IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v12y2020i14p5836-d387044.html
   My bibliography  Save this article

An Innovative GIS-Based Territorial Information Tool for the Evaluation of Corporate Properties: An Application to the Italian Context

Author

Listed:
  • Marco Locurcio

    (Department of Science of Civil Engineering and Architecture, Polytechnic University of Bari, 70125 Bari, Italy)

  • Pierluigi Morano

    (Department of Science of Civil Engineering and Architecture, Polytechnic University of Bari, 70125 Bari, Italy)

  • Francesco Tajani

    (Department of Architecture and Design, Sapienza University of Rome, 00196 Rome, Italy)

  • Felicia Di Liddo

    (Department of Science of Civil Engineering and Architecture, Polytechnic University of Bari, 70125 Bari, Italy)

Abstract

The financial transmission of the USA’s housing price bubble has highlighted the inadequacy of the valuation methods adopted by the credit institutions, due to their static nature and inability to understand complex socio-economic dynamics and their related effects on the real estate market. The present research deals with the current issue of using Automated Valuation Methods for expeditious assessments in order to monitor and forecast market evolutions in the short and medium term. The paper aims to propose an evaluative model for the corporate market segment, in order to support the investors’, the credit institutions’ and the public entities’ decision processes. The application of the proposed model to the corporate real estate segment market of the cities of Rome and Milan (Italy) outlines the potentialities of this approach in property big data management. The elaboration of input and output data in the GIS (Geographic Information System) environment allowed the development of an intuitive platform for the immediate representation of the results and their easy interpretation, even to non-expert users.

