystem services. This study proposes a probabilistic model to assess the feasibility of transforming buildable areas while ensuring equitable benefits for both private developers and [...] Read more.

Urban transformations require balancing private real estate interests with the provision of public spaces that enhance sustainability and ecosystem services. This study proposes a probabilistic model to assess the feasibility of transforming buildable areas while ensuring equitable benefits for both private developers and public administrations, with a focus on three areas to be regenerated within the Municipality of Lucca as case studies. Applying the Monte Carlo (MC) method, two probabilistic models—one with a Uniform distribution and the other with a Normal distribution—estimate the expected Transformation Value (TV) and its associated uncertainty. Results highlight the effectiveness of MC-based assessments in managing financial uncertainty, aiding developers in risk evaluation, and supporting policymakers in designing balanced urban planning indices. It was observed that the Uniform model is better suited to situations in which the initial values of the model’s main variables—such as construction costs, post-transformation market value, or transformation duration—are not fully known, whereas the Normal model provides more accurate estimates when the investment scenario is better understood. The results demonstrate that this approach provides, on the one hand, a robust tool for investment risk analysis to private investors and, on the other hand, a way for public institutions to verify whether urban planning indices enable private promoters to contribute effectively to the development of sustainable cities. Full article

(This article belongs to the Topic Improving Nature-Smart Policies through Innovative Resilient Evaluations)

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24 pages, 1502 KiB  

Open AccessArticle

Spatial–Temporal Ontology of Indicators for Urban Landscapes

by Francesco Sica, Pierfrancesco De Paola, Francesco Tajani and Endriol Doko

Land 2025, 14(1), 72; https://doi.org/10.3390/land14010072 - 2 Jan 2025

Cited by 1 | Viewed by 961

Abstract

Urban development is increasingly scrutinized for its sustainability from an economic, social, and environmental viewpoint. This study emphasizes how important indicators are in capturing the complexity of urban settings when assessing urban landscapes and making sure that comprehensive development plans incorporate all these [...] Read more.

Urban development is increasingly scrutinized for its sustainability from an economic, social, and environmental viewpoint. This study emphasizes how important indicators are in capturing the complexity of urban settings when assessing urban landscapes and making sure that comprehensive development plans incorporate all these aspects. The work aim is to forward the investigation of the ontology of indicators related to urban sustainability, specifically, a framework for spatial and temporal analysis and an attempt to align terminology with the sustainability indicators of the ISO spectrum. The methodology encompasses three main phases: a systematic review of sustainability indicators from the scientific literature across various territorial scales; the mapping of individual indicators to their appropriate spatial–temporal measurement ranges; and the alignment of these spatially and temporally specific indicators with ISO standards. Focusing on the Italian context, this study establishes an ontological spatial–temporal framework. It analyzes ISO indicators that can be managed in Italian spatial settings. The main objective of this part of the research is to select through a critical analysis the most frequent indicators in order to be able to make an alignment and define those that aim more at the goals of the 2030 Agenda on sustainability. This innovative approach enhances urban issue awareness and supports informed decision-making by demonstrating how sustainability indicators can be effectively utilized in downscaling strategies to create a policy for the practical use of indicators. Full article

(This article belongs to the Topic Improving Nature-Smart Policies through Innovative Resilient Evaluations)

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19 pages, 2683 KiB  

Open AccessArticle

Refining Environmental Sustainability Governance Reports through Fuzzy Systems Evaluation and Scoring

by Yung-Fa Yang, Haon-Yao Chen, Yun-Hsiang Chen, Shih-Ping Ho, Chuan-San Wang and Cheng-Fang Lin

Sustainability 2024, 16(16), 7227; https://doi.org/10.3390/su16167227 - 22 Aug 2024

Cited by 3 | Viewed by 1427

Abstract

Environmental, Social, and Governance (ESG) reports have become essential tools for enterprises to showcase their commitment to sustainable development and social responsibility. However, discrepancies persist regarding the criteria, assessments, and ratings disclosed in these reports. Moreover, there is a need for more objective [...] Read more.

Environmental, Social, and Governance (ESG) reports have become essential tools for enterprises to showcase their commitment to sustainable development and social responsibility. However, discrepancies persist regarding the criteria, assessments, and ratings disclosed in these reports. Moreover, there is a need for more objective methods to determine the weight distribution of indicator items. This study introduces a novel approach utilizing semantic variables in fuzzy theory and a multiple logic fuzzy inference system to develop an ESG environmental management performance assessment model. Therefore, this paper aims to develop a novel approach utilizing semantic variables and a multiple logic fuzzy inference system to quantitatively evaluate the sustainable performance of an environmental management plan. This research also aims to ensure fair and objective assessment outcomes, providing valuable guidance for enterprises in implementing performance management strategies. Key aspects investigated include the impact of membership functions, the extended utilization of semantic variables and logical rules, a comparative analysis of traditional weight assessments, and the limitations of applying fuzzy theory. Through comprehensive discussions and calculations, it is evident that fuzzy theory offers considerable flexibility in application. By tailoring fuzzy rules and selecting appropriate membership functions, diverse application scenarios can be accommodated. The Fuzzy systems evaluation and scoring EMP model generates EMP evaluation scores ranging from 1.76 to 8.29 for Gaussian membership, 1.80 to 8.19 for Triangular membership-A, 1.92 to 8.00 for Triangular membership-B, and 1.81 to 8.19 for Quadrilateral trapezoidal membership, based on simulated rating scenarios using the semantic variables of completeness and feasibility. This approach successfully incorporates distribution logic from subjective membership degrees to evaluate EMP scores. The findings demonstrate that fuzzy theory enables the consideration of multiple factors and facilitates the provision of objective-level membership, underscoring its potential in addressing complex evaluation challenges. This study illuminates the versatility of the fuzzy system theory, with its applications poised to extend across various domains. Full article

(This article belongs to the Topic Improving Nature-Smart Policies through Innovative Resilient Evaluations)

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