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Open AccessArticle

EPC Green Premium in Two Different European Climate Zones: A Comparative Study between Barcelona and Turin

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Department of Regional and Urban Studies and Planning, Politecnico di Torino, 10125 Torino, Italy
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Escola Tècnica Superior d’Arquitectura de Barcelona, Centre de Política de Sòl i Valoracions, Universitat Politècnica de Catalunya, 08028 Barcelona, Spain
*
Author to whom correspondence should be addressed.
Sustainability 2019, 11(20), 5605; https://doi.org/10.3390/su11205605
Received: 4 September 2019 / Revised: 27 September 2019 / Accepted: 5 October 2019 / Published: 11 October 2019
(This article belongs to the Special Issue Real Estate Landscapes: Appraisal, Accounting and Assessment)
Energy performance certificates (EPCs) are important tools aimed at improving buildings’ energy performance. They play a central role in the context of the Energy Performance of Buildings Directive (EPBD) which asks member states (MS) to take the necessary measures to establish a complete certification system. In this study, an application of the hedonic price method (HPM) assessing the effect of energy labels derived from the EPC on real estate market value is presented. The estimation methodology was applied to two European cities characterized by different climate conditions. The analysis was based on two datasets of listing prices referring to multi-family residential markets in Turin (Italy) and Barcelona (Spain). Four models for each dataset were applied to capture the marginal price of green attributes, but also to control for the spatial autocorrelation among values. The findings showed how the EPC has been applied in the two countries and how it has influenced the real estate market. Turin’s buyers pay more attention to the EPC label, while in Barcelona, they value much more single characteristics, such as air conditioning and a swimming pool, considered popular attributes among contemporary buildings in this climate zone. From the results, it is possible to deduce that the implementation of the EPC schemes is still irregular in EU countries and must be strengthened through a standardized rating model.
Keywords: energy performance certificate; green label; climate zones; hedonic prices method; spatial econometric models; spatial autoregressive model; spatial error model energy performance certificate; green label; climate zones; hedonic prices method; spatial econometric models; spatial autoregressive model; spatial error model
MDPI and ACS Style

Dell’Anna, F.; Bravi, M.; Marmolejo-Duarte, C.; Bottero, M.C.; Chen, A. EPC Green Premium in Two Different European Climate Zones: A Comparative Study between Barcelona and Turin. Sustainability 2019, 11, 5605.

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