The value of green certification in the Singapore housing market
Eric Fesselmeyer ()
Economics Letters, 2018, vol. 163, issue C, 36-39
In Singapore, a real estate developer sells new apartments in the same high-rise development before and after obtaining green certification. This allows the use of within-development variation in prices over time to measure the effect of green certification on housing prices, controlling for differences across developments. I find that green certification increases prices by around 3%, suggesting that buyers value certification, possibly because it signals the presence of less-salient green features. Moreover, the effect of certification is biggest for developments that receive the lowest green rating, which likely have fewer green features and are thus less obviously green.
Keywords: Green building; Green labels; Sustainability; Housing prices (search for similar items in EconPapers)
JEL-codes: Q51 R11 R21 (search for similar items in EconPapers)
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