Heterogeneous Effect of “Eco-Friendly” Dwellings on Transaction Prices in Real Estate Market in Portugal

Matheus Koengkan () and José Alberto Fuinhas ()
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Matheus Koengkan: Governance, Competitiveness and Public Policies (GOVCOPP), Department of Economics, Management, Industrial Engineering and Tourism (DEGEIT), University of Aveiro, 3810-193 Aveiro, Portugal

Energies, 2022, vol. 15, issue 18, 1-18

Abstract: The main objective of this research is to assess the impact of energy certificate ratings (EPCs) on the value per m 2 of Portuguese housing sales. Data from 289 Portuguese municipalities between 2014 and 2019, analysed with a fixed effects panel and method of moments quantile regression, were used. EPCs with high energy efficiency ratings (e.g., A+, A, B, and B-) are used as a proxy for dwellings with “green” or “environmentally friendly” certificates. On the other hand, ratings with a low energy efficiency (e.g., C, D, E, and F) are used as a proxy for dwellings with “non-green” or “not environmentally friendly” certificates. The results support that EPCs associated with green housing increase the value per m 2 of housing sales, and those associated with non-green housing decrease the sales value. It was also found that municipal GDP, tax/financial incentive policies for energy efficiency, and the number of completed dwellings in new constructions for family housing will increase sales value. On the other hand, credit agreements and completed reconstructions reduce sales value. Lastly, the results and outgrowths of this study will support the policymakers and governments in developing consistent policies and initiatives that promote the “green” or “eco-friendly” dwellings in Portugal or in similar economies.

Keywords: real estate; econometrics; eco-friendly certificates; energy efficiency; energy economics; cost-effectiveness; Portuguese municipalities; sustainability (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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