Desarrollo de un modelo de formación del valor inmobiliario en áreas de crecimiento suburbano. Aplicación a la comarca de la Vega Baja del Segura en el litoral alicantino

Una de las principales líneas de investigación de la economía urbana es el comportamiento del mercado inmobiliario y sus relaciones con la estructura territorial. Dentro de este contexto, la reflexión sobre el significado del valor urbano, y abordar su variabilidad, constituye un tema de especial importancia, dada la relevancia que ha supuesto y supone la actividad inmobiliaria en España. El presente estudio ha planteado como principal objetivo la identificación de aquellos factores, ligados a la localización que explican la formación del valor inmobiliario y justifican su variabilidad. Definir este proceso precisa de una evaluación a escala territorial estableciendo aquellos factores de carácter socioeconómico, medioambiental y urbanístico que estructuran el desarrollo urbano, condicionan la demanda de inmuebles y, por tanto, los procesos de formación de su valor. El análisis se centra en valores inmobiliarios residenciales localizados en áreas litorales donde la presión del sector turístico ha impulsado un amplio. Para ello, el ámbito territorial seleccionado como objeto de estudio se sitúa en la costa mediterránea española, al sur de la provincia de Alicante, la comarca de la Vega Baja del Segura. La zona, con una amplia diversidad ecológica y paisajística, ha mantenido históricamente una clara distinción entre espacio urbano y espacio rural. Esta dicotomía ha cambiado drásticamente en las últimas décadas, experimentándose un fuerte crecimiento demográfico y económico ligado a los sectores turístico e inmobiliario, aspectos que han tenido un claro reflejo en los valores inmobiliarios. Este desarrollo de la comarca es un claro ejemplo de la política expansionista de los mercados de suelo que ha tenido lugar en la costa española en las dos últimas décadas y que derivado en la regeneración de un amplio tejido suburbano. El conocimiento del marco territorial ha posibilitado realizar un análisis de variabilidad espacial mediante un tratamiento masivo de datos, así como un análisis econométrico que determina los factores que se valoran positivamente y negativamente por el potencial comprador. Estas relaciones permiten establecer diferentes estructuras matemáticas basadas en los modelos de precios hedónicos, que permiten identificar rasgos diferenciales en los ámbitos económico, social y espacial y su incidencia en el valor inmobiliario. También se ha sistematizado un proceso de valoración territorial a través del análisis del concepto de vulnerabilidad estructural, entendido como una situación de fragilidad debida a circunstancias tanto sociales como económicas, tanto actual como de tendencia en el futuro. Actualmente, esta estructura de demanda de segunda residencia y servicios ha mostrado su fragilidad y ha bloqueado el desarrollo económico de la zona al caer drásticamente la inversión en el sector inmobiliario por la crisis global de la deuda. El proceso se ha agravado al existir un tejido industrial marginal al que no se ha derivado inversiones importantes y un abandono progresivo de las explotaciones agropecuarias. El modelo turístico no sería en sí mismo la causa del bloqueo del desarrollo económico comarcal, sino la forma en que se ha implantado en la Costa Blanca, con un consumo del territorio basado en el corto plazo, poco respetuoso con aspectos paisajísticos y medioambientales, y sin una organización territorial global. Se observa cómo la vinculación entre índices de vulnerabilidad y valor inmobiliario no es especialmente significativa, lo que denota que las tendencias futuras de fragilidad no han sido incorporadas a la hora de establecer los precios de venta del producto inmobiliario analizado. El valor muestra una clara dependencia del sistema de asentamiento y conservación de las áreas medioambientales y un claro reconocimiento de tipologías propias del medio rural aunque vinculadas al sector turístico. En la actualidad, el continuo descenso de la demanda turística ha provocado una clara modificación en la estructura poblacional y económica. Al incorporar estas modificaciones a los modelos especificados podemos comprobar un verdadero desmoronamiento de los valores. Es posible que el remanente de vivienda construida actualmente vaya dirigido a un potencial comprador que se encuentra en retroceso y que se vincula a unos rasgos territoriales ya no existentes. Encontrar soluciones adaptables a la oferta existente, implica la viabilidad de renovación del sistema poblacional o modificaciones a nivel económico. La búsqueda de