Abstract
In the literature, several vulnerability/resilience indicators and indexes are based and assessed by taking into account and combining different dimensions. Housing vulnerability is one of these dimensions and is strictly related to the buildings’ physical features and to the socio-economic condition of their occupants. This research aims to study housing vulnerability in relation to the real estate market by identifying possible indicators and spatially analyzing their influence on property prices. Assuming the city of Turin and its territorial segmentation as a case study, spatial analyses were performed to take into account the presence of spatial dependence and to identify the variables that significantly influence the process of property price determination. The results of this study highlighted the fact that two housing vulnerability indicators, representative of fragile buildings’ physical features, were spatially correlated with property prices and had a significant and negative influence on them. In addition, their comparison with two social vulnerability indicators demonstrated that the presence of economical buildings and council houses was spatially correlated with the presence of people with a low education level. The results of the spatial regression model also confirmed that one of the social vulnerability indicators had the highest and most negative explanatory power in the property price determination process.
Highlights
The vulnerability and resilience of cities and territories are widely studied in order to measure the risk of an area being exposed to natural and manmade hazards or its capability to return to its original condition after a disaster
Assuming the city of Turin and its territorial segmentation as a case study, spatial analyses were performed to take into account the presence of spatial dependence and to identify the variables that significantly influence the process of property price determination
The results of this study highlighted the fact that two housing vulnerability indicators, representative of fragile buildings’ physical features, were spatially correlated with property prices and had a significant and negative influence on them
Summary
The vulnerability and resilience of cities and territories are widely studied in order to measure the risk of an area being exposed to natural and manmade hazards or its capability to return to its original condition after a disaster. In this study, an innovative perspective is assumed, according to which the concept of housing vulnerability is defined as the condition of an urban area to be impacted by the increasing gap between higher and lower property values, social marginalization and the exit from the market of entire portions of the built environment of the city. These aspects represent structural changes in the city and in its real estate market that tend to worsen during negative economic trends. The latter is often a direct consequence of the building’s construction period and of the technologies and materials utilized [16]
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