Green Gold? A (Spatial) Analysis of Green Office Buildings in Europe

Vlad-Andrei Porumb, Costin Ciora, Gunther Maier and Ion Anghel

ERES from European Real Estate Society (ERES)

Abstract: In this paper we draw on a proprietary database to analyze if the price premium of green certification in the EU depends on the location of buildings. Specifically, we focus on Finland, France and Germany, countries with extensive information regarding green buildings transactions during the 2010 to 2015 period. Considering the increasing demand for certification, we expect that sale prices for green buildings are higher relative to non-green buildings. We first assess if green certification is associated with a price premium in the analyzed countries. Second, we assess the effect that the location of green buildings has on the price premium. Our findings suggest that (i) buildings with green certification have a 19 percent higher price relative to non-certificated buildings and (ii) in cities of under 500 000 people, the price premium increases with the distance from the city center. Our results are robust to a series of robustness checks. We contribute to the rising literature on green buildings as the only study to assess the price impact of green certification in European countries.

Keywords: EU; Green Buildings; Location; Price Premium (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2018-01-01
New Economics Papers: this item is included in nep-env, nep-eur and nep-ure
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Related works:
Working Paper: Green Gold? A (Spatial) Analysis of Green Office Buildings in Europe (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2018_208

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