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Maximizing Public Real Estate through Public-Private Partnership: A Proposed Model for Reducing Iran's Budget Deficit
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Masoumeh Zirak *   , Ezzatollah Abbasian , Ghahreman Abdoli |
| University of Tehran , masoumeh.zirak@ut.ac.ir |
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Abstract: (113 Views) |
| This research proposes an optimal public real estate asset management model using the public-private partnership (PPP) approach. The model is applicable to real estates subject to revaluation through redevelopment or modification of their previous type and usage. It aims to serve as a sustainable source for reducing Iran's budget deficit while avoiding the complete transfer of ownership and public assets and generating a revenue stream for the public budget. The research utilizes a PPP model to explore how this approach can be implemented. The developed logic is described through a method that borrows mathematical tools from operations research to identify a solution that maximizes the utility functions of stakeholders involved in the revaluation and management of a public real estate asset. The results indicate that the benefits for the private investor include reduced commercial risk, lower financing costs, and easier access to bank credit. For the public sector, the model offers increased demand for the offered properties, savings in property management costs, and asset preservation, which significantly contributes to budget deficit reduction. This research provides logical support for government organizations involved in the revaluation of public real estate assets. It presents a strategic approach with a long-term perspective that reinterprets the net concession model with more flexibility and clarity for gradual privatization. |
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| Keywords: Valuation of public real estate, Public-private partnership (PPP), Budget deficit |
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Full-Text [PDF 1023 kb]
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Type of Study: Research |
Subject:
Special
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