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Price Premium and Cost Premium of Green Buildings
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Price Premium and Cost Premium of Green Buildings

A special issue of Buildings (ISSN 2075-5309). This special issue belongs to the section "Architectural Design, Urban Science, and Real Estate".

Deadline for manuscript submissions: closed (15 April 2023) | Viewed by 3663

Special Issue Editor

Dr. Sergio Copiello

E-Mail Website
Guest Editor
Department of Architecture and Arts, Università IUAV di Venezia, Venice, Italy
Interests: real estate appraisal; property investment and valuation; evaluation of energy efficiency measures in buildings; spatial data analysis; multi-criteria decision support systems

Special Issue Information

Dear Colleagues,

Building energy efficiency has been in the spotlight in the last four decades, since buildings are known to be responsible for a large part of energy consumption and greenhouse gas emissions. The research into building energy efficiency has branched into several strands, one of which is devoted to analyzing whether or not green buildings, in comparison to traditional ones, are built and sold at a premium. Despite the fact that many studies have been conducted so far on the topic, the actual occurrence of a cost premium and the exact magnitude of the price premium are still debated. Furthermore, whether or not the price premium outweighs the cost premium while undertaking specific energy performance improvement projects is seldom analyzed.

This Special Issue aims to start filling this gap by experimenting with innovative methods and models, which are seldom used in the literature, to detect the occurrence of price and cost premiums in green buildings. Since most of the studies published so far use traditional hedonic models, with a rather recent turn to spatial autoregressive models, we encourage scholars to submit original research articles dealing with different approaches such as logistic and binomial regression models, quantile regression, and geographically weighted regression, not to mention other approaches adapted to suit the case at hand. Suitable works include studies comparing price premiums and cost premiums to assess the economic viability of energy efficiency measures.

We look forward to receiving your contributions.

Dr. Sergio Copiello
Guest Editor

Edda Donati, PhD Student
Guest Editor Assistant
Department of Architecture, Construction and Conservation, Università IUAV di Venezia, Venice, Italy
Email:

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Buildings is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • real estate market
  • real estate economics and finance
  • urban economics
  • green buildings
  • energy efficiency
  • energy performance certificates
  • price premium
  • cost premium
  • mass appraisal

Published Papers (2 papers)

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Research

19 pages, 1451 KiB  
Article
How Does the Presentation of Energy Performance Affect the Price of Houses? A Case Study of Detached Houses in Stockholm, Sweden
by Mats Wilhelmsson
Buildings 2023, 13(6), 1367; https://doi.org/10.3390/buildings13061367 - 23 May 2023
Viewed by 1155
Abstract
Our study aims to analyse whether the capitalisation of a property’s energy performance is affected by how it is presented. In place since 2002, there is an EU directive mandating the introduction of an energy performance certificate (EPC) when selling detached houses. This [...] Read more.
Our study aims to analyse whether the capitalisation of a property’s energy performance is affected by how it is presented. In place since 2002, there is an EU directive mandating the introduction of an energy performance certificate (EPC) when selling detached houses. This directive was implemented in Sweden in 2009. We analyse how EPC capitalised on housing prices during 2012–2018 for detached houses in Stockholm. This was previously carried out, but our contribution is to analyse both the effect of energy rating or labelling (A–G) and energy consumption (kWh/m²). How energy performance is communicated or displayed to potential buyers conveys that the format, style, and content of energy performance information may influence how buyers perceive its value and impact on the property’s market price. We have information on energy rating, consumption, or both for selected properties. This allows us to test the hypothesis that how energy performance is presented affects pricing. We also tested whether information affects different age cohorts differently. The results indicate that how energy performance is presented and visualised is important and that information about rating and consumption might be considered as a substitute for each other. It is also clear that the capitalisation effect differs depending on the age of the building. Full article
(This article belongs to the Special Issue Price Premium and Cost Premium of Green Buildings)
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21 pages, 3055 KiB  
Article
The Price Premium in Green Buildings: A Spatial Autoregressive Model and a Multi-Criteria Optimization Approach
by Sergio Copiello and Simone Coletto
Buildings 2023, 13(2), 276; https://doi.org/10.3390/buildings13020276 - 17 Jan 2023
Cited by 3 | Viewed by 1810
Abstract
The energy issue has given rise to a prolific research field, which branches into several strands. One of these strands focuses on the role played by building energy features in shaping property prices. Indeed, market players are expected to show a higher willingness [...] Read more.
The energy issue has given rise to a prolific research field, which branches into several strands. One of these strands focuses on the role played by building energy features in shaping property prices. Indeed, market players are expected to show a higher willingness to pay for building units characterized by higher energy performance. The study of the so-called price premium for building energy efficiency has flourished in the last decade or so; plenty of evidence is now available concerning its occurrence, although its magnitude is still debated. The literature relies on the methodological frameworks of statistical modeling and multiple regression, primarily employing hedonic price models. Lately, spatial autoregressive models have also been adopted. Here, we propose to deal with estimation of the price premium by adopting an innovative perspective. In particular, we use a methodological framework in which regression models are complemented with a multi-criteria optimization approach. Using a spatial autoregressive model first, and with D as the reference energy rating band, we find the following price premiums: 55% for A4, 42% for A3 to A, 20% for B or C, −14% for F, and −29% for G. The multi-criteria optimization approach proves efficient in estimating the price premium. The estimates above are essentially confirmed: the results converge for all the energy rating bands except for G. Full article
(This article belongs to the Special Issue Price Premium and Cost Premium of Green Buildings)
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