IDEAS home Printed from https://ideas.repec.org/a/gam/jlands/v12y2023i8p1638-d1221428.html
   My bibliography  Save this article

The Enhancement of Special-Use Real Estate Properties: The Case of Hospital Facilities

Author

Listed:
  • Marta Dell’Ovo

    (Department of Architecture and Urban Studies (DASTU), Politecnico di Milano, Via Bonardi 3, 20133 Milan, Italy)

  • Francesca Torrieri

    (Department of Architecture, Built Environment and Construction Engineering (DABC), Via Ponzio 31, 20133 Milan, Italy
    Department of Industrial Engineering, Università degli Studi di Napoli Federico II, 80138 Naples, Italy)

  • Alessandra Oppio

    (Department of Architecture and Urban Studies (DASTU), Politecnico di Milano, Via Bonardi 3, 20133 Milan, Italy)

  • Stefano Capolongo

    (Design & Health Lab, Department of Architecture, Built Environment and Construction Engineering (DABC), Via Ponzio 31, 20133 Milan, Italy)

  • Marco Gola

    (Design & Health Lab, Department of Architecture, Built Environment and Construction Engineering (DABC), Via Ponzio 31, 20133 Milan, Italy)

  • Andrea Brambilla

    (Design & Health Lab, Department of Architecture, Built Environment and Construction Engineering (DABC), Via Ponzio 31, 20133 Milan, Italy)

Abstract

In the Italian context, public investments for the redevelopment and securing of the National Health Service’s real estate assets are a crucial topic in the context of the National Recovery and Resilience Plan (NRRP) within the Next Generation Italian strategy. The paper proposes the evaluation of alternative scenarios for accessing financing under the NRRP with respect to the criterion of the technically efficient solution, i.e., the solution that minimizes investment costs while respecting time obligations. The methodology proposed refers to the Cost approach with specific reference to the Depreciated Replacement Cost Method (DRC) in order to estimate the market value in different scenarios. The approach is applied to a case study located in the Piedmont Region, where alternatives are compared with respect to both budget constraints and the timeframe for accessing financing. Given the growing concern for urban regeneration and “public city” rearrangement as an answer to the ongoing global changes, making investments in special-use real estate properties has become a central and challenging issue both in the public and private decision domains.

