The course aims at providing the basic knowledge in the domain of real estate evaluation, including some notions in the context of microeconomics and mathematics of finance. In particular, the appraisal methods for determining the market value of real estate properties are illustrated with reference both to the methodological background and to the analysis of case studies. Moreover, the course offers the fundamental principles for construction costs estimates and a general overview of the principal evaluation techniques in the field of environmental economics.

At the end of the course the students will be able to afford the following tasks:
- to appraise the market value of real estate properties;
- to estimate the construction costs with reference to the subsequent phases of the building process.

The course does not consider any pre-requisites but the students who passed the exam of calculus will be facilitated.

The program of the course is articulated according to the following macro-themes:
- Microeconomics
- General appraisal
- Real estate
- Valuation techniques for market value of properties
- Costs analysis
- Transformation value
- Cash-flow analysis
- Environmental economics
- European Valuation Standards

A number of exercises is presented to the students concerning the resolution of relevant questions pertaining to the program of the course. Furthermore, the students are required to develop specific group work concerning the application of the evaluation techniques presented in the theoretical lessons. This work is mandatory and the results have to be submitted at the end of the course.

The notes of the lessons are available on the ‘portale della didattica’
Further reading:
- Medici G. (1953), “Principles of Appraisal”, The IOWA State College Press, Ames, IOWA.
- Samuelson P. A., Nordhaus W., McCallum J. (1988), “Economics”, McGraw Hill.
- BrueggemanW.B., Fisher J. D., “Real Estate Finance and Investments”, Irwin.

The final exam consists in two parts
-Written examination (10 multiple response questions + 2 open questions + 1 exercise)
-Oral examination (2 or 3 general questions)
Only the students with a positive evaluation of the written examination will be admitted to the oral examination.
The final mark will consider the three marks (group work, written examination and oral examination)