respuestas a estas cuestiones señala la necesidad de recanalizar el desarrollo, sin obviar la potencialidad del ámbito. SUMMARY One of the main lines of research regarding the urban economy focuses on the behavior of the real estate market and its relationship to territorial structure. Within this context, one of the most important themes involves considering the significance of urban property value and dealing with its variability, particularly given the significant role of the real estate market in Spain, both in the past and present. The main objective of this study is to identify those factors linked to location, which explain the formation of property values and justify their variability. Defining this process requires carrying out an evaluation on a territorial scale, establishing the socioeconomic, environmental and urban planning factors that constitute urban development and influence the demand for housing, thereby defining the processes by which their value is established. The analysis targets residential real estate values in coastal areas where pressure from the tourism industry has prompted large-scale transformations. Therefore, the focal point of this study is an area known as Vega Baja del Segura, which is located on the Spanish Mediterranean coast in southern Alicante (province). Characterized by its scenic and ecological diversity, this area has historically maintained a clear distinction between urban and rural spaces. This dichotomy has drastically changed in past decades due to the large increase in population attributed to the tourism and real estate markets – factors which have had a direct effect on property values. The development of this area provides a clear example of the expansionary policies which have affected the housing market on the coast of Spain during the past two decades, resulting in a large increase in suburban development. Understanding the territorial framework has made it possible to carry out a spatial variability analysis through massive data processing, as well as an econometric analysis that determines the factors that are evaluated positively and negatively by potential buyers. These relationships enable us to establish different mathematical systems based on hedonic pricing models that facilitate the identification of differential features in the economic, social and spatial spheres, and their impact on property values. Additionally, a process for land valuation was established through an analysis of the concept of structural vulnerability, which is understood to be a fragile situation resulting from either social or economic circumstances. Currently, this demand structure for second homes and services has demonstrated its fragility and has inhibited the area’s economic development as a result of the drastic fall in investment in the real estate market, due to the global debt crisis. This process has been worsened by the existence of a marginal industrial base into which no important investments have been channeled, combined with the progressive abandonment of agricultural and fishing operations. In and of itself, the tourism model did not inhibit the area’s economic development, rather it is the result of the manner in which it was implemented on the Costa Brava, with a land consumption based on the short-term, lacking respect for landscape and environmental aspects and without a comprehensive organization of the territory. It is clear that the link between vulnerability indexes and property values is not particularly significant, thereby indicating that future fragility trends have not been incorporated into the problem in terms of establishing the sale prices of the analyzed real estate product in question. Urban property values are clearly dependent on the system of development and environmental conservation, as well as on a clear recognition of the typologies that characterize rural areas, even those linked to the tourism industry. Today, the continued drop in tourism demand has provoked an obvious modification in the populational and economic structures. By incorporating these changes into the specified models, we can confirm a real collapse in values. It’s possible that the surplus of already-built homes is currently being marketed to a potential buyer who is in recession and linked to certain territorial characteristics that no longer exist. Finding solutions that can be adapted to the existing offer implies the viability of renewing the population system or carrying out modifications on an economic level. The search for answers to these questions suggests the need to reform the development model, without leaving out an area’s potentiality.

