The Usufruct Right as an Effective Strategy for the Enhancement of Properties in Disuse

The aim of the present research is to highlight the central role of the usufruct right in the context of property valuations, in particular with reference to the need of supporting the Public Administration (PA) in the proper definition of effective strategies in order to achieve its real estate objectives while containing financial exposure. Often, public properties are owned by entities that do not have the skills and the spending capacity required for their enhancement, which causes the progressive degradation of the assets with a negative impact on the entire territory in which they are located. Such assets, even when placed in the market for sale, frequently do not attract the interest ofmarket operators due to the constraints and the generally high costs of renovation. PAs, which are interested in the enhancement of their properties, in the positive effects on the surrounding areas and in the benefits to the population, do not have the resources necessary to bear the costs of redevelopment. The case study developed in this research, concerning the valuation of the usufruct right of a building in disuse located in a municipality in Southern Italy, is an opportunity to highlight the potential of this strategy.