Il valore cauzionale nelle valutazione degli immobili per la concessione del credito

Tratto dalla Rivista IoRoma o dal suo allegato Quaderno che è consultabile al sito: http://rivista.ording.roma.it

Quaderno

IL VALORE CAUZIONALE NELLE VALUTAZIONI DEGLI IMMOBILI PER LA CONCESSIONE DEL CREDITO a cura di 4C82 2 4H<<FAGHDDE commissione 1>BG;E G;;E5GDGFAH visto da: 4C82 2 HBBG 4C82 2 $=AFBEDE 4C82 2 $G;F

Introduzione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corpus @EBBAGCFAGE H@ GC7 '=F@AFC@EDG >H?EC@E G <AGC?G<G @HDD0H>BG;E H DH ;HBE@EDE8GH >BFC@FA@ @G 9FD=BF:GECH 8G ?EC7 >EDG@FBH2 =H>BE <AE?H>>E @G GCBH8AF:GECH 3F ?EC@EBBE F@ HDF5EAFAH GD ?EC?HBBE @G FDEAH @HD ?AH@GBE G<EBH?FAGE E FDEAH $F=:GECFDH + 7 Mortgage Lending Value6 CHDDF BHA;GCEDE8GF FC8DE7 >F>>ECH 6 '=FDH 9FDEAH6 @G9HA>E @FD 9FDEAH @G ;HA?FBE ;F F@ H>>E ?ECCH>>E6 @F @HBHA;GCFAH

'=FC@E DE >?E<E @HDDF >BG;F >GF D0=BGDG::E @HD7 D0G;;E5GDH '=FDH 8FAFC:GF @G =C ;=B=E G<EBH?F7 AGE2 ,@ F99FDEAFAH D0G;<EABFC:F @HD BH;F 9F AG?EA@F7 BE ?3H D0, 4 ,>>E?GF:GECH FC?FAGF 4BFDGFCF6 >G # E??=<FBF GC ;FCGHAF F<<AE/EC@GBF @HDD0FA8E7 ;HCBE6 <=55DG?FC@E CHD -.)) @HDDH F<<E>GBH +G7 CHH 8=G@F <HA DF 9FD=BF:GECH @H8DG G;;E5GDG GC 8FAFC:GF @HDDH H><E>G:GECG ?AH@GBG:GH"2 F GC(CH AG?EA@FBE ?3H6 CHD -.)"6 FC?3H D0 &4 1CBH @G CG(?F:GECH 4BFDGFCE 3F F//AECBFBE GD BH7

!*4&1 *1%+4 4&%1%&1!4 *1++, ! 4&$4, *4 ! ,

"

;F6 ?E>BGB=HC@E =C 8A=<<E @G DF9EAE <HA D0HDF7 5EAF:GECH @G =CF CEA;F @HCE;GCFBF FDEAH @HD ?AH@GBE G<EBH?FAGE G;;E5GDGFAH 7 HBE@EDE7 8GF @G ?FD?EDE 6 8A=<<E ?3H <=ABAE<<E >G # >?GEDBE <AG;F ?3H GD ?E;<GBE 8G=C8H>>H F ?E;7 <G;HCBE2 &H ?EC>H8=H ?3H6 F B=BB0E88G6 CEC # @G><ECG5GDH =CF ;HBE@EDE8GF ?E@G(?FBF H ?EC@G9G>F <HA GD ?FD?EDE @HD 9FDEAH ?F=:GECFDH6 DF>?GFC@E <HA?G =C BH;F ?E> @HDG?FBE FDDF ?E;<HBHC:F H FDDF AH><EC>F5GDGB GC@G9G@=FDH @HG <AE/H>>GECG>BG

