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Impact of energy performance on transaction prices

Evidence from the apartment market in Bucharest

descriptionPublicationkeyboard_double_arrow_right Article , Journal 02 May 2017 Spain Publisher:EmeraldJournal:Journal of European Real Estate Research, volume 10, pages 57-72 (issn: 1753-9269,

Authors: Taltavull de La Paz, Paloma; Anghel, Ion; Ciora, Costin;

doi: 10.1108/jerer-12-2016-0046

Impact of energy performance on transaction prices

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Abstract

PurposeThis paper aims to estimate the green premium effect of retrofitted apartments in Bucharest and draw comparisons with international examples.Design/methodology/approachA geo-referenced transaction database including information on whether the property had been retrofitted is utilised. The paper uses two approaches to test the green premium. One is a hedonic model controlled by areas to estimate the price incentive of a green building. The second is a STAR GLS model evaluating the diffusion effect of house prices spatially by sub-market and assessment upon the pricing effect of green characteristics.FindingsThe authors’ findings suggest a green premium in two Bucharest areas of between 2.2 per cent and 6.5 per cent. Spatial diffusion effects are shown to contribute positively to house prices, but the unobserved spatial component reduces this effect.Originality/valueThis paper is the first to assess price impacts of green characteristics in Bucharest and one of the first analysing green premium using spatial techniques. The analysis is of significance to policymakers and real estate developers.

Country

Spain

Related Organizations

Bucharest University of Economic Studies
Romania
Bucharest University of Economic Studies
Romania
University of Alicante
Spain
University of Alicante
Spain

Keywords

Spatial analysis, Economía Aplicada, Bucharest, Energy performance, Pricing effects

Impact byBIP!

	citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	29
	popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.	Top 10%
	influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	Top 10%
	impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.	Top 10%