Impact Assessment on the introduction of the territorial allocation of public housing construction
Hypothesis
New construction
Proprietario del suolo diverso dall’operatore immobiliare
Realizzazione di 100 alloggi (6.500 mq di SLA)
Costo di costruzione: 1.200 €/mq
Altri costi: 10% del costo di costruzione
Oneri di urbanizzazione: 150 €/mq
Commissioni di vendita: 3% del prezzo di vendita
Imposte: 37,25% (IRE 33%+ IRAP 4,25%)
Prezzo di vendita: 4.000 €/mq di SLA
Struttura finanziaria: 25% capitale proprio e 75% capitale di debito
Cost of debt: 5%
Cost of equity: 10%
elements of the bond valuation model
All hypotheses remain constant.
conveniences for the operator real estate should remain constant: the shooting, even following the application of a percentage of the territorial budget, remains constant. In other words, the cost of land allocation will not affect profit, but results in a decrease in land value (land rent).
Results
a) territorial without allocation: the cost of land is 7.605 million €, with an incidence of the land value per sqm of sellable SLA € 1,170 / sqm. The impact of the cost of the soil on the production value is equal to 30%.
b) with 10% of territorial included: the cost of land is 5.378 million €, with an incidence of the land value per sqm of sellable SLA of 920 € / sqm . The incidence of the cost of soil on the production value is 23.5%.
c) with 20% of territorial included: the cost of land is 3.328 million €, with an incidence of the land value per sqm of sellable SLA of 510 € / sqm . The impact of the cost of the soil on the production value is 16.4%.