?3GF;FBG F@ E<HAFAH GC BFD >HC>E2 4D <AH>HCBH FABG?EDE6 D=C8G @FD <AHBHC@HAH @G ?E7 @G(?FAH DF ;HBE@EDE8GF <HA EBBHCHAH GD 9FDEAH ?F=:GECFDH6 >G <AE<ECH @G /EACGAH6 <HA DF >EDF ><H?G(?F ?F>G>BG?F AHDFBG9F F8DG G;;E5GDG AH>G7 @HC:GFDG6 =C0G<EBH>G @G <AE?H@G;HCBE @G ?FD?EDE ?3H AG>=DBG GC F??EA@E >GF ?EC DF DH8G>DF:GECH H 8DG >BFC@FA@ H=AE<HG @G 9FD=BF:GECH ?3H ?EC DH DGCHH 8=G@F @HDD0, 46 ?EC D0GCBHC:GECH @G >=>?GBF7 AH BAF G ?EDDH83G =CF /A=BB=E>F @G>?=>>GECH >=D BH;F H6 >H <E>>G5GDH6 H>>HAH @G ><=CBE <HA AGF97

!*4&1 *1%+4 4&%1%&1!4 *1++, ! 4&$4, *4 ! ,

9GFAH GD <AE?H>>E CEA;FBG9E GCBHAAEBBE @FDD0 &42

Il valore cauzionale 1) definizione CH?H>>FAGE EAF AG<EABFAH DF @H(CG:GECH =CFCG7 ;H;HCBH F??HBBFBF @HD 9FDEAH ?F=:GECFDH6 ?E> ?E;H H;HA8H @F8DG =DBG;G F88GEACF;HCBG @H8DG >BFC@FA@ GCBHACF:GECFDG GC ;FBHAGF @G 9FD=BF:GECG G;;E5GDGFAG 4 International Valuation Standards H@ 1 European Valuation Standards H AG<AH>F GCBH8AFD;HCBH CH8DG >BFC@FA@ CF:GECFDG HDF5EAFBG @F H?CE5EA>F <HA GD ;HA?F7 BE GBFDGFCE 2 FDH @H(CG:GECH #6 @G /FBBE6 '=HDDF ?ECBHC=BF CHDDF *GAHBBG9F -.. $1 ?3H6 AG7 8=FA@E FD 9FDEAH ?F=:GECFDH6 G9G @HCE;GCFBE valore del credito ipotecario6 ?E> >G H><AG;H Per ÂŤvalore del credito ipotecarioÂť si intende il valore dellâ&#x20AC;&#x2122;immobile quale determinato in base ad un prudente apprezzamento della futura negoziabilitĂ dellâ&#x20AC;&#x2122;immobile stesso, tenuto conto degli aspetti durevoli a lungo termine dellâ&#x20AC;&#x2122;immobile, delle condizioni normali e locali del mercato, dellâ&#x20AC;&#x2122;uso corrente dellâ&#x20AC;&#x2122;immobile e dei suoi appropriati usi alternativi. Nella stima del valore del credito ipotecario non possono intervenire considerazioni di carattere speculativo. Il valore del credito ipotecario è documentato in modo chiaro e trasparente. =BGDH F '=H>BE <=CBE AG<AE<EAAH6 FC?EA?3 5HC CEBF FG BH?CG?G 9FD=BFBEAG6 DF @H(CG:GECH @G 9FDEAH @G ;HA?FBE6 FD (CH @G <EBHA ;H8DGE F<<AH::FAH DH <FABG?EDFAGB ?3H ?ECBAF@@G>BGC8=ECE GD 9FDEAH ?F=:GECFDH H ?3H >ECE E88HBBE @HD <FAF8AF/E

G8=AF ) Bruxelles, la sede del Parlamento Europeo

?3H >H8=H2 +F @H(CG:GECH @G 9FDEAH @G ;HA?FBE >H?EC@E 8DG >BFC@FA@ GCBHACF:GECFDG # DF >H8=HCBH Il valore di mercato è lâ&#x20AC;&#x2122;ammontare stimato per il quale un determinato immobile può essere compravenduto alla data della valutazione tra un acquirente e un venditore, essendo entrambi i soggetti non condizionati, indipendenti e con interessi opposti, dopo unâ&#x20AC;&#x2122;adeguata attivitĂ di marketing durante la quale entrambe le parti hanno agito con eguale capacitĂ , con prudenza e senza alcuna costrizione.