Construction cost and energy consumption resulting from energy retrofitting in an apartment building in Madrid (Spain).

This theoretical study analyzes the relation between the measures necessesary for the energy retrofitting of a residential building constructed in Madrid, their cost and the improvement of the energy rating of the dwellings. The aim of this work is to establish an evaluation methodology that allows developers and architects to obtain conclusions and orientates therm in the decisioin-making process. It will allow finding the most suitable cost-effective solutions in each case. This paper describes the methodology and the findings obtained. Energy retrofitting and the improvement of the energy behaviour of the building depend on the selection of the retrofitting solutions and also on the investment. In this case study to achieve the best energy rates it is necessary to improve the thermal performance of the envelope as well as the energy systems. Energy retrofitting means an increase in property value but it can't only be considered in economic terms. It is necessary to take into account unquantifiable aspects as increased comfort, improved sound insulation, livability, health, or the elimination of energy poverty situations.

Evaluación cuantitativa de pérdidas por peligros geológicos. Caso del archipiélago de Canarias: Inundaciones, sismicidad y vulcanismo

Existe una creciente preocupación por las catástrofes de origen natural que están por llegar, motivo por el que se están realizando estudios desde prácticamente todas las ramas de la ciencia. La razón para ello se puede encontrar en el miedo a que los eventos futuros puedan dificultar las actividades humanas, aunque no es el único factor. Por todo ello, se produce una dispersión muy importante incluso en los conceptos más elementales como qué debe ser considerado o cómo debe llamarse y catalogarse uno u otro elemento. En consecuencia, los métodos para comprender los riesgos naturales también son muy diferentes, rara vez encontrándose enfoques realmente multidisciplinares. Se han realizado algunos esfuerzos para crear un marco de entendimiento común como por ejemplo, la "Directiva sobre inundaciones" o, más recientemente, la Directiva Inspire. Las entidades aseguradoras y reaseguradoras son un actor importante entre los muchos involucrados en los estudios de riesgos. Su interés radica en el hecho de que terminan pagando la mayor parte de la factura, si no toda. Pero, a cuánto puede ascender esa factura, no es una pregunta fácil de responder aún en casos muy concretos, y sin embargo, es la pregunta que constantemente se plantea por parte de los tomadores de decisiones a todos los niveles. Este documento resume las actividades de investigación que han llevado a cabo al objeto de sentar un marco de referencia, implementando de enfoques numéricos capaces de hacer frente a algunas de las cuestiones más relevantes que se encuentran en casi todos los estudios de riesgos naturales, ensayando conceptos de manera pragmática. Para ello, se escogió un lugar experimental de acuerdo a diferentes criterios, como la densidad de población, la facilidad de proporcionar los límites geográficos claros, la presencia de tres de los procesos geológicos más importantes (inundaciones, terremotos y vulcanismo) y la disponibilidad de datos. El modelo aquí propuesto aprovecha fuentes de datos muy diversas para evaluar los peligros naturales, poniendo de relieve la necesidad de un enfoque multidisciplinar y emplea un catálogo de datos único, unificado, independiente (no orientado), coherente y homogéneo para estimar el valor de las propiedades. Ahora bien, los datos se explotan de manera diferente según cada tipo de peligro, manteniendo sin variación los conceptos subyacentes. Durante esta investigación, se ha encontrado una gran brecha en la relación entre las pérdidas reales y las probabilidades del peligro, algo contrario a lo que se ha pensado que debía ser el comportamiento más probable de los riesgos naturales, demostrando que los estudios de riesgo tienen vida útil muy limitada. En parte debido ello, el modelo propuesto en este estudio es el de trabajar con escenarios, fijando una probabilidad de ocurrencia, lo que es contrario al modelo clásico de evaluar funciones continuas de riesgo. Otra razón para abordar la cuestión mediante escenarios es forzar al modelo para proporcionar unas cifras creíbles de daño máximo fijando cuestiones como la ubicación espacial de un evento y sus probabilidades, aportando una nueva visión del "peor escenario posible” de probabilidad conocida. ABSTRACT There is a growing concern about catastrophes of natural origin about to come hence many studies are being carried out from almost any science branch. Even though it is not the only one, fear for the upcoming events that might jeopardize any given human activity is the main motive. A forking effect is therefore heavily present even on the basic concepts of what is to be considered or how should it be named and catalogued; as a consequence, methods towards understanding natural risks also show great differences and a multidisciplinary approach has seldomly been followed. Some efforts were made to create a common understanding of such a matter, the “Floods Directive” or more recently the Inspire Directive, are a couple of examples. The insurance sector is an important actor among the many involved. Their interest relies on the fact that, eventually, they pay most of the bill if not all. But how much could that be is not an easy question to be answerd even in a very specific case, and it is almost always the question posed by decision makers at all levels. This document summarizes research activities that have being carried out in order to put some solid ground to be followed, implementing numerical approaches that are capable of coping with some of the most relevant issues found in almost all natural risk studies, testing concepts pragmatically. In order to do so, an experimental site was selected according to different criteria, such as population density, the ease of providing clear geographical boundaries, the presence of three of the most important geological processes (floods, earthquakes and volcanism) and data availability. The model herein proposed takes advantage of very diferent data sources in the assessment of hazard, pointing out how a multidisciplinary approach is needed, and uses only one unified, independent, consistent, homogeneous (non objective driven) source for assessing property value. Data is exploited differently according to each hazard type, but the underlying concepts remain the same. During this research, a deep detachment was found between actual loss and hazard chances, contrarily to what has been thought to be the most likely behaviour of natural hazards, proving that risk studies have a very limited lifespan. Partially because of such finding, the model in this study addresses scenarios with fixed probability of occurrence, as opposed to studying a continuous hazard function as usually proposed. Another reason for studying scenarios was to force the model to provide a reliable figure after a set of given parameters where fixed, such as the spatial location of an event and its chances, so the “worst case” of a given return period could be found.

