The Increasing Value of Green for Residential Real Estate

Ramya R. Aroul and Mauricio Rodriguez

Journal of Sustainable Real Estate, 2017, vol. 9, issue 1, 112-130

Abstract: Research has documented a premium for housing with green amenities, on average, over sample periods. Given the increasing efficiency of green features and growing awareness of the environmental concerns in society, we posit that the relation between green amenities and transaction prices is not stationary. We find that premiums associated with green features are growing through time for residential real estate. We explain that this could be driven by a variety of factors. Our results suggest that appraisers should be careful not to make adjustments based on outdated ‘rules of thumb’ pertaining to green characteristics.

Date: 2017
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DOI: 10.1080/10835547.2017.12091894

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