The evolution of energy efficiency impact on housing prices. An analysis for Metropolitan Barcelona
Abstract The Energy Performance of Buildings Directive has it made mandatory to include an energy performance certificate (EPC) on real estate advertisements so as to promote efficient properties. Previous research has found a positive correlation between residential prices and EPC’s energ...
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Escuela de Construcción Civil, Pontificia Universidad Católica de Chile
2019
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oai:scielo:S0718-915X20190001001452019-05-22The evolution of energy efficiency impact on housing prices. An analysis for Metropolitan BarcelonaMarmolejo-Duarte,CarlosChen,Ai Hedonic price models real estate valuation energy efficiency energy performance certificates Barcelona Abstract The Energy Performance of Buildings Directive has it made mandatory to include an energy performance certificate (EPC) on real estate advertisements so as to promote efficient properties. Previous research has found a positive correlation between residential prices and EPC’s energy ranks; nonetheless, the analysis of the evolution of such impact for the same market is still pending. This paper tries to shed light on this issue by analyzing the evolution of prices of the second largest urban agglomeration in Spain. In doing so, a pooled hedonic model is carried out departing from selling listing prices of apartments and a set of locative control variables. Results suggest that in a short period the energy premium for multifamily houses has positively evolved. As a result, a sharped market differentiation arises between inefficient and energy saving dwellings. Such findings have significant implications for the construction and real estate industry, since higher selling prices may compensate for higher building costs coming from energy efficient technologies.info:eu-repo/semantics/openAccessEscuela de Construcción Civil, Pontificia Universidad Católica de ChileRevista de la construcción v.18 n.1 20192019-04-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-915X2019000100145en10.7764/rdlc.18.1.156 |
| institution |
Scielo Chile |
| collection |
Scielo Chile |
| language |
English |
| topic |
Hedonic price models real estate valuation energy efficiency energy performance certificates Barcelona |
| spellingShingle |
Hedonic price models real estate valuation energy efficiency energy performance certificates Barcelona Marmolejo-Duarte,Carlos Chen,Ai The evolution of energy efficiency impact on housing prices. An analysis for Metropolitan Barcelona |
| description |
Abstract The Energy Performance of Buildings Directive has it made mandatory to include an energy performance certificate (EPC) on real estate advertisements so as to promote efficient properties. Previous research has found a positive correlation between residential prices and EPC’s energy ranks; nonetheless, the analysis of the evolution of such impact for the same market is still pending. This paper tries to shed light on this issue by analyzing the evolution of prices of the second largest urban agglomeration in Spain. In doing so, a pooled hedonic model is carried out departing from selling listing prices of apartments and a set of locative control variables. Results suggest that in a short period the energy premium for multifamily houses has positively evolved. As a result, a sharped market differentiation arises between inefficient and energy saving dwellings. Such findings have significant implications for the construction and real estate industry, since higher selling prices may compensate for higher building costs coming from energy efficient technologies. |
| author |
Marmolejo-Duarte,Carlos Chen,Ai |
| author_facet |
Marmolejo-Duarte,Carlos Chen,Ai |
| author_sort |
Marmolejo-Duarte,Carlos |
| title |
The evolution of energy efficiency impact on housing prices. An analysis for Metropolitan Barcelona |
| title_short |
The evolution of energy efficiency impact on housing prices. An analysis for Metropolitan Barcelona |
| title_full |
The evolution of energy efficiency impact on housing prices. An analysis for Metropolitan Barcelona |
| title_fullStr |
The evolution of energy efficiency impact on housing prices. An analysis for Metropolitan Barcelona |
| title_full_unstemmed |
The evolution of energy efficiency impact on housing prices. An analysis for Metropolitan Barcelona |
| title_sort |
evolution of energy efficiency impact on housing prices. an analysis for metropolitan barcelona |
| publisher |
Escuela de Construcción Civil, Pontificia Universidad Católica de Chile |
| publishDate |
2019 |
| url |
http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-915X2019000100145 |
| work_keys_str_mv |
AT marmolejoduartecarlos theevolutionofenergyefficiencyimpactonhousingpricesananalysisformetropolitanbarcelona AT chenai theevolutionofenergyefficiencyimpactonhousingpricesananalysisformetropolitanbarcelona AT marmolejoduartecarlos evolutionofenergyefficiencyimpactonhousingpricesananalysisformetropolitanbarcelona AT chenai evolutionofenergyefficiencyimpactonhousingpricesananalysisformetropolitanbarcelona |
| _version_ |
1714206297268682752 |