Italian Auction Market : Features of Discounted Forced Sale Price

• Autorzy: Paola Amoruso , Massimo Mariani , Maurizio d'Amato , Raffaele Didonato
• Języki publikacji: EN

Abstrakty

EN

The purpose of the paper is to investigate the main causes of discount between list price and forced sale value in the Italian real estate auction segment, in favor of more comprehensive determination of the value of mortgage underlying guarantees; this would allow for an improvement of further valorization processes of assets intended to obtain a higher selling price. Starting from the results of existing literature, an ordinary least squares regression analysis was conducted in order to point out the main determinants of the discount between list price and forced sale value. It has been verified, when sampling 225 cases of forced residential property sales in the South of Italy, that the time constraint of the Italian regulatory framework is more relevant with reference to discount rather than the physical characteristics of assets. The influence of the duration of procedures is proof that even if recent government initiatives have led to positive results in terms of reducing the length of procedures, this is not yet satisfactory compared to other European contexts. This provides evidence of the need for further interventions aimed at improving the efficiency of the procedural system, also encouraging recourse to other options that lead to ease judicial burden. (original abstract)

Słowa kluczowe

EN

Real estate; Market value; Auctions; Real estate prices

PL

Nieruchomości; Wartość rynkowa; Aukcje; Ceny nieruchomości

• Czasopismo: Real Estate Management and Valuation
• Rocznik: 2020
• Numer: vol. 28, iss. 3
• Strony: 12--23

Twórcy

autor

Paola Amoruso

• Lum Jean Monnet University

autor

Massimo Mariani

• Lum Jean Monnet University

autor

Maurizio d'Amato

• Politecnico di Bari

autor

Raffaele Didonato

• EY Advisory

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Identyfikatory

DOI

doi.org/10.1515/remav-2020-0020