Greenfield shopping center development. The integration between environmental features, building design and investment analysis at the decision making stage

The Shopping centre is a long term investment in which Greenfield development decisions are often taken based on risks analysis regarding construction costs, location, competition, market and an expected DCF. Furthermore, integration between the building design, project planning, operational costs and investment analysis is not entirely considered by the investor at the decision making stage. The absence of such information tends to produce certain negative impacts on the future running costs and annual maintenance of the building, especially on energy demand and other occupancy expenses paid by the tenants to the landlord. From the investor´s point of view, this blind spot in strategy development will possibly decrease their profit margin as changes in the occupancy expenses[ ] have a direct outcome on the profit margin. In order to try to reduce some higher operating cost components such as energy use and other utility savings as well as their CO2 emissions, quite a few income properties worldwide have some type of environmental label such as BREEAM and LEED. The drawback identified in this labelling is that usually the investments required to get an ecolabel are high and the investor finds no direct evidence that it increases market value. However there is research on certified commercial properties (especially offices) that shows better performance in terms of occupancy rate and rental cost (Warren-Myers, 2012). Additionally, Sayce (2013) says that the certification only provides a quick reference point i.e. the lack of a certificate does not indicate that a building is not sustainable or efficient. Based on the issues described above, this research compares important components of the development stages such as investments costs, concept/ strategy development as well as the current investor income and property value. The subjects for this analysis are a shopping centre designed with passive cooling/bioclimatic strategies evaluated at the decision making stage, a certified regional shopping centre and a non-certified standard regional shopping centre. Moreover, the proposal intends to provide decision makers with some tools for linking green design features to the investment analysis in order to optimize the decision making process when looking into cost savings and design quality.

The value of cultural assets. Maintenance Costs and economic sustainability at heritage

Under the 12th International Conference on Building Materials and Components is inserted this communication related to the field of management of those assets that constitute the Spanish Cultural Heritage and maintenance. This work is related to the field of management of those assets that constitute the Spanish Cultural Heritage which share an artistic or historical background. The conservation and maintenance become a social demand necessary for the preservation of public values, requiring the investment of necessary resources. The legal protection involves a number of obligations and rights to ensure the conservation and heritage protection. The duty of maintenance and upkeep exceeds the useful life the property that must endure more for their cultural value for its usability. The establishment of the necessary conditions to prevent deterioration and precise in order to fulfill its social function, seeking to prolong the life of the asset, preserving their physical integrity and its ability to convey the values protected. This obligation implies a substantial financial effort to the holder of the property, either public or private entity, addressing a problem of economic sustainability. Economic exploitation, with the aim of contributing to their well-maintained, is sometimes the best way to get resources. The work will include different lines of research with the following objectives. - Establishment of processes for assessing total costs over the building life cycle (LCC), during the planning stages or maintenance budgets to determine the most advantageous operating system. - Relationship between the value of property and maintenance costs, and establishing a sensitivity analysis.

The Economic Value of Residential Land in Historical Areas: An Application of the Residual Method to the Secondary Market

Land value bears significant weight in house prices in historical town centers. An essential aim for regulating the mortgage market, particularly in the financial and property crisis that countries such as Spain are undergoing, is to have at hand objective procedures for its valuation, whatever the conditions (location, construction, planning). Of all the factors contributing to house price make-up, the land is the only one whose value does not depend on acquisition cost, but rather on the location-time binomial. That is to say, the specific circumstances at that point and at the exact moment of valuation. For this reason, the most commonly applied procedure for land valuation in town centers is the use of the residual method: once the selling price of new housing in a district is known, the other necessary costs and expenses of development are deducted, including those of building and the developer’s profit. The value left is that of the land. To apply these procedures it is vital to have figures such as building costs, technical fees, tax costs, etc. But, above all, it is essential to obtain the selling price of the new housing. This is not always feasible, on account of the lack of newbuild development in this location. This shortage of information occurs in historical town cities, where urban renewal is slight due to the heritage-protection policies, and where, nevertheless there is substantial activity in the secondary market. In these circumstances, as an alternative for land valuation in consolidated urban areas, we have the adaptation of the residual method to the particular characteristics of the secondary market. To these ends, there is the proposal for the appreciation of the dwelling which follows, in a backwards direction, the application of traditional depreciation methods proposed by the various valuation manuals and guidelines. The reliability of the results obtained is analyzed by contrasting it with published figures for newly-built properties, according to different rules applied in administrative appraisals in Spain and the incidence of an eventual correction due to conservation state.