The incidence of the energy rating on residential values: an analysis for the multifamily market in Barcelona
This paper studies in a novel way the incidence of the energy rating on residential values in Spain. Real estate sale values in metropolitan Barcelona are analyzed using a hedonic model. The results suggest that moving from a G to an A rating increases the value by 5.11 %, equivalent to an average o...
| Autor: | |
|---|---|
| Tipo de documento: | artigo |
| Data de publicação: | 2016 |
| País: | España |
| Recursos: | Universitat Politècnica de Catalunya (UPC) |
| Repositório: | UPCommons. Portal del coneixement obert de la UPC |
| Idioma: | espanhol inglês |
| OAI Identifier: | oai:upcommons.upc.edu:2117/100338 |
| Acesso em linha: | https://hdl.handle.net/2117/100338 https://dx.doi.org/10.3989/ic.16.053 |
| Access Level: | Acceso aberto |
| Palavra-chave: | Real property--Valuation -- Spain -- Area Metropolitana de Barcelona Energy policy -- Spain -- Area Metropolitana de Barcelona Energy conservation -- Spain -- Area Metropolitana de Barcelona Energy consumption -- Spain -- Area Metropolitana de Barcelona Energy performance certifications Energy rating Residential prices Barcelona Béns immobles -- Valoració -- Catalunya -- Àrea metropolitana de Barcelona Política energètica -- Catalunya -- Àrea metropolitana de Barcelona Energia -- Estalvi -- Catalunya -- Àrea metropolitana de Barcelona Energia -- Consum -- Catalunya -- Àrea metropolitana de Barcelona Àrees temàtiques de la UPC::Edificació::Aspectes econòmics Àrees temàtiques de la UPC::Urbanisme::Aspectes econòmics Àrees temàtiques de la UPC::Energies::Eficiència energètica |
| Resumo: | This paper studies in a novel way the incidence of the energy rating on residential values in Spain. Real estate sale values in metropolitan Barcelona are analyzed using a hedonic model. The results suggest that moving from a G to an A rating increases the value by 5.11 %, equivalent to an average of 16.07 euros/m2/step (although there is an extra for grade A housing).This surplus is, in relative terms, much lower than in other European cities and, in absolute terms, less than the previously reported extra costs expended on improving the energy rating. In addition, the huge lack of energy rating information in the market seems to respond to a strategy to hide the poor rating of the building stock and aggravate the information asymmetry. All together overshadows the effectiveness of the European Energy Efficiency Directive as has been implemented in our country, and calls for its redesign. |
|---|