OVERVIEW

The course intends to address the evaluation questions concerning real estate assets and investment projects, from the planning phase to the execution phase.

The economic evaluation of projects is one of the fundamental tools for determining the feasibility of a building intervention on an urban and building scale.

AIMS AND CONTENT

LEARNING OUTCOMES

The course aims to provide students with the theoretical and operational tools necessary to address and resolve the main estimating questions within the building cycle, from the planning phase to the execution and management of the interventions. The student must demonstrate that he knows how to set up an estimate by identifying the methodology to be applied in relation to the purposes and characteristics of the project or real estate asset, collect data from the market, useful technical and regulatory information, apply the procedure and formulate the forecast of the value (of cost or market). The professional graduate will acquire the skills to be able to communicate with the client (public or private) regarding the economic aspects of a project or an existing real estate asset as well as with the professionals involved in the various planning and executive phases (construction site).

AIMS AND LEARNING OUTCOMES

The goal of the course is to provide the theoretical knowledge and operational tools to be able to address and resolve the estimation and evaluation questions inherent in projects on a building and urban scale.

At the end of the course the student will be able to:

1. recognize the economic values associated with a building intervention (project);

2. identify the main economic variables that determine the formation of costs and market values of a building intervention

3. select and apply the appropriate estimation methodologies for forecasting the costs and market values of a building project

4. correctly apply the methodologies for assessing the economic-financial feasibility of an intervention on the building or urban scale

2. analyze the economic results obtained from the application of valuation methodologies and relate them to the investment objectives.

PREREQUISITES

No educational prerequisites are required by the student.

TEACHING METHODS

The educational path is developed according to three levels:

1. "Front" lessons in the classroom;
2. Thematic insights through the consultation of materials made available online (on the course's Aulaweb) by the teacher;
3. Practical activity through the development of an exercise concerning the assessment of the economic-financial feasibility of a building project

SYLLABUS/CONTENT

The course is divided into three parts:

FIRST PART

- Meaning of evaluation and estimation - definition of estimation - estimative postulates

- Types of costs in construction - Synthetic and analytical estimation methodologies of the cost of a building intervention.

SECOND PART

- Definition of the market value of a property

- Methods of direct and indirect estimation of the market value of a property: Direct comparison - Capitalization of income - Depreciated construction (or reproduction) cost

- International Valuation Standards - Valuation approaches - The Market Comparison Approach.

PART THREE

- The assessment of the economic-financial feasibility of an intervention: the Cost-Revenue Analysis (ACR)

EXERCISE

The student will develop the application of a Cost-Revenue Analysis to a building project proposed by the teacher or by the student.

RECOMMENDED READING/BIBLIOGRAPHY

Slides delle lezioni del corso (disponibili su AulaWeb e sulla piattaforma Teams del corso).

AA.VV., 1994, Manuale di progettazione edilizia, Hoepli, Milano.

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

Gabrielli L., Lami I., Lombardi P., 2011, Il valore di mercato. Note di lavoro per la stima del valore di mercato di un'immobile, Celid, Torino.

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

Michieli I., 1998, Trattato di estimo, Edagricole, Bologna.

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

Simonotti M., 1997, La stima immobiliare, UTET, Torino.

Id., 2006, Metodi di stima immobiliare, Dario Flaccovio Editore, Palermo.

Utica G., 2008, Ingegnerizzazione e gestione economica del progetto, Maggioli Editore, Santarcangelo di Romagna.

Id., 2011, La stima sintetica del costo di costruzione, Maggioli Editore, Santarcangelo di Romagna.

TEACHERS AND EXAM BOARD

Exam Board

PAOLO ROSASCO (President)

MARCO LARI

GIUSEPPE VALVO

LESSONS

LESSONS START

First semester of the academic year (September).

Class schedule

The timetable for this course is available here: Portale EasyAcademy

EXAMS

EXAM DESCRIPTION

The exam is oral.

The student will have to answer four questions concerning the topics covered during the course and present the exercise carried out.

ASSESSMENT METHODS

The evaluation of the student's learning of the theoretical and operational tools is developed:

• through the evaluation of the exercise (mandatory);
• through the oral exam.

The exam will assess the student's ability to:

• recognize which are the economic aspects and the values to be sought for the solution of the estimative and evaluation questions that arise during the development of a project on the building or urban scale;
• solve the estimation and evaluation questions through the use of the methodologies covered during the course.

The exercise will allow to evaluate the student's ability to know how to apply the estimation and evaluation methodologies learned during the course.

The mark will include the evaluation of the written test and of the exercise.

Exam schedule