Suggested Citation

  • Marco Locurcio & Pierluigi Morano & Francesco Tajani & Felicia Di Liddo, 2020. "An Innovative GIS-Based Territorial Information Tool for the Evaluation of Corporate Properties: An Application to the Italian Context," Sustainability, MDPI, vol. 12(14), pages 1-29, July.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:14:p:5836-:d:387044
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/12/14/5836/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/12/14/5836/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Jeffrey P. Cohen & Cletus C. Coughlin & Jeffrey Zabel, 2020. "Time-Geographically Weighted Regressions and Residential Property Value Assessment," The Journal of Real Estate Finance and Economics, Springer, vol. 60(1), pages 134-154, February.
    2. Archana Singh & Apoorva Sharma & Gaurav Dubey, 2020. "Big data analytics predicting real estate prices," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 11(2), pages 208-219, July.
    3. Paul Cheshire & Stephen Sheppard, 1997. "Welfare Economics of Land Use Regulation," Urban/Regional 9702001, University Library of Munich, Germany.
    4. Kostas Tsatsaronis & Haibin Zhu, 2004. "What drives housing price dynamics: cross-country evidence," BIS Quarterly Review, Bank for International Settlements, March.
    5. Margot Lutzenhiser & Noelwah R. Netusil, 2001. "The Effect Of Open Spaces On A Home'S Sale Price," Contemporary Economic Policy, Western Economic Association International, vol. 19(3), pages 291-298, July.
    6. Paolo Rosato & Anna Alberini & Valentina Zanatta & Margaretha Breil, 2010. "Redeveloping derelict and underused historic city areas: evidence from a survey of real estate developers," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 53(2), pages 257-281.
    7. Morano, Pierluigi & Tajani, Francesco & Locurcio, Marco, 2017. "GIS application and econometric analysis for the verification of the financial feasibility of roof-top wind turbines in the city of Bari (Italy)," Renewable and Sustainable Energy Reviews, Elsevier, vol. 70(C), pages 999-1010.
    8. Kazi Saiful Islam & Yasushi Asami, 2009. "Housing Market Segmentation: A Review," Review of Urban & Regional Development Studies, Wiley Blackwell, vol. 21(2†3), pages 93-109, July.
    9. Iacoviello, Matteo, 2004. "Consumption, house prices, and collateral constraints: a structural econometric analysis," Journal of Housing Economics, Elsevier, vol. 13(4), pages 304-320, December.
    10. V. Öven & Dilek Pekdemir, 2006. "Office Rent Determinants Utilising Factor Analysis—A Case Study for İstanbul," The Journal of Real Estate Finance and Economics, Springer, vol. 33(1), pages 51-73, August.
    11. Pfnür, Andreas & Schaefer, Christina & Armonat, Stefan, 2004. "Aligning corporate real estate to real estate investment functions : improved decision making using a real options approach," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 26232, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    12. repec:arz:wpaper:eres2012-091 is not listed on IDEAS
    13. Ozili, Peterson & Arun, Thankom, 2020. "Spillover of COVID-19: Impact on the Global Economy," MPRA Paper 99317, University Library of Munich, Germany.
    14. Steven C. Bourassa & Eva Cantoni & Martin Hoesli, 2010. "Predicting House Prices with Spatial Dependence: A Comparison of Alternative Methods," Journal of Real Estate Research, American Real Estate Society, vol. 32(2), pages 139-160.
    15. Mervyn K. Lewis, 2009. "The origins of the sub-prime crisis: Inappropriate policies, regulations, or both?," Accounting Forum, Taylor & Francis Journals, vol. 33(2), pages 114-126, June.
    16. Antipov, Evgeny & Pokryshevskaya, Elena, 2010. "Mass appraisal of residential apartments: An application of Random forest for valuation and a CART-based approach for model diagnostics," MPRA Paper 27645, University Library of Munich, Germany.
    17. Grether, D. M. & Mieszkowski, Peter, 1974. "Determinants of real estate values," Journal of Urban Economics, Elsevier, vol. 1(2), pages 127-145, April.
    18. Efthymiou, D. & Antoniou, C., 2013. "How do transport infrastructure and policies affect house prices and rents? Evidence from Athens, Greece," Transportation Research Part A: Policy and Practice, Elsevier, vol. 52(C), pages 1-22.
    19. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    20. Elbourne, Adam, 2008. "The UK housing market and the monetary policy transmission mechanism: An SVAR approach," Journal of Housing Economics, Elsevier, vol. 17(1), pages 65-87, March.
    21. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    22. Andersson, David Emanuel & Shyr, Oliver F. & Fu, Johnson, 2010. "Does high-speed rail accessibility influence residential property prices? Hedonic estimates from southern Taiwan," Journal of Transport Geography, Elsevier, vol. 18(1), pages 166-174.
    23. George H. Lentz & Ko Wang, 1998. "Residential Appraisal and the Lending Process: A Survey of Issues," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 11-40.
