The Mortgage Lending Value (MLV): proposal for a new calculation procedure

Antonio Benvenuti¹, Francesca Salvo², Daniela Tavano^2,*

¹University of the Republic of San Marino

²Department of Environmental Engineering (DIAm), University of Calabria, Italy

Accepted: 2023-10-10 | Published Online: 2023-10-19

DOI: 10.36253/aestim-14725

ABSTRACT

The mortgage lending value (MLV) is a type of value different from the market value (MV). The MLV appraisal is normally required in loans secured by real estate (collateral) context. In Italy, this appraisal is often made in percentage terms or with subjective criteria that do not consider the reference principles also defined by the valuation standards. This paper, starting from the analysis of the German procedure to appraise the MLV, which is the first country to introduce the concept of a security value in the context of property valuations, aims to propose a more precise procedure than the German one by adopting calculation methodologies typical of the income approach which are based on the principles derived from the definition of mortgage lending value and from market trends. The case is made that the proposed methodology and calculation procedure provide a more objective method to appraise the MLV compared to the current ones, in accordance with both national and international valuation standards, and that it represents a useful tool for professionals called to perform the calculations.

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Analysis of the initial steps of the Market Comparison Approach (MCA) for its application to agricultural land: parameters of the market segment and real estate data

Martina Agosta*, Emanuele Schimmenti, Caterina Patrizia Di Franco, Antonio Asciuto

Department of Agricultural, Food and Forest Sciences, University of Palermo, Italy

Accepted: 2023-10-10 | Published Online: 2023-10-19

DOI: 10.36253/aestim-14497

ABSTRACT

In the current Italian real estate market, estimates of the market value of rural properties are carried out by appraisers mainly using the single-parameter comparison procedure and, less frequently, the income capitalization method. To overcome problems of appraiser subjectivity and other issues related to these methods, and to gradually comply with real estate appraisal standards, this research paper aims to develop and validate a scientifically rigorous method. This article carries out a first attempt to apply the mixed approach based on the integration of Market Comparison Approach (MCA) and General Assessment System (GAS) to agricultural land, currently used only in the field of urban real estate appraisal.

The study focuses on the first steps of this valuation procedure:  choice of the parameters which characterise the market segment and identification of the land characteristics to be included in the procedure. These two steps are preparatory to the following phase concerning the estimate of marginal prices, which represent the core of the whole valuation procedure.

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GeoValueIndex map of public property assets generating via Analytic Hierarchy Process and Geographic Information System for Mass Appraisal

Fatma Bunyan Unel*, Lutfiye Kusak, Murat Yakar

Department of Geomatics Engineering, Mersin University, Turkey

Accepted: 2023-06-29 | Published Online: 2023-10-17

DOI: 10.36253/aestim-14110

ABSTRACT

The aim of this study is to develop a value-based GeoValueIndex with AHP weights and GIS for the criteria of the Mersin University (MEU) Çiftlikköy Campus real properties, and it is referred to as the “GeoValueIndex” in this study. GeoValueIndex is a symbolic value that combines geographic and non-geographic features of real properties. The data of the real properties on the campus were collected and arranged for mass appraisal. One of the Multi Criteria Decision Analysis (MCDA) methodologies, Analytic Hierarchy Process (AHP), was used to weight the criteria. GeoValueIndex was calculated by multiplying each parcel’s geographic and non-geographic data by their weights and adding them. GeoValueIndex Map is obtained by associating GeoValueIndex and parcel in GIS software. GeoValueIndex of real properties save time, effort, and cost in mass appraisal processes. There are many techniques for doing GeoValueIndex operations, and the ones presented in this study are only proposals.

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The Italian National Strategy for Sustainable Development and the Covid-19 impact: a regional analysis.

Lucia Rocchi^1,*, Luisa Paolotti¹, Arianna Tiralti¹, Paolo Stranieri², Antonio Boggia¹

¹Department of Agricultural, Food and Environmental Sciences, University of Perugia, Italy

²ARPA Umbria - Agenzia Regionale per la Protezione Ambientale, Italy

Accepted: 2023-06-22 | Published Online: 2023-07-05

DOI: 10.36253/aestim-14374

ABSTRACT

The Italian National Strategy for Sustainable Development plays an important role in the national implementation of the 17 Goals for sustainable development set globally through the 2030 Agenda of the United Nations. The achievement of such goals in Italy is linked to the strategic choices and objectives established at the national level. The purpose of this work is to monitor the performance of the 20 Italian regions in 4 of the 5 areas of the Agenda (People, Planet, Prosperity, Peace) over a period of time ranging from the implementation of the National Strategy to the post-pandemic. To do this, a set of representative indicators was created and a geographical sustainability assessment tool (SSAM) was used, which operates through a multicriteria analysis model perfectly integrated into a GIS environment. The results showed a strong regional variability and a radicalized North-South gap. Moreover, the monitoring between the different years (2017-2019-2021) showed the initially positive impact of the strategy, mainly due to the Planet dimension, but also the negative one that COVID-19 caused to all the regions, with different intensity depending on the dimensions considered.

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Paolo Cupo^1,*, Erasmo Dell’Isola²

¹Department of Agricultural Sciences, University of Naples Federico II, Italy

²Agronomist

Accepted: 2023-05-11 | Published Online: 2023-05-17 

DOI: 10.36253/aestim-13580

ABSTRACT

This paper presents the results of a zoning study involving the metropolitan city of Naples, for the purpose of identifying the areas within which to perform a comparable search by applying the synthetic-comparative market value procedure of appraisal. Moreover, an analysis was carried out of the values of agricultural land reported by two official sources, i.e. average land values (VFM) and average agricultural values (VAM), and by an unofficial source, i.e. the values of the Observatory of Agricultural Values (VAO). The results show that for some area/crop quality combinations, the values recorded can provide a significant indication of the agricultural value to be estimated. Vice versa, for estimating the agricultural value of land cultivated with the most profitable crops, the official values showed to be unreliable, meaning that the appraisal requires an accurate field survey. As for the differences between the different homogeneous areas, VAO prove to be more reliable, while VAM are the least significant values.

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