TAILIEUCHUNG - Evaluating risk in real estate investments in areas of special value and environmental beauty - Italy

What investors must realise is that despite their intangible nature, the most valuable aspects of real estate assets are those that provide the best possible human outcomes into the future. These benefits build demand and result in higher and more sustained returns This alone elevates the importance of social sustainability in the real estate mix, and is bringing a particular focus to construction and management standards as a major factor in improving the worth of asset holdings. Understanding what actually makes up desirable real estate therefore underpins an appreciation of social sustainability within a property context. Properties alone. | Evaluating risk in real estate investments in areas of special value and environmental beauty Antonio CABRAS Italy Key words Risk in Real Estate Investments Valuation Environment. SUMMARY In the case study presented here we analyse the critical aspects related to the financialization of the real estate market we review some of the methodologies employed to evaluate risk in real estate investments and provide an example of appraisal of the so-called embedded value using the approach developed by the Appraisal Research Lab of the University of Cagliari. In the context of real estate located in small areas characterised by high tourist and environmental value such as the area selected for our case study - Costa Smeralda Arzachena OT Italy - real estate value is typically subject to strong appreciation. In many instances the unit value of real estate in such prestigious areas can exceed that of more upmarket segments of the world s main capital cities. The analysis of real estate investment risk is supposed to take into account a large number of factors not always related to the actual quality of the building including factors that are notoriously difficult to identify and evaluate such as the permanence of those environmental characteristics that originated the real estate success of settlements like the one we examine here. The standard methodology to evaluate the risk of real estate investments may not work in this kind of locations. Analysing real estate investment risk should therefore be oriented towards 1. assessing the actual capacity to preserve the same environmental quality that had made the location s success in the first place and 2. the relationship between the overall value of the estate and the value that can be directly attached to its external characteristics quality of the built and environmental context . The combined appraisal of both factors above in the case of sites characterised by high environmental value is an adequate methodology to .

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