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Hedonic estimation of the green value of residential housing

Catherine Baumont (), Masha Maslianskaïa-Pautrel () and Pierre Voyé ()
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Pierre Voyé: Laboratoire d'Economie de Dijon (LEDi), Univ Bourgogne Franche-Comté

No 2019.20, Working Papers from FAERE - French Association of Environmental and Resource Economists

Abstract: Managing the energy demand in the residential sector could be achieved by the promotion of energy efficiency buildings. We assume that households adopting a green behavior are willing to pay a greater price to access to "green" housing. This added value is called the "green value". This paper studies the impact of the energy efficiency rating of a house, as certified by the Diagnostic de Performance Energetique (DPE), on housing prices. In order to do this, the hedonic price method has been applied to the real estate market – apartments and houses – in the urban area of Dijon from January 2013 to December 2014. The results indicate that the impact of DPE is mostly observed for the least performing classes. This negative impact depends on the type of the market: it is smaller for the apartment market. We also show that proximity to green amenities – outside the cities – has a positive effect only for house market.

Keywords: Housing Green Value; Energy Performance Certificate; Residential Housing; Spatial Hedonic Models; Spatial analysis (search for similar items in EconPapers)
JEL-codes: C21 Q48 Q51 R21 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2019-11
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