When possibility dominates probability. Global pressures on a local border town: the real estate market of Ortigia

Abstract

The real estate market is a highly communicative human and social place in which individual creativity interacts with the urban structure. The rising tendency of the property value and quality stimulates global investors to demand more and more qualified assets. This process involves the public administration, whose policies should focus on the acquisition, for the community’s benefit, of a significant part of the surplus of the real estate investments. The appraisal point of view, and particularly the income method, focuses on the capability of the cap rate to represent and integrate the private possibilities with the public perspectives. The outline of the real estate market of Ortigia shows some characters of the capital goods, whose value can be figured out by crossing the theory of the capital and the income method.