2) caratteristiche G;<EABFCBH6 FG (CG @HDDF /EA;=DF:GECH @G =C0G<E7 BH>G @G <AE?H@G;HCBE 9FD=BFBG9E6 H9G@HC:GFAH DH <AGC?G<FDG ?FAFBBHAG>BG?3H @HD 9FDEAH ?F=:GECFDH2 HA /FA ?G >ECE @0F=>GDGE G ?3GFAG;HCBG H DH <AH7 ?G>F:GECG GC ;HAGBE ?ECBHC=BH GC B=BBG G BH>BG (C '=G ?GBFBG6 ?3H <HA ?E;E@GB @0=>E 9HC8ECE AGH7 <GDE8FBH '=G @G >H8=GBE6 AG;FC@FC@E FDDF 5G5DGE7 8AF(F <HA 8DG H9HCB=FDG F<<AE/EC@G;HCBG2 +H <AGC?G<FDG ?FAFBBHAG>BG?3H @F H9G@HC:GFAH >E7 CE DH >H8=HCBG GD 9FDEAH ?F=:GECFDH # @G9HA>E @FD 9FDEAH @G ;HA?FBE GD 9FDEAH ?F=:GECFDH # 5F>FBE >=D 9FDEAH @G ;HA?FBE ;F CEC <= H>>HAH @H@EBBE @F '=H>BE ;H@GFCBH =CF >H;<DG?H @H?=ABF:GE7 CH <HA?HCB=FDH GD 9FDEAH ?F=:GECFDH CEC <= /EC@FA>G >=DDH '=EBF:GECG G;;E5GDGFAG BF5HDDFAG H >=G <AH::G @G DG>BGCE @HDDH G;<AH>H H @HDDH F8HC:GH @G GC7 BHA;H@GF:GECH

Figura 2: Gli standard di valutazione internazionali pubblicati dal IVSC â&#x20AC;&#x201C; International Valuation Standard Council nel 2013

!*4&1 *1%+4 4&%1%&1!4 *1++, ! 4&$4, *4 ! ,

Figura 3: Gli standard di valutazione europei pubblicati dal TEGoVA â&#x20AC;&#x201C; The European Group of Valuersâ&#x20AC;&#x2122; Associations nel 2012

