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Clustering Analysis in a Complex Real Estate Market: The Case of Ortigia (Italy)

  • Salvatore Giuffrida
  • Giovanna Ferluga
  • Alberto Valenti
Part of the Lecture Notes in Computer Science book series (LNCS, volume 8581)

Abstract

Ortigia, the historic center of Syracuse, is a complex urban entity characterized by high outer homogeneity and inner heterogeneity. The evolution of its real estate market during the last decade is somehow related to the global property market one. In addition its events are connected with the evolution of the exploiting policies still ongoing. The critical observations of its features aim at providing tools able to support the decisions about subsides and local property taxes. This study continues the observations we have carried out for five years, this time involving clustering analysis, a data mining technique able to recognize different submarkets, and suitable to make the valuation pattern fit to the different market areas. For each of the latter significant characteristics have been recognized with reference to the “monetary declination” of these particular capital assets.

Keywords

Imperfect real estate markets mass-appraisals clustering analysis theory of capital income method 

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Copyright information

© Springer International Publishing Switzerland 2014

Authors and Affiliations

  • Salvatore Giuffrida
    • 1
  • Giovanna Ferluga
    • 1
  • Alberto Valenti
    • 1
  1. 1.Department of Civil Engineering and ArchitectureUniversity of CataniaItaly

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