EPC Green Premium in Two Different European Climate Zones: A Comparative Study between Barcelona and Turin

Federico Dell’Anna, Marina Bravi, Carlos Marmolejo-Duarte, Marta Carla Bottero and Ai Chen
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Federico Dell’Anna: Department of Regional and Urban Studies and Planning, Politecnico di Torino, 10125 Torino, Italy
Marina Bravi: Department of Regional and Urban Studies and Planning, Politecnico di Torino, 10125 Torino, Italy
Carlos Marmolejo-Duarte: Escola Tècnica Superior d’Arquitectura de Barcelona, Centre de Política de Sòl i Valoracions, Universitat Politècnica de Catalunya, 08028 Barcelona, Spain
Marta Carla Bottero: Department of Regional and Urban Studies and Planning, Politecnico di Torino, 10125 Torino, Italy
Ai Chen: Escola Tècnica Superior d’Arquitectura de Barcelona, Centre de Política de Sòl i Valoracions, Universitat Politècnica de Catalunya, 08028 Barcelona, Spain

Sustainability, 2019, vol. 11, issue 20, 1-21

Abstract: Energy performance certificates (EPCs) are important tools aimed at improving buildings’ energy performance. They play a central role in the context of the Energy Performance of Buildings Directive (EPBD) which asks member states (MS) to take the necessary measures to establish a complete certification system. In this study, an application of the hedonic price method (HPM) assessing the effect of energy labels derived from the EPC on real estate market value is presented. The estimation methodology was applied to two European cities characterized by different climate conditions. The analysis was based on two datasets of listing prices referring to multi-family residential markets in Turin (Italy) and Barcelona (Spain). Four models for each dataset were applied to capture the marginal price of green attributes, but also to control for the spatial autocorrelation among values. The findings showed how the EPC has been applied in the two countries and how it has influenced the real estate market. Turin’s buyers pay more attention to the EPC label, while in Barcelona, they value much more single characteristics, such as air conditioning and a swimming pool, considered popular attributes among contemporary buildings in this climate zone. From the results, it is possible to deduce that the implementation of the EPC schemes is still irregular in EU countries and must be strengthened through a standardized rating model.

Keywords: energy performance certificate; green label; climate zones; hedonic prices method; spatial econometric models; spatial autoregressive model; spatial error model (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (16)

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