Bellezza e capitale: il mercato immobiliare di Ortigia e la forma monetaria del valore architettonico

The urban real estate market can be considered, because of the features that characterize it as “imperfect”, one of the most creative socio- economic institutions, for better or worse. Here the behavior of the agents de!nes the prevalent market pro!le according to two layers of motivation: the !rst one (more general) is the trend of the capital markets; the second one (more speci!c) is the con!guration of the local urban market characters, both in economic and in architectural terms. The creativity of the urban real estate market should to be taken as a relevant evaluative feature, especially in the renewal urban processes. The real estate market closely interacts with land-town policy, especially where and when a signi!cant difference between the real estate prices before and after the transformations is expected. This expectation is assumed as an explicit matter of acting, especially in the recent itinerary of the integrated transformation programs which the urban regeneration praxis is based on. However, according to the community’s point of view, linking the urban destiny to the real estate cycles does not appear appropriate. In fact, during booms, optimistic forecasts may stimulate transformation programs that later, when the prospects dwindle, lose their convenience. These circumstances and the consequent risks turned real estate investment from a physical capital investment to a !nancial capital one. The perspectives of increase in value widen and lengthen particularly in a high quality urban context like the Ortigia’s one. Creativity is a property of architectural and economic systems as well. Appraisal is the scienti!c explaining and synthesizing instrument. The appraisal point of view - and particularly the income method - focuses on the capability of the distributive variables, like the cap rate, to represent and integrate the private possibilities with the public perspectives.