GD 9FDEAH ?F=:GECFDH <= H>>HAH ?EC>G@HAFBE =CF BH?CG?F @G 9FD=BF:GECH @HD AG>?3GE @G D=C7 8E BHA;GCH GD 9FDEAH ?F=:GECFDH <HA;HBBH @G 9FD=BFAH >H =C G;;E5GDH G<EBH?FBE E//AH =CF 8FAFC:GF ?EDDFBHAFDH >=/(?GHCBH F ?E<AGAH =C <AH>BGBE @G D=C8E <HAGE@E GD 9FDEAH ?F=:GECFDH6 <EG?3 3F DE >?E<E @G >BG;FAH GD 9FDEAH @G =C G;;E5GDH GC =C DF>>E @G BH;<E <AED=C8FBE6 CEC <= H>>HAH ?EC7 /AECBFBE ?EC FDBAG F<<AE??G @G 9FD=BF:GECH =BG7 DG::FBG <HA @HBHA;GCFAH GD 9FDEAH @G ;HA?FBE F =CF @FBF <AH(>>FBF DF 9FDG@GB F D=C8E BHA;GCH @HD 9FDEAH ?F=:GE7 CFDH AG?3GH@H DF ?EC/EA;GB F =C ?HABE C=7 ;HAE @G <AE?H@G;HCBG ;GAFBG F HDG;GCFAH DF 9EDFBGDGB F 5AH9H BHA;GCH E DH BHC@HC:H BH;7 <EAFCHH @HD ;HA?FBE B=BBG G ;HBE@G @G 9FD=BF:GECH AG?ECE>?G=BG F DG7 9HDDE GCBHACF:GECFDH >G F<<DG?FCE FC?3H FD 9FDEAH ?F=:GECFDH6 >H?EC@E DF BG<EDE8GF @HDD0G;;E5GDH H DH ><H?G(?GB @HD ;HA?FBE GC ?=G >G BAE9F FC@F;HCBG >BEAG?G6 F><HBBG DH8FDG6 H??2 2 =H>BG ;HBE@G >ECE GD ;HBE@E @HDDF ?E;<FAF:GECH GD ;HBE@E @HD AH@@GBE GD ;HBE@E @HD ?E>BE @G AG?E>BA=:GECH @H7 <AH::FBE CHD AF<<EABE @G 9FD=BF:GECH AHDFBG9E FD 9FDEAH ?F=:GECFDH @H9H H>>HAH AG<EABFBE FC?3H GD 9FDEAH @G ;HA?FBE2 E<<EAB=CE F '=H>BE <=CBE F<<AE/EC@GAH FD?=7 CG @HG <=CBG >E<AFHDHC?FBG2 4D <AG;E <=CBE @F F<7 <AE/EC@GAH # DF @G//HAHC:F BAF 9FDEAH @G ;HA?FBE H 9FDEAH ?F=:GECFDH2 , BFD (CH ?G >E??EAAH '=FC7 BE AG<EABFBE GC <AE<E>GBE CHDDH 8G ?GBFBH +GCHH 8=G@F @HDD0, 46 E9H GC D=E8E @G 9FDEAH ?F=:GECF7

Figura 4: Gli standard di valutazione italiani pubblicati da Tecnoborsa nel 2011

DH 9GHCH =>FBE D0F?AECG;E + esistono notevoli differenze tra il valore di mercato e il MLV: il primo è riconosciuto a livello internazionale ai fini della determinazione del valore di un immobile in un momento determinato. Il valore di mercato stima il prezzo che si può ottenere per un immobile alla data di valutazione, a prescindere dal fatto che tale valore possa variare molto rapidamente e non essere piĂš valido. Al contrario, lo scopo del MLV è fornire un valore sostenibile a lungo termine, che consideri lâ&#x20AC;&#x2122;adeguatezza di un immobile a essere usato come garanzia per un prestito ipotecario, indipendentemente dalle future fluttuazioni del mercato e su una base piĂš stabile. Il MLV indica un importo di solito inferiore al valore di mercato e quindi in grado di assorbire le fluttuazioni a breve termine, allo stesso tempo rispecchiandone con precisione il trend a lungo termine di fondo. *F '=FCBE >E<AF >G @H@=?H ?3H6 <HA GD ?FD?EDE @HD 9FDEAH ?F=:GECFDH6 # CH?H>>FAGE @G><EAAH @G =CF ?ECE>?HC:F @HDDH 9FAGF:GECG @HD ;HA?FBE G;;E5GDGFAH @HD >H8;HCBE ?=G F<<FABGHCH D0G;7 ;E5GDH @F <EAAH GC 8FAFC:GF ?3H <HA;HBBF @G GC7 @G9G@=FAH =CF BHC@HC:F @G D=C8E <HAGE@E2 4D >H?EC@E <=CBE @F F<<AE/EC@GAH AG8=FA@F G ;HBE@G @G 9FD=BF:GECH @F =BGDG::FAH <HA GD ?FD?EDE @HD 9FDEAH ?F=:GECFDH6 ?3H AG>=DBFCE H>>HAH (8DG @HG BAH F<<AE??G BAF@G:GECFDG GD market approach E F<<AE??GE @HD ;HA?FBE D0income approach E F<<AE??GE AH@@GB=FDH

Figura 5: Grafico dellâ&#x20AC;&#x2122;andamento dellâ&#x20AC;&#x2122;IPAB â&#x20AC;&#x201C; Indice dei Prezzi delle Abitazioni per il periodo 2011 â&#x20AC;&#x201C; 2014 redatto dallâ&#x20AC;&#x2122;ISTAT su base nazionale

