Cap Rate and the Historic City. Past and Future of the Real Estate of Noto (Italy)

A real estate market survey has been carried out within the old town of Noto, in order to describe the progressive increase of the property market prices performed in the last decade. A sample of 56 properties was analyzed by considering a large amount of characteristics grouped in a frame of five main features progressively detailed. Due to the architectural, historical and landscape performances of this urban-land context, many expectations influence prices and the kind of and exploitation of these properties, so that a further study concerning the costs of renovation, the rents and cap rates of the surveyed properties has been carried out in order to identify the economic, financial and monetary profile of each of them and some recursive rules for investments’ layout. A multi-layer clustering analysis was carried out to integrate two approaches, the empirical one sorting by characteristics, the analytic one based on the scored attributes.