Are Cave Houses a Sustainable Real Estate Alternative?

Maria-Francisca Cespedes-Lopez () and Raul-Tomas Garcia
Additional contact information
Maria-Francisca Cespedes-Lopez: Building Sciences and Urbanism Department, University of Alicante, 03690 San Vicente del Raspeig, Spain

Land, 2022, vol. 11, issue 12, 1-17

Abstract: The high level of energy consumption of buildings has outlined the need for more sustainable and environmentally friendly constructions, which has led to cave houses now being more highly valued. This study looks to study whether sustainable constructions, such as cave houses, have an economic impact with regard to other construction types in the real estate market in Granada. Moreover, this study looks to determine whether energy rating is a relevant characteristic for the price of cave houses and whether the price determinants vary according to whether the house in question is a cave house or a single-family one. To develop this study, a final sample of 61,573 properties was used. A regression model estimated by ordinary least squares was performed. This study shows that cave houses are being marketed at higher prices than single-family houses. It was noted that energy rating is not an important characteristic for estimating the price of a cave house. Finally, in this type of housing, refrigeration equipment is not one of the determining characteristics for the price.

Keywords: cave houses; hedonic regression model; house sale prices; price determinants; energy rating (search for similar items in EconPapers)
JEL-codes: Q15 Q2 Q24 Q28 Q5 R14 R52 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2073-445X/11/12/2185/pdf (application/pdf)
https://www.mdpi.com/2073-445X/11/12/2185/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jlands:v:11:y:2022:i:12:p:2185-:d:990900

Access Statistics for this article

Land is currently edited by Ms. Carol Ma

More articles in Land from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().