Figura 6: Linee guida per la valutazione degli immobili ai fini della concessione del credito redatte dallâ&#x20AC;&#x2122;ABI â&#x20AC;&#x201C; Associazione Bancaria Italiana

!*4&1 *1%+4 4&%1%&1!4 *1++, ! 4&$4, *4 ! ,

GD cost approach E F<<AE??GE @HD ?E>BE2 4C <FABG?EDFAH6 <HA D0F<<AE??GE @HD ;HA?FBE # AG7 <EABFBE GD ;HBE@E @HDDF ?E;<FAF:GECH2 EG?3

FDD0GCBHACE @HD ;HBE@E @HDDF ?E;<FAF:GECH GD <AE?H@G;HCBE EA;FG =CFCG;H;HCBH AG?ECE>?G=7 BE ?E;H ?EC/EA;H F8DG >BFC@FA@ GCBHACF:GECFDG # GD $, Market Comparison Approach6 CH ?EC>H8=H ?3H GD 9FDEAH ?F=:GECFDH <= H>>HAH ?FD?EDFBE ?EC GD $,2 4D BHA:E <=CBE @F F<<AE/EC@GAH AG8=FA@F =CF @G7 >F;GCF @H8DG F><HBBG @=AH9EDG F D=C8E BHA;GCH @HDD0G;;E5GDH @HG '=FDG 9F BHC=BE ?ECBE2 H9G@HCBH ?3H GD <AG;E F><HBBE @F ?EC>G@HAFAH # '=HDDE @HDDF @H>BGCF:GECH @0=>E2 , BFDH <AE<E7 >GBE G BH>BG ?GBFBG >ECE =CFCG;G CHD AGBHCHAH ?3H D0G;;E5GDH 9F@F ?EC>G@HAFBE CHDDF @H>BGCF:GECH @0=>E FBB=FDH6 >FD9E G ?F>G @G =CF G<EBH>G ?HABF H@ G;;GCHCBH @G 7 High and Best Use6 H >FD9E GD ?F>E @G =C BHAAHCE H@G(?F5GDH6 <HA GD '=FDH D0 # GCBAGC>H?E FD >=E @H>BGCE2 C >H?EC@E F><HBBE @F ?EC>G@HAFAH # '=HDDE @HDD0E5>EDH>?HC:F ?3H H9G@HCBH;HCBH6 >=D D=C7 8E <HAGE@E6 # GC 8AF@E @G /FA 9FAGFAH >HC>G5GD7 ;HCBH GD 9FDEAH @G 9HC@GBF @HDD0G;;E5GDH2 C BHA:E F><HBBE @F ?EC>G@HAFAH # '=HDDE @HDDF ?F<F?GB @G AH@@GBE6 ?3H @H9H H>>HAH E88HBBE @G =CF <A=@HCBH 9FD=BF:GECH6 <AHC@HC@E F AG/HAG7 ;HCBE GD AHFDH ?FCECH @G ;HA?FBE AGBAFG5GDH >H;<AH >=D D=C8E <HAGE@E <G=BBE>BE ?3H GD ?F7 CECH H//HBBG9F;HCBH GC H>>HAH6 CEC?3 D0H9HC7 B=FDH F/(@F5GDGB @HD DE?FBEAH2

Conclusioni G8=AF Schema grafico dellâ&#x20AC;&#x2122;MCA â&#x20AC;&#x201C; Market Comparison Approach

4D 9FDEAH ?F=:GECFDH E + 7 Mortgage Lending Value6 AH>E E55DG8FBEAGE GC F;5GBE H=AE<HE @FD7 DF DH8G>DF:GECH ?E;=CGBFAGF <HA DF 9FD=BF:GECH @G F>>HB G;;E5GDGFAG <E>BG F 8FAFC:GF @HD ?AH@GBE6 #

