Politecnico di Torino
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Politecnico di Torino
Academic Year 2017/18
01PGTPM
Real Estate Evaluation
1st degree and Bachelor-level of the Bologna process in Architecture - Torino
Teacher Status SSD Les Ex Lab Tut Years teaching
Zorzi Ferruccio ORARIO RICEVIMENTO     64 16 0 0 1
Airaldi Sonia       64 16 0 0 2
Ferrando Diego Giuseppe ORARIO RICEVIMENTO     60 20 0 0 3
SSD CFU Activities Area context
ICAR/22 8 B - Caratterizzanti Discipline estimative per l'architettura e l'urbanistica
Subject fundamentals
The course aims at providing the basic knowledge in the domain of real estate and public assets valuations. Some notions of microeconomics, financial mathematics and statistics are included. 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, for private and public project valuations and for the estimate of public assets.
Expected learning outcomes
At the end of the course the students will be able to afford the following tasks:
- to perform a real estate market analysis
- to appraise the market value of real estate properties;
- to estimate the construction costs with reference to the subsequent phases of the building process.
- to outline the estimate the value of a public asset
- to valuate public project works, according to the Italian law.
Prerequisites / Assumed knowledge
No special prerequisites; the course is based on notions of economic-based estimation, necessary for the study of the different topics that are part of the same training program. However, students who already have basic knowledge of statistics, economics and financial mathematics will be easier to follow the lessons.
Contents
The program of the course consists of the following arguments:

Part 1
- Notions of Microeconomics and descriptive statistics;

Part 2.
- Real estate market analysis
- Real estate appraisal, focusing on market comparison approach and the income capitalization approach
-Hedonic models
- cost approach
- project analysis and valuation
Part 3
- general overview of public assets valuation
Delivery modes
The students are required to develop specific group work concerning the application of market analysis and the evaluation techniques presented in the theoretical lessons.
Texts, readings, handouts and other learning resources

(prof.ssa Patrizia Semeraro)
Roscelli R. (a cura di) Manuale di Estimo. Valutazioni economiche ed esercizio della professione. UTET, 2014.
M. SIMONOTTI (2006); Metodi di stima immobiliare. Applicazione degli standard internazionali. Trattato teorico pratico, Palermo: Flaccovio (solo le parti trattate a lezione, si indicheranno man mano le parti specifiche)
M. GRILLENZONI, G. GRITTANI (1994), Teoria, procedure di valutazione e casi applicativi, Bologna: Calderini (Ed agricole)
Stellin, Rosato (1998) La valutazione economica dei beni ambientali. Metodologia e casi studio, Cittāstudi Torino.
Assessment and grading criteria
The final exam consists in an oral examination (2 or 3 general questions).
The final mark also include the valuation of the group work.

Programma definitivo per l'A.A.2016/17
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