EL RATING INMOBILIARIO, UNA HERRAMIENTA DE ANÁLISIS Y CALIFICACIÓN DE RIESGOS A DIFERENTES ESCALAS GEOGRÁFICAS

Abstract

The business, administrative and social activity in real estate sector is highly affected by the existing risks in this sector. In the financial world, the rating agencies give the investors an important advantage: information about the credit quality of the financial instruments. On the other hand, a real estate rating agency provides information about the risk structures related to a real estate asset or territory. The property rating is a tool which brings transparency to real estate business as well as urban planning by showing the risks that can affect the real estate assets or territories on different scales. To determine the rating of a city, it is started from the risks which affect the different geographical scopes of larger scale: country, autonomous region and provinces, and the systematic risk structure which affect each area of the city and building use is identified. From these systematic risks, the specific risks of the real estate asset and its possible developments are determined. The present contribution analyses how the property rating works by considering the effect of the systematic and specific risks on different geographical scales.