An Optimization Method to Ensure Reliability in the Assessment of Special Properties

The valuation of special properties is often characterised by a high degree of complexity due to limited market comparability, functional specificity, and the subjectivity involved in the estimation of key appraisal parameters. This issue is particularly relevant in the case of socio-healthcare facilities, whose mar-ket value is commonly assessed through the Discounted Cash Flow Analysis (DCFA). This paper proposes an innovative decision-support approach method aimed at improving the transparency, consistency, and replicability of DCFA-based appraisals. The method combines the income-based valuation logic of the DCFA with goal programming techniques, in order to rationalize the determina-tion of the main variables affecting the value and to reduce the discretionary that typically characterises such estimates. Applied to the case of Italian private nurs-ing homes, the proposed framework is intended to support a more structured and reliable estimation process, while also considering the different perspectives of the parties involved in the transaction. The study contributes to the current debate on the valuation of special properties by offering a simple and operational method for appraisal verification.