Suggested Citation

  • Marta Dell’Ovo & Francesca Torrieri & Alessandra Oppio & Stefano Capolongo & Marco Gola & Andrea Brambilla, 2023. "The Enhancement of Special-Use Real Estate Properties: The Case of Hospital Facilities," Land, MDPI, vol. 12(8), pages 1-23, August.
  • Handle: RePEc:gam:jlands:v:12:y:2023:i:8:p:1638-:d:1221428
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2073-445X/12/8/1638/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/2073-445X/12/8/1638/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Nick French & Laura Gabrielli, 2007. "Market value and depreciated replacement cost: contradictory or complementary?," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 25(5), pages 515-524, August.
    2. Nick French & Laura Gabrielli, 2007. "Market value and depreciated replacement cost: contradictory or complementary?," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 25(5), pages 515-524, August.
    3. Lopreite, Milena & Mauro, Marianna, 2017. "The effects of population ageing on health care expenditure: A Bayesian VAR analysis using data from Italy," Health Policy, Elsevier, vol. 121(6), pages 663-674.
    4. Enrico Fattinnanzi & Giovanna Acampa & Fabrizio Battisti & Orazio Campo & Fabiana Forte, 2020. "Applying the Depreciated Replacement Cost Method When Assessing the Market Value of Public Property Lacking Comparables and Income Data," Sustainability, MDPI, vol. 12(21), pages 1-22, October.
    5. Andrea Brambilla & Jan Marvin Apel & Inga Schmidt-Ross & Maddalena Buffoli & Stefano Capolongo, 2022. "Testing of a Multiple Criteria Assessment Tool for Healthcare Facilities Quality and Sustainability: The Case of German Hospitals," Sustainability, MDPI, vol. 14(24), pages 1-25, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Guanshen Dou & Yilin Zhang & Yunzhen He & Qiaoyun Huang & Yingfeng Ye & Xinyu Zhang & Weibing Wang & Xiaohua Ying, 2019. "Impact of the Global Budget Payment System on Expenditure of Cardiovascular Diseases: An Interrupted Time Series Analysis in Shanghai, China," IJERPH, MDPI, vol. 16(8), pages 1-14, April.
    2. Ángel Denche-Zamorano & Laura Muñoz-Bermejo & Jorge Carlos-Vivas & María Mendoza-Muñoz & Juan Manuel Franco-García & Jorge Rojo-Ramos & Alejandro Vega-Muñoz & Nicolás Contreras-Barraza & Sabina Barrio, 2022. "A Cross-Sectional Study about the Associations between Physical Activity Level, Self-Perceived Health Perception and Mental Health in Informal Caregivers of Elderly or People with Chronic Conditions i," IJERPH, MDPI, vol. 19(9), pages 1-14, April.
    3. Enrico Fattinnanzi & Giovanna Acampa & Fabrizio Battisti & Orazio Campo & Fabiana Forte, 2020. "Applying the Depreciated Replacement Cost Method When Assessing the Market Value of Public Property Lacking Comparables and Income Data," Sustainability, MDPI, vol. 12(21), pages 1-22, October.
    4. Saqib Amin & Ruhamah Yousaf & Muhammad Awais Anwar & Noman Arshed, 2022. "Assessing the impact of diversity and ageing population on health expenditure of United States," International Journal of Health Planning and Management, Wiley Blackwell, vol. 37(2), pages 913-929, March.
    5. Karamanis, Dimitrios & Kechrinioti, Alexandra, 2023. "The Greek-Turkish rivalry: A Bayesian VAR approach," MPRA Paper 116827, University Library of Munich, Germany.
    6. Xueqian Song & Yongping Wei & Wei Deng & Shaoyao Zhang & Peng Zhou & Ying Liu & Jiangjun Wan, 2019. "Spatio-Temporal Distribution, Spillover Effects and Influences of China’s Two Levels of Public Healthcare Resources," IJERPH, MDPI, vol. 16(4), pages 1-18, February.
    7. Ángel Denche-Zamorano & María Mendoza-Muñoz & Jorge Carlos-Vivas & Laura Muñoz-Bermejo & Jorge Rojo-Ramos & Frano Giakoni-Ramírez & Andrés Godoy-Cumillaf & Sabina Barrios-Fernandez, 2022. "Associations between Physical Activity Level and Health Services Use in Spanish Adults," IJERPH, MDPI, vol. 19(14), pages 1-14, July.
    8. Fabrizio Battisti & Orazio Campo, 2021. "The Assessment of Density Bonus in Building Renovation Interventions. The Case of the City of Florence in Italy," Land, MDPI, vol. 10(12), pages 1-21, December.
    9. R. Rupeika-Apoga & I. Romanova & L. Bule & Y.E. Thalassinos, 2019. "The Impact of Population Ageing and Social Stratification: The Case of Latvia," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 49-63.
    10. Caravaggio, Nicola & Resce, Giuliano, 2023. "Enhancing Healthcare Cost Forecasting: A Machine Learning Model for Resource Allocation in Heterogeneous Regions," Economics & Statistics Discussion Papers esdp23090, University of Molise, Department of Economics.
    11. Hao Yang & Shaobin Wang & Zhoupeng Ren & Haimeng Liu & Yun Tong & Na Wang, 2022. "Life Expectancy, Air Pollution, and Socioeconomic Factors: A Multivariate Time-Series Analysis of Beijing City, China," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 162(3), pages 979-994, August.
    12. D'Andreamatteo, Antonio & Neri, Francesca & Antonucci, Gianluca & Sargiacomo, Massimo, 2024. "Immigration, policies of integration and healthcare expenditure: A longitudinal analysis of the INHS (2002‒2018)," Health Policy, Elsevier, vol. 142(C).
    13. Usman Shakoor & Mudassar Rashid & Ashfaque Ali Baloch & Muhammad Iftikhar ul Husnain & Abdul Saboor, 2021. "How Aging Population Affects Health Care Expenditures in Pakistan? A Bayesian VAR Analysis," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 153(2), pages 585-607, January.
    14. Lopreite, Milena & Misuraca, Michelangelo & Puliga, Michelangelo, 2023. "An analysis of the thematic evolution of ageing and healthcare expenditure using word embedding: A scoping review of policy implications," Socio-Economic Planning Sciences, Elsevier, vol. 87(PB).
    15. Copiello Sergio & Bonifaci Pietro, 2018. "Depreciated Replacement Cost: Improving the Method Through a Variant Based on three Cornerstones," Real Estate Management and Valuation, Sciendo, vol. 26(2), pages 33-47, June.
    16. Andrea Riganti, 2021. "Containing costs in the Italian local healthcare market," Health Economics, John Wiley & Sons, Ltd., vol. 30(5), pages 1001-1014, May.
    17. Lopreite, Milena & Zhu, Zhen, 2020. "The effects of ageing population on health expenditure and economic growth in China: A Bayesian-VAR approach," Social Science & Medicine, Elsevier, vol. 265(C).
    18. Aihie Vincent Uwaifiokun & Ikuabe Matthew, 2018. "Evaluation of Cost Estimation Techniques in Drc Valuation: A Comparative Assessment of Valuers and Quantity Surveyors in Lagos State," Baltic Journal of Real Estate Economics and Construction Management, Sciendo, vol. 6(1), pages 175-192, November.
    19. Taguchi, Hiroyuki & Latjin, Mirani, 2022. "The effects of demographic dynamics on economic growth in EU economies: A panel vector autoregressive approach," MPRA Paper 113596, University Library of Munich, Germany.
    20. Muhammad Azam & Abdul Majid Awan, 2022. "Health is Wealth: A Dynamic SUR Approach of Examining a Link Between Climate Changes and Human Health Expenditures," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 163(2), pages 505-528, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jlands:v:12:y:2023:i:8:p:1638-:d:1221428. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.