Programme

The course covers the fundamentals for understanding and forecasting values, quantities and economic dynamics and their interaction with the project, which are useful in the context of an architect's training. These cover: the main notions of microeconomics, the fundamentals of appraisl theory and the methodological procedures for making value judgements. Criteria, procedures and estimative techniques are adapted to the different degrees of the problem posed or to the different levels of the project, solving at each scale the specific problems posed by the processes of land transformation. Finally, hints and preliminary elements of techniques and methodology for the evaluation of projects, plans and programmes are provided.
Specifically, the module is divided into:
- Elements of microeconomics: theories of value, economic goods, demand theory, supply theory, market forms, market price formation, general economic equilibrium, elements of cognitive economics.
- Fundamentals of appraisal: estimation theory, fundamentals of estimation methodology, estimation procedures for assets, elements of statistics, elements of financial mathematics, traditional value estimation procedures: market value (direct, indirect, intermediate and main international procedures), cost value (direct, indirect and intermediate procedures), derived values.

Core Documentation

Elements of economic:
- Sloman J., "Elementi di economia", Il Mulino, Bologna, 2007.
Appraisal:
- C. Forte, B. De' Rossi, "Principi di economia ed estimo", Etas Libri, Milano 1979.
- Roscelli, R. (a cura di), Manuale di estimo, UTET, Torino, 2014.
- M. Polelli, “Nuovo trattato di estimo”, Maggior, Rimini, 2008.
Appraisal International procedure:
- Appraisal Institute, “The Appraisal of Real Estate”, 15th ed., Appraisal Institute, Chicago, 2020.
Handouts and documentation provided within the Course.

Attendance

Attendance at the course is mandatory.

Type of evaluation

The student will take an individual profit examination in which he/she will have to demonstrate knowledge and acquisition of the topics examined in the theoretical lectures. During the oral examination, theoretical and application questions will be submitted to the student.

Programme

A. Course Introduction
B. General Section: Economic Foundations and the Fundamentals of Valuation
15.10.2025 – Lesson 2: Theoretical Framework – Introduction to Economics
22.10.2025 – Lesson 3: Valuation – Definition and Principles
29.10.2025 – Lecture 4: Valuation – Bases of Value and Valuation Approaches
C. Market Value
05.11.2025 – Lecture 5: Market Value – Definitions
12.11.2025 – Lecture 6: Market Value – Market Approach
19.11.2025 – Lesson 7: Market Value – Income Approach
26.11.2025 – Lesson 8: Market Value – Case Studies
D. Cost Value
03.12.2025 – Lesson 9: Cost Value – Definitions
10.12.2025 – Lesson 10: Cost Value – Direct approach
17.12.2025 – Lesson 11: Cost Value – Analytical approach
07.01.2026 – Lesson 12: Residual Value and Depreciated replacement cost (DRC)
14.01.2026 – Lesson 13: International Valuation Standards

Core Documentation

Realfonzo A. (1994), Teoria e metodo dell’estimo urbano, Nis Roma
Forte F. De Rossi B. (1974), Principi di economia e di estimo, Etas, Milano
Orefice M. (2013), Estimo civile, UTET Università
RICS Valuation – Global Standards (Red Book) - 2025
International Standard Valuation - 2022
Additional bibliographic references will be provided throughout the course.

Attendance

Attendance is mandatory for at least 70% of the lectures and will be recorded during class sessions through the signing of attendance sheets.

Type of evaluation

Student learning will be assessed through an oral examination, which includes both theoretical questions and the discussion of practical exercises.