House prices and energy performance indicators in Italy : Critical aspects

The well-known definition of market value in the International Valuation Standards still relies on the neoclassical framework of a well-informed market. For this reason market value is based on actors who are well informed and whose behaviour is not conditioned by external factors in their choice whilst selling or buying a property. Technical information in the property market is becoming more and more complex and strategic. This chapter highlights the limits of the traditional definition of market value and the growing role of this parts, mainly institutional, to help the diffusion of information. A critical aspect is indicated in the previous definition of EPI in Italy. In this case the results appear surprising because of the lack of a role for third parties in diffusion of the information in real estate markets.