- Rivista

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
CEBE ?3H FDDF 5F>H @HDDF ?AG>G H?ECE;G?F 9HAG7
(?FBF>G CHD <HAGE@E -..7-.)"6 G ?=G H//HBBG FC7
?EAF <HA@=AFCE6 ?0# DF ?EC?H>>GECH6 @F <FABH
@HDDH 5FC?3H F;HAG?FCH6 @G ;=B=G G<EBH?FAG <HA
D0F?'=G>BE @HDDH F5GBF:GECG ?EC?H>>G FDDH /F;G8DGH
<HA =C F;;ECBFAH H??H>>G9E AG><HBBE FD 9FDEAH
@G ;HA?FBE @H8DG G;;E5GDG <E>BG F 8FAFC:GF2
, @G//HAHC:F @H8DG BFBG CGBG6 AG><HBBE FD <AE5DH7
;F @HDDH 8FAFC:GH G<EBH?FAGH H @HG AG>?3G ?EC7
CH>>G @G >E//HAHC:H 5FC?FAGH GC ?F>E @G GC>ED7
9HC:F @HG @H5GBEAG6 DF DH8G>DF:GECH H=AE<HF6 F
>H8=GBE @H8DG F??EA@G @G F>GDHF >=DDF AH8EDF7
;HCBF:GECH @HD >G>BH;F 5FC?FAGE6 # GCBHA9HC=BF
F <G AG<AH>H6 F <FABGAH @FDDH GC@G?F:GECG ?ECBH7
C=BH CHDDF *GAHBBG9F "-$1 @HD FADF;HCBE
1=AE<HE H @HD $EC>G8DGE 1=AE<HE @HD ) (CE
F '=HDDH ?ECBHC=BH CHDDF *GAHBBG9F -..$1)6
<EG >E>BGB=GBF @FDDF -.)""1-6 FD (CH @G @G>?G7
<DGCFAH H@ FA;ECG::FAH GD '=F@AE CEA;FBG9E AH7
DFBG9E FDDF ?EC?H>>GECH @HD ?AH@GBE F /AECBH @G
G;;E5GDG <E>BG F 8FAFC:GF2
>BFBE <HA?G GCH9GBF5GDH6 CHDD0F;5GBE @G BFDH
<AE5DH;FBG?F6 ?3H CHDDH >=@@HBBH *GAHBBG9H >G F/7
/AECBF>>H GD <AE5DH;F @HDDF ?EAAHBBF 9FD=BF:GECH
@H8DG G;;E5GDG6 '=FDH <AH>=<<E>BE @HD >=??H>7
>G9E GBHA <AE?H@=AFDH <HA D0HAE8F:GECH @HD ;=7
B=E H <HA DF ?ECCH>>F '=FCBG(?F:GECH @HG AG>?3G
FG (CG @HDDF 9G8GDFC:F >=DDF >EDG@GB @H8DG G>BGB=BG @G
?AH@GBE2
4C ?EC>H8=HC:F @G ?G G <AGC?G<FDG EA8FCG>;G H=7
AE<HG <AH<E>BG FDDF HDF5EAF:GECH @G >BFC@FA@ GC
BH;F @G 9FD=BF:GECG G;;E5GDGFAG 3FCCE @E9=BE
BHCHA ?ECBE @HG <AGC?G<G H @HG ?EC?HBBG H><AH>>G
@FDDF DH8G>DF:GECH H=AE<HF >=DDH 9FD=BF:GECG G;7
;E5GDGFAG (CFDG::FBH FDDF ?EC?H>>GECH @HD ?AH@G7
BE6 GCBH8AFC@EDG CHD DEAE 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>>ECH6 '=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?EDE6 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 GBFDGFCE2 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 «valore del credito ipotecario» si intende il valore dell’immobile quale determinato in base ad un prudente apprezzamento della futura negoziabilità dell’immobile stesso, tenuto conto degli
aspetti durevoli a lungo termine dell’immobile, delle condizioni normali e locali
del mercato, dell’uso corrente dell’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 l’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 un’adeguata attività di marketing durante la quale entrambe le parti hanno agito con eguale
capacità, 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 –
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 – The European
Group of Valuers’
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??22 =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 più valido. Al contrario, lo
scopo del MLV è fornire un valore sostenibile a lungo termine, che consideri l’adeguatezza di un immobile a essere
usato come garanzia per un prestito
ipotecario, indipendentemente dalle future fluttuazioni del mercato e su una
base più 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 dell’andamento
dell’IPAB – Indice dei Prezzi delle
Abitazioni per il periodo 2011 –
2014 redatto dall’ISTAT su base
nazionale
Figura 6: Linee guida per la
valutazione degli immobili ai fini
della concessione del credito
redatte dall’ABI – 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
dell’MCA – 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 ".22-..
- *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 -22-.)"
" ,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 !,