Just Accepted



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

Antonio Benvenuti1, Francesca Salvo2, Daniela Tavano2,*

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


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.

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


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.

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


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.

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

Lucia Rocchi1,*, 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


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.

A zoning of the Metropolitan City of Naples and analysis of land values

Paolo Cupo1,*, Erasmo Dell’Isola2

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


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

DOI: 10.36253/aestim-13580


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.

Appraising forced sale value by the method of short table market comparison approach

Maurizio d’Amato1,*, Giuseppe Cucuzza2, Giampiero Bambagioni3

1Department of Civil, Environmental, Land, Construction and Chemistry (DICATECh), Polytechnic University of Bari, Italy

2Department of Agriculture, Food and Environment (Di3A), University of Catania, Italy

3Faculty of Architecture, Sapienza University of Rome, Italy

Accepted: 2023-03-18 | Published Online: 2023-03-26 

DOI: 10.36253/aestim-13808


For International Valuation Standards (IVS) the estimate of the “forced sale” value implies a value judgment with reference to a degeneration of the market value basis, since “a forced sale” is a description of the situation in which the exchange takes place, not a distinct basis of value (IVS 2022, Par. 170.1).The paper illustrates a model that can be used to measure the difference between market value and forced sale value, as an aid to real estate valuations related to real estate executions. The proposed method is aimed at determining the difference between the estimated values and the final sales values obtained through the executive process, on the basis of the Short Table Market Comparison Approach (MCA). This method contributes more appropriately to the estimate of the value obtainable from the outcome of the enforcement process than arbitrary reductions in the market value. An application on a small sample of residential properties undergoing enforcement procedure highlights the possibility of using the Short Table MCA even with a limited number of comparables.