LEARNING OUTCOMES

The course deals with the theoretical and operational tools related to the economic and financial sustainability assessment of interventions on built heritage at the construction and urban scale.

AIMS AND LEARNING OUTCOMES

The aim of the module is to teach students the evaluation methodologies that allow the evaluation of the economic-financial feasibility of building interventions, whether new construction, recovery or energy and / or structural retrofitting.

The methodologies dealt with allow for the attainment of the knowledge to face and solve the questions related to the evaluation of the economic-financial feasibility of the interventions, in the different phases of project development.

TEACHING METHODS

The module is developed in three levels:

• lectures in the classroom and on the Teams platform of the "Economic evaluation of projects_21_22" module;
• thematic analysis by consulting documents and others materials available on-line (on the Aulaweb and Teams of the modue);
• a practical activities by means the development of evaluation exercise to be carried out individually by each student.

SYLLABUS/CONTENT

The module is divided in two parts:

First part

• Introduction to the valuation of real estate investments
• Types of real estate investments and characteristics
• Real estate investors
• The real estate market: characteristics
• Cost-Benefit Analysis: "private" approach
• The indicators of economic and financial sustainability
• Elements of financial mathematics: examples and exercises

Second part

• Applications of Cost-Benefit Analysis with a "private" approach: case studies

The student will develop, individually or in groups, an exercise on the Cost-Benefit Analysis of a property development intervention or energy retrofitting on an existing building

The exercise is mandatory for the exam.

RECOMMENDED READING/BIBLIOGRAPHY

Slides of the module (available on Aulaweb and Teams of the module).

Forte C., De Rossi B., 1996, Principi di economia ed estimo, ETAS, Milano.

Grillenzoni M., Grittani G., 1994, Estimo: teoria, procedure di valutazione e casi  applicativi, Edagricole, Bologna.

Mondini G., Bottero C., 2009, Valutazione e sostenibilità, Celid, Torino.

Nuti F., 1987, L’analisi Costi Benefici, Il Mulino, Bologna.

Prizzon F., 1995, Gli investimenti immobiliari, Celid, Torino

Roscelli R., 2014, Manuale di estimo. Valutazioni Economiche ed esercizio della professione, UTET, Torino. 

Manganelli B., 2015, Real Estate Investing: Market Analysis, Valuation Techniques, and Risk Management, Springer, ISBN 978-3-319-06396-6.

Boardman, A.E., Greenberg, D.H., Vining, A.R. and Weimer, D.L., 2016, Cost-Benefit Analysis: Concepts and Practice, 3rd edition,  Upper Saddle River, New Jersey: Pearson Prentice Hall. ISBN 9781292035123.

Brown G.R., Matysiak G.A., 2000, Real Estate Investment – A Capital Market Approach,  Financial Times Prentice. ISBN 130200638. 

Linneman P., 2004, Real Estate Finance and Investments: Risks and Opportunities, Linneman Associates, Philadelphia, PA (United States). ISBN: 0974451835