Abstract/Description
The aim of this paper is to investigate whether a higher energy efficiency of residential buildings translates into higher house prices in Italy. We employ novel, and almost unexploited, data on Energy Performance Certificates of three Italian regions (EmiliaRomagna, Lombardy and Piedmont) and merge them with house prices and socioeconomic variables at various aggregation levels. The relationship between house prices and energy efficiency is estimated by means of hedonic regression models, quantile regressions and fixed effects panel data models. Our results reveal the existence of an energy-efficiency price premium in the three regions, with significant differences among them. Heterogeneity is also detected along the price distribution, at least for Lombardy and Piedmont. Finally, relevant variables showing a positive association with price are more recent construction years, higher mobility in the housing market and higher income within municipalities.
Keywords
Energy Performance Certificates, Energy Performance of Buildings Directive, House prices, Hedonic regression, Quantile regression
JEL Codes
Q40; C31; C33
Location
MAV 1 room, Adamjee building
Session Theme
Cities and Infrastructure
Session Type
Parallel Technical Session
Session Chair
Qazi Masood, Institute of Business Administration
Session Discussant
Demetrio Panarello, Link Campus University ; Zahid Asghar, Quaid-i-Azam University
Start Date
10-12-2024 3:15 PM
End Date
10-12-2024 5:15 PM
Recommended Citation
Giarda, E., & Panarello, D. (2024). The energy efficiency price premium of residential buildings in three Italian regions. CBER Conference. Retrieved from https://ir.iba.edu.pk/esdcber/2024/program/30
Click the Download button to view presentation slides.
Included in
Statistical Methodology Commons, Statistical Models Commons, Urban Studies and Planning Commons
The energy efficiency price premium of residential buildings in three Italian regions
MAV 1 room, Adamjee building
The aim of this paper is to investigate whether a higher energy efficiency of residential buildings translates into higher house prices in Italy. We employ novel, and almost unexploited, data on Energy Performance Certificates of three Italian regions (EmiliaRomagna, Lombardy and Piedmont) and merge them with house prices and socioeconomic variables at various aggregation levels. The relationship between house prices and energy efficiency is estimated by means of hedonic regression models, quantile regressions and fixed effects panel data models. Our results reveal the existence of an energy-efficiency price premium in the three regions, with significant differences among them. Heterogeneity is also detected along the price distribution, at least for Lombardy and Piedmont. Finally, relevant variables showing a positive association with price are more recent construction years, higher mobility in the housing market and higher income within municipalities.