    24. ,, 2000. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 16(2), pages 287-299, April.
    25. John B. Taylor, 2009. "The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong," NBER Working Papers 14631, National Bureau of Economic Research, Inc.
    26. Manfred Fischer & Monika Bartkowska & Aleksandra Riedl & Sascha Sardadvar & Andrea Kunnert, 2009. "The impact of human capital on regional labor productivity in Europe," Letters in Spatial and Resource Sciences, Springer, vol. 2(2), pages 97-108, October.
    27. Arturo Bujanda & Thomas M. Fullerton, 2017. "Impacts of transportation infrastructure on single-family property values," Applied Economics, Taylor & Francis Journals, vol. 49(51), pages 5183-5199, November.
    28. Chen, Nan-Kuang & Chen, Shiu-Sheng & Chou, Yu-Hsi, 2010. "House prices, collateral constraint, and the asymmetric effect on consumption," Journal of Housing Economics, Elsevier, vol. 19(1), pages 26-37, March.
    29. Daikun Wang & Victor Jing Li, 2019. "Mass Appraisal Models of Real Estate in the 21st Century: A Systematic Literature Review," Sustainability, MDPI, vol. 11(24), pages 1-14, December.
    30. Hugh O. Nourse & Stephen E. Roulac & Stellan Lundstrom, 1993. "Linking Real Estate Decisions to Corporate Strategy," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 475-494.
    31. Wilkinson, R K, 1973. "House Prices and the Measurement of Externalities," Economic Journal, Royal Economic Society, vol. 83(329), pages 72-86, March.
    32. Manfred Fischer & Peter Stumpner, 2008. "Income distribution dynamics and cross-region convergence in Europe," Journal of Geographical Systems, Springer, vol. 10(2), pages 109-139, June.
    33. Gelfand, Alan E, et al, 1998. "Spatio-Temporal Modeling of Residential Sales Data," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(3), pages 312-321, July.
    34. repec:arz:wpaper:eres1997-134 is not listed on IDEAS
    35. Pierluigi Morano & Francesco Tajani & Marco Locurcio, 2015. "Land Use, Economic Welfare and Property Values: An Analysis of the Interdependencies of the Real-Estate Market with Zonal and Socio-Economic Variables in the Municipalities of Apulia Region (Italy)," International Journal of Agricultural and Environmental Information Systems (IJAEIS), IGI Global, vol. 6(4), pages 16-39, October.
    36. Krzysztof Chrostek & Katarzyna Kopczewska, 2013. "Spatial Prediction Models for Real Estate Market Analysis," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 35.
    37. Pierluigi Morano & Paolo Rosato & Francesco Tajani & Benedetto Manganelli & Felicia Di Liddo, 2019. "Contextualized Property Market Models vs. Generalized Mass Appraisals: An Innovative Approach," Sustainability, MDPI, vol. 11(18), pages 1-28, September.
    38. Bowes, David R. & Ihlanfeldt, Keith R., 2001. "Identifying the Impacts of Rail Transit Stations on Residential Property Values," Journal of Urban Economics, Elsevier, vol. 50(1), pages 1-25, July.
    39. Lewis, Mervyn K., 2009. "The origins of the sub-prime crisis: Inappropriate policies, regulations, or both?," Accounting forum, Elsevier, vol. 33(2), pages 114-126.
    40. Arvydas Jadevicius & Simon Huston, 2015. "ARIMA modelling of Lithuanian house price index," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 8(1), pages 135-147, March.
    41. Evren Ozus, 2009. "Determinants of Office Rents in the Istanbul Metropolitan Area," European Planning Studies, Taylor & Francis Journals, vol. 17(4), pages 621-633, April.
    42. Joseph S. Rabianski & James R. DeLisle & Neil G. Carn, 2001. "Corporate Real Estate Site Selection: A Community-Specific Information Framework," Journal of Real Estate Research, American Real Estate Society, vol. 22(1/2), pages 165-198.
    43. Malgorzata Rymarzak & Ewa Sieminska, 2012. "Factors affecting the location of various types of real estate," ERES eres2012_091, European Real Estate Society (ERES).
    44. Vincenzo Del Giudice & Pierfrancesco De Paola & Francesco Paolo Del Giudice, 2020. "COVID-19 Infects Real Estate Markets: Short and Mid-Run Effects on Housing Prices in Campania Region (Italy)," Social Sciences, MDPI, vol. 9(7), pages 1-18, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Alice Barreca & Elena Fregonara & Diana Rolando, 2021. "EPC Labels and Building Features: Spatial Implications over Housing Prices," Sustainability, MDPI, vol. 13(5), pages 1-21, March.
    2. Pierluigi Morano & Francesco Tajani & Maria Rosaria Guarini & Francesco Sica, 2021. "A Systematic Review of the Existing Literature for the Evaluation of Sustainable Urban Projects," Sustainability, MDPI, vol. 13(9), pages 1-17, April.
    3. Pearson, Jonathan & Muldoon-Smith, Kevin & Liu, Henry & Robson, Simon, 2022. "How does the extension of existing transport infrastructure affect land value? A case study of the Tyne and Wear Light Transit Metro system," Land Use Policy, Elsevier, vol. 112(C).
    4. Pierfrancesco De Paola & Francesco Tajani & Marco Locurcio, 2021. "Sustainable Real Estate: Management, Assessment and Innovations," Sustainability, MDPI, vol. 13(9), pages 1-6, April.