@H(CGBE @F8DG >BFC@FA@ @G 9FD=BF:GECH GCBHACF7 :GECFDG ?E;H =C 9FDEAH @G9HA>E @F '=HDDE @G ;HA?FBE2 +F @G//HAHC:F @G /EC@E BAF G @=H 9FDEAG # ?3H6 ;HCBAH GD 9FDEAH @G ;HA?FBE AF<<AH>HCBF =C <AE7 5F5GDH <AH::E @G 9HC@GBF FDDF @FBF @HDDF 9FD=BF7 :GECH6 @=C'=H <HA ?E> @GAH G>BFCBFCHE GC '=FCBE @H>BGCFBE F 9FAGFAH GC BH;<G >=??H>>G9G F ?F=>F @HDDF 9EDFBGDGB @HD ;HA?FBE6 GD 9FDEAH ?F=:GECFDH AF<<AH>HCBF =C 9FDEAH @G D=C8E <HAGE@E6 GC 8AF@E ?GE# @G AG;FCHAH 9FDG@E AG><HBBE FDDF 9EDFBGDGB @G 5AH9H H @G D=C8E <HAGE@E @HD ;HA?FBE H <HA?G H/(?F?H CHD <EAAH FD AG<FAE 8DG G>BGB=BG @G ?AH@GBE AG7 ><HBBE FG AG>?3G @G GC>ED9HC:F @HG @H5GBEAG2 &H ?EC>H8=H CH?H>>FAGF;HCBH =CF <AG;F ?F7 AFBBHAG>BG?F GD 9FDEAH ?F=:GECFDH # >H;<AH ;GCE7 AH @HD 9FDEAH @G ;HA?FBE2 =BBF9GF 8DG >BFC@FA@ GCBHACF:GECFDG H DH DGCHH 8=G@F @H8DG G>BGB=BG @G ?AH@GBE GBFDGFCG >EBBEDGCHFCE ?E;H GD 9FDEAH ?F=7 :GECFDH CEC @H55F H>>HAH @H@EBBE @FD 9FDEAH @G ;HA?FBE ;H@GFCBH =CF >H;<DG?H AG@=:GECH <HA7 ?HCB=FDH6 ;F DF >=F @HBHA;GCF:GECH6 <=A <FA7 BHC@E @FD 9FDEAH @G ;HA?FBE6 @H55F H>>HAH F<7 <E>GBF;HCBH 8G=>BG(?FBF H @E?=;HCBFBF >H?EC7 @E G <AGC?G<G H DH ;HBE@EDE8GH @HDD0H>BG;E2 *F ?G ?EC>H8=H H9G@HCBH;HCBH =CF >H?EC@F ?FAFBBHAG>BG?F <HA @HBHA;GCFAH GD 9FDEAH ?F=:GE7 CFDH # >H;<AH CH?H>>FAGE @HBHA;GCFAH FC?3H GD 9FDEAH @G ;HA?FBE2 *E9HC@E <EG H>>HAH =C @FBE 9FDH9EDH CHD BH;7 <E6 GD 9FDEAH ?F=:GECFDH G;<DG?F =C0FBBHCBF H <A=@HCBH FCFDG>G @HDDH BHC@HC:H @HD ;HA?FBE G;;E5GDGFAH >=D D=C8E <HAGE@E2 +F BHA:F ?FAFBBHAG>BG?F # F<<=CBE DF <A=@HC:F @F H>HA?GBFA>G @F <FABH @HD 9FD=BFBEAH6 H><DG?GBF7 ;HCBH H9G@HC:GFBF CHDDF @H(CG:GECH >BH>>F @HD 9FDEAH ?F=:GECFDH H ?3H # =CF CFB=AFDH ?EC>H7 8=HC:F @HDDF CH?H>>GB @G ;GBG8FAH G AG>?3G <HA DH F:GHC@H @G ?AH@GBE H=AE<HH6 >EBBE<E>BH FDDH <AE?H@=AH @G 9G8GDFC:F @H8DG F??EA@G @G F>GDHF2 +F '=FABF ?FAFBBHAG>BG?F6 '=H>BF 9EDBF >'=G>GBF7 ;HCBH E<HAFBG9F6 <HAFDBAE D0=CG?F GC ;FBHAGF @G ?FD?EDE @HD 9FDEAH ?F=:GECFDH6 # ?3H <HA @HBHA7 ;GCFADE 9FD8ECE DH BAH ;HBE@EDE8GH ?DF>>G?3H @HDDF ?E;<FAF:GECH6 @HD AH@@GBE H @HD ?E>BE2 =FCBE >E<AF H><E>BE 9F GCBH>E 9FDH9EDH <HA '=FD=C'=H BG<EDE8GF @G G;;E5GDH6 E <EABF/E8DGE @G G;;E5GDG6 @H55F ?E>BGB=GAH 8FAFC:GF @HD ?AH@GBE 5FC?FAGE6 >FD9E AH>BFC@E DF @G9HA>F @H?DGCF:GECH @HG ;HBE@G @G ?FD?EDE F >H?EC@F @HD >H8;HCBE @G ;HA?FBE @G F<<FABHCHC:F @H8DG G;;E5GDG2 EG?3 >H;5AF =BGDH F<<AE/EC@GAH 8DG F><HBBG E<HAFBG9G @HDDF @HBHA;GCF:GECH @HD 9FDEAH ?F=7 :GECFDH6 >G AG;FC@F F@ =C FDBAE FABG?EDE6 @G <AE>7 >G;F <=55DG?F:GECH6 D0H><E>G:GECH ?E;<DHBF @G =C ?F>E @G >B=@GE >H?EC@E =CF <AE<E>BF @G <AE7 ?H@G;HCBE E<HAFBG9E6 FD (CH @G F99GFAH =C @G7 5FBBGBE /AF G ?EDDH83G GCBHAH>>FBG FDD0FA8E;HCBE H BAE9FAH =C <AE?H@G7;HCBE @G >BG;F ?EC@G9G>E2

