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A decision support system for real estate investment choice


Author Info

  • Del Giudice, V.

    (Vrije Universiteit Amsterdam, Faculteit der Economische Wetenschappen en Econometrie (Free University Amsterdam, Faculty of Economics Sciences, Business Administration and Economitrics)

  • De Paola, P.
  • Torrieri, F.
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    The evaluation of real estate assets is currently one of the main focal points addressed by territorial marketing strategies with a view to developing high-performing – or competitive – cities. Given the complexity of driving forces that determine the behaviour of actors in a real estate market, it is necessary to identify a priori the factors that determine the competitive capacity of a city to attract investments to this market. Therefore, we need a measureable decision support system that takes into account the key factors that determine the ‘attractiveness’ of such investments in a competitive context. In the present paper we aim to design an integrated complex evaluation model that is able to map out and encapsulate the multidimensional spectrum of factors that shape the attractiveness of alternative real estate options. From an analytical perspective, we will select relevant attributes for the specification of a random utility model capable of simulating the behaviour of market operators when they are faced with a choice between alternative real estate investment sites. Specifically, a multidimensional assessment model in a decision-making context is developed in which the choice between alternative discrete investments takes place under conditions of uncertainty. This model serves two purposes: (i) it responds to the need to define the ‘attractiveness’ of an area with respect to real estate investments, and (ii) it explains what characteristics of the

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    Bibliographic Info

    Paper provided by VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics in its series Serie Research Memoranda with number 0010.

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    Date of creation: 2009
    Date of revision:
    Handle: RePEc:dgr:vuarem:2009-10

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    Related research

    Keywords: housing markets; investment choices; Stated Preference experiment; Analytic; Hierarchy Process (AHP);


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    1. Forman, Ernest & Peniwati, Kirti, 1998. "Aggregating individual judgments and priorities with the analytic hierarchy process," European Journal of Operational Research, Elsevier, vol. 108(1), pages 165-169, July.
    2. Patricio E. Pérez & Francisco J. Martínez & Juan de Dios Ort�zar, 2003. "Microeconomic Formulation and Estimation of a Residential Location Choice Model: Implications for the Value of Time," Journal of Regional Science, Wiley Blackwell, vol. 43(4), pages 771-789.
    3. Paolo Rosato & Anna Alberini & Valentina Zanatta & Margaretha Breil, 2008. "Redeveloping Derelict and Underused Historic City Areas: Evidence from a Survey of Real Estate Developers," Working Papers 2008.60, Fondazione Eni Enrico Mattei.
    4. Donggen Wang & Si-Ming Li, 2004. "Housing preferences in a transitional housing system: the case of Beijing, China," Environment and Planning A, Pion Ltd, London, vol. 36(1), pages 69-87, January.
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