Housing values of the Olivetti villas in the Ivrea real estate market.

The residential heritage in Ivrea, built during the most successful years of famous Italian company Olivetti, is made up of assets that can be traced back to the Modern Movement of the Twentieth Century. The site "Ivrea, industrial city of the XX Century" was included in the World Heritage List in 2018, which shows the value and originality of the Ivrea experience and recognizes its identity as a city-laboratory. The aim of this article is to analyse the potential enhancement of the Olivetti villas of Ivrea within their fragile socio-economic context and to check whether their architectural quality and the “Olivetti connotation” is recognized by the real estate market. Furthermore, the energy efficiency upgrade of the residential heritage is investigated in order to understand if and how it is able to enhance the value of the buildings and influence listing prices in Ivrea’s real estate market. The influence of some intrinsic and extrinsic characteristics on listing prices was measured by creating a sample of residential units listed on the market and by applying a multiple linear regression model, which was used for both descriptive and predictive purposes. The results showed that the Ivrea’s real estate market can be more positively affected by energy retrofitting, despite the architectural quality of the buildings, which is monetized but with a considerably lower marginal price.