    5. Sebastian Gnat, 2021. "Property Mass Valuation on Small Markets," Land, MDPI, vol. 10(4), pages 1-14, April.
    6. Hyunsoo Kim & Youngwoo Kwon & Yeol Choi, 2020. "Assessing the Impact of Public Rental Housing on the Housing Prices in Proximity: Based on the Regional and Local Level of Price Prediction Models Using Long Short-Term Memory (LSTM)," Sustainability, MDPI, vol. 12(18), pages 1-25, September.
    7. Talat Munshi, 2020. "Accessibility, Infrastructure Provision and Residential Land Value: Modelling the Relation Using Geographic Weighted Regression in the City of Rajkot, India," Sustainability, MDPI, vol. 12(20), pages 1-16, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Pierluigi Morano & Paolo Rosato & Francesco Tajani & Benedetto Manganelli & Felicia Di Liddo, 2019. "Contextualized Property Market Models vs. Generalized Mass Appraisals: An Innovative Approach," Sustainability, MDPI, vol. 11(18), pages 1-28, September.
    2. Ansgar Belke & Jonas Keil, 2018. "Fundamental Determinants of Real Estate Prices: A Panel Study of German Regions," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 24(1), pages 25-45, February.
    3. Julie Bulteau & Thierry Feuillet & Rémy Le Boennec, 2018. "Spatial Heterogeneity of Sustainable Transportation Offer Values: A Comparative Analysis of Nantes Urban and Periurban/Rural Areas (France)," Post-Print halshs-01706911, HAL.
    4. Oliver Shyr & David Emanuel Andersson & Jamie Wang & Taiwei Huang & Olivia Liu, 2013. "Where Do Home Buyers Pay Most for Relative Transit Accessibility? Hong Kong, Taipei and Kaohsiung Compared," Urban Studies, Urban Studies Journal Limited, vol. 50(12), pages 2553-2568, September.
    5. Sebastian Brandt & Wolfgang Maennig, 2012. "The impact of rail access on condominium prices in Hamburg," Transportation, Springer, vol. 39(5), pages 997-1017, September.
    6. Paliska, Dejan & Drobne, Samo, 2020. "Impact of new motorway on housing prices in rural North-East Slovenia," Journal of Transport Geography, Elsevier, vol. 88(C).
    7. Yang, Linchuan & Chau, K.W. & Wang, Xu, 2019. "Are low-end housing purchasers more willing to pay for access to basic public services? Evidence from China," Research in Transportation Economics, Elsevier, vol. 76(C).
    8. Wang, Jianing & Lee, Chyi Lin, 2022. "The value of air quality in housing markets: A comparative study of housing sale and rental markets in China," Energy Policy, Elsevier, vol. 160(C).
    9. Bohman, Helena & Nilsson, Désirée, 2016. "The impact of regional commuter trains on property values: Price segments and income," Journal of Transport Geography, Elsevier, vol. 56(C), pages 102-109.
    10. Ducksu Seo & You Seok Chung & Youngsang Kwon, 2018. "Price Determinants of Affordable Apartments in Vietnam: Toward the Public–Private Partnerships for Sustainable Housing Development," Sustainability, MDPI, vol. 10(1), pages 1-17, January.
    11. Comber, Sam & Arribas-Bel, Dani, 2017. "“Waiting on the train”: The anticipatory (causal) effects of Crossrail in Ealing," Journal of Transport Geography, Elsevier, vol. 64(C), pages 13-22.
    12. Mahdieh Yazdani, 2021. "Machine Learning, Deep Learning, and Hedonic Methods for Real Estate Price Prediction," Papers 2110.07151, arXiv.org.
    13. Haizhen Wen & Zaiyuan Gui & Chuanhao Tian & Yue Xiao & Li Fang, 2018. "Subway Opening, Traffic Accessibility, and Housing Prices: A Quantile Hedonic Analysis in Hangzhou, China," Sustainability, MDPI, vol. 10(7), pages 1-23, June.
    14. Mai, Nhat Chi, 2018. "도이모이 이후 베트남의 주거 이동, 선택, 가격 결정요인 연구: 호치민시 사례 중심으로," OSF Preprints 6kdfy, Center for Open Science.
    15. Kristoffer B. Birkeland & Allan D. D'Silva & Roland Füss & Are Oust, 2021. "The Predictability of House Prices: "Human Against Machine"," International Real Estate Review, Global Social Science Institute, vol. 24(2), pages 139-183.
    16. Piotr Rosik & Julia Wójcik, 2022. "Transport Infrastructure and Regional Development: A Survey of Literature on Wider Economic and Spatial Impacts," Sustainability, MDPI, vol. 15(1), pages 1-19, December.
    17. Andersson, David Emanuel & Shyr, Oliver F. & Fu, Johnson, 2010. "Does high-speed rail accessibility influence residential property prices? Hedonic estimates from southern Taiwan," Journal of Transport Geography, Elsevier, vol. 18(1), pages 166-174.
    18. Qing Shen & Simin Xu & Jiang Lin, 2018. "Effects of bus transit-oriented development (BTOD) on single-family property value in Seattle metropolitan area," Urban Studies, Urban Studies Journal Limited, vol. 55(13), pages 2960-2979, October.
    19. Paolo Buonanno & Daniel Montolio & Josep Raya-Vílchez, 2013. "Housing prices and crime perception," Empirical Economics, Springer, vol. 45(1), pages 305-321, August.
    20. Tan, Ronghui & He, Qingsong & Zhou, Kehao & Xie, Peng, 2019. "The effect of new metro stations on local land use and housing prices: The case of Wuhan, China," Journal of Transport Geography, Elsevier, vol. 79(C), pages 1-1.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:12:y:2020:i:14:p:5836-:d:387044. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.