!*4&1 *1%+4 4&%1%&1!4 *1++, ! 4&$4, *4 ! ,

Per ulteriori articoli della presente pubblicazione IoRoma, consultare il sito: http://rivista.ording.roma.it

G5DGE8AF/GF ) *GAHBBG9F -.. $1 @HD FADF;HCBE 1=AE<HE H @HD $EC>G8DGE @HD ) %G=8CE -.. AHDFBG9F FDD0F??H>>E FDD0FB7 BG9GB @H8DG HCBG ?AH@GBG:G H@ FD >=E H>HA?G:GE 7 % + ) @HD ".2 2-..

- *GAHBBG9F -.)" " 1 @HD FADF;HCBE 1=AE<HE H @HD $EC>G8DGE @HD - %G=8CE -.)" >=DD0F??H>>E FDD0FBBG9GB @H8DG HCBG ?AH@GBG:G H >=DDF 9G8GDFC:F <A=@HC:GFDH >=8DG HCBG ?AH@GBG:G H >=DDH G;<AH>H @G GC9H>BG;HCBE 7 % + ) "" @HD - 2 2-.)" " , 4 7 ,>>E?GF:GECH FC?FAGF 4BFDGFCF +GCHH 8=G@F <HA DF 9FD=BF:GECH @H8DG G;;E5GDG GC 8FAFC:GF @HDDH H><E>G7 :GECG ?AH@GBG:GH 7 F88GE -.))

International Valuation Standards -.)" 4 $ 7 International Valuation Standards Committee European Valuation Standards -.)- 7 H9HCB3 1@GBGEC 7 1%E , The European Group of Valuers Associations $E@G?H @HDDH FD=BF:GECG 4;;E5GDGFAG 4 Italian Property Valuation Standard 7 H?CE5EA>F $<, +=8DGE -.))

!*4&1 *1%+4 4&%1%&1!4 *1++, ! 4&$4, *4 ! ,