Axiology of the historial city and the cap rate. The case of the old town of Ragusa Superiore

Grazia Napoli, Maria Rosa Trovato, Salvatore Giuffrida

Risultato della ricerca: Articlepeer review

30 Citazioni (Scopus)


The study deals with the role that real estate market andappraisals play in the enhancement of the urbanhistorical fabrics, in the logic of the income approach.The articulation, heterogeneity and plurality the realestate stock of the historical city, the multiplicity of therelationships between values and prices, the complexdialectic stock/stream, the heterogeneity of the financialsituations of the economic actors interacting in themarket, encourage an assortment of approaches to thereal estate investment that this study suggest to explainfrom the point of view of the capitalization rate.The convergence of contextual values and unexpressedpotentialities on one side, and the difficulty tocoordinate the distortions caused by the liquidityinjection in not structured real estate markets on theother side, involves the science of valuation in that itmainly manages economic justice issues in the field ofterritorial and urban wealth. In such ground Valuationscience supports the decision making about therelationship between the real estate market rules andthe urban regeneration processes and, on a moregeneral level, about the question of the relationshipbetween the speculative pressures, and the restrictionsimposed by the administrative authorities by means oftaxes and subsidies.The proposed study has as background some elementsof the theory of capital, which explain the operators’decisions to hold or sell properties having an uncertaineconomic and monetary situation, due to the tendencyof repair costs to prevail on the real estate market values.The case study regards the historical center of Ragusa,where the wide dimension of the real estate patrimonyand its heterogeneity highlights the distinction betweenobject/performance-based characteristics andeconomic, monetary, financial features. The formerconcern the income, involving the comparisonappraisal, the latter concern the capitalization rateinvolving the income approach.The application is based on an accurate analysis of asample of 130 properties appropriately characterizedfrom the point of view the total value of the historicalurban fabric, and then classified into homogeneousgroups in order to deepen the relationship between theorder of values and the rules of prices.
Lingua originaleEnglish
pagine (da-a)41-55
Numero di pagine15
RivistaValori e Valutazioni
Stato di pubblicazionePublished - 2017

All Science Journal Classification (ASJC) codes

  • ???subjectarea.asjc.2000.2003???
  • ???subjectarea.asjc.1400.1408???
  • ???subjectarea.asjc.3300.3308???
  • ???subjectarea.asjc.1800.1801???


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