Energy performance certificates in the Turin real estate market

Journal of European Real Estate Research

Volumn 10, Issue 2, 2017, Pages 149-169

  Fregonara, Elena ^a   Rolando, Diana ^a   Semeraro, Patrizia ^a  

^a POLITECNICO DI TORINO   (Italy)

Author keywords

Bargaining outcome; Energy performance certificate; Hedonic model; Listing price; Time on the market; Transaction price

Indexed keywords

EID: 85027358619     PISSN: 17539269     EISSN: 17539277     Source Type: Journal    
DOI: 10.1108/JERER-05-2016-0022     Document Type: Article

References (68)

1. Amecke, H. (2012), “The impact of energy performance certificates: a survey of German home owners”, Energy Policy, Vol. 46, pp. 4-14.
2. Andaloro, A.P., Salomone, R., Ioppolo, G. and Andaloro, L. (2010), “Energy certification of buildings: a comparative analysis of progress towards implementation in European countries”, Energy Policy, Vol. 38 No. 10, pp. 5840-5866.
3. Ballarini, I. and Corrado, V. (2009), “Application of energy rating methods to the existing building stock: analysis of some residential buildings in Turin”, Energy and Buildings, Vol. 41 No. 7, pp. 790-800.
4. Becchio, C., Ferrando, D.G., Fregonara, E., Milani, N., Quercia, C. and Serra, V. (2015), “The cost optimal methodology for evaluating the energy retrofit of an ex-industrial building in Turin”, Energy Procedia, No. 78, pp. 1039-1044.
5. Becchio, C., Ferrando, D.G., Fregonara, E., Milani, N., Quercia, C. and Serra, V. (2016), “The cost optimal methodology for the energy retrofit of an ex-industrial building located in Northern Italy”, Energy and Buildings, Vol. 127, pp. 590-602.
6. Bonifaci, P. and Copiello, S. (2015), “Price premium for buildings energy efficiency: empirical findings from a hedonic model”, Valori e Valutazioni, No. 14, pp. 5-15.
7. Bourassa, S.C., Hoesli, M. and Peng, V.S. (2003), “Do housing submarkets really matter?”, Journal of Housing Economics, Vol. 12 No. 1, pp. 12-28.
8. Brounen, D. and Kok, N. (2011), “On the economics of energy labels in the housing market”, Journal of Environmental Economics and Management, Vol. 62 No. 2, pp. 166-179.
9. Cajias, M. and Piazolo, D. (2013), “Green performs better: energy efficiency and financial return on buildings”, Journal of Corporate Real Estate, Vol. 15 No. 1, pp. 53-72.
10. Cerin, P., Hassel, L.G. and Semenova, N. (2014), “Energy performance and housing prices”, Sustainable Development, Vol. 22 No. 6, pp. 404-419.
11. Curto, R., Fregonara, E. and Semeraro, P. (2015), “Listing behaviour in the Italian real estate market”, International Journal of Housing Markets and Analysis, Vol. 8 No. 1, pp. 87-117.
12. Dall’O, G., Galante, A. and Torri, M. (2012), “A methodology for the energy performance classification of residential building stock on an urban scale”, Energy and Buildings, Vol. 48, pp. 211-219.
13. Dascalaki, E.G., Balaras, C.A., Gaglia, A.G., Droutsa, K.G. and Kontoyiannidis, S. (2012), “Energy performance of buildings—EPBD in Greece”, Energy Policy, Vol. 45, pp. 469-477.
14. Davis, P.T., McCord, J.A., Mc Cord, M. and Haran, M. (2015), “Modelling the effect of energy performance certificate rating on property value in the Belfast housing market”, International Journal of Housing Markets and Analysis, Vol. 8 No. 3, pp. 292-317.
15. Deng, Y. and Wu, J. (2014), “Economic returns to residential green building investment: the developers’ perspective”, Regional Science and Urban Economics, Vol. 47, pp. 35-44.
16. Deng, Y., Li, Z. and Quigley, J.M. (2012), “Economic returns to energy-efficient investments in the housing market: evidence from Singapore”, Regional Science and Urban Economics, Vol. 42 No. 3, pp. 506-515.
17. Dinan, T. and Miranowski, J. (1989), “Estimating the implicit price of energy efficiency improvements in the residential housing market: a hedonic approach”, Journal of Urban Economics, Vol. 25 No. 1, pp. 52-67.
18. Eichholtz, P., Kok, N. and Quigley, J.M. (2013), “The economics of green building”, Review of Economics and Statistics, Vol. 95 No. 1, pp. 50-63.
19. European Commission (2013), “Energy performance certificates in buildings and their impact on transaction prices and rents in selected EU countries final report”, European Commission (DG Energy), 19. April.
20. European Union (2003). “Directive 2002/91/EC of the European parliament and of the council of 16 December 2002 on the energy performance of buildings”, Official Journal of the European Union, 4 January.
21. Fawcett, T. and Boardman, B. (2009), “Housing market transformation”, Proceedings of European Council for an Energy Efficient Economy, Summer Study, ECEEE, La Colle sur Loup, pp. 1-6.
22. Feige, A., Mcallister, P. and Wallbaum, H. (2013), “Rental price and sustainability ratings: which sustainability criteria are really paying back?”, Construction Management and Economics, Vol. 31 No. 4, pp. 322-334.
23. Fracastoro, G.V. and Serraino, M.A. (2011), “A methodology for assessing the energy performance of large scale building stocks and possible applications”, Energy and Buildings, Vol. 43 No. 4, pp. 844-852.
24. Fregonara, E., Giordano, R., Rolando, D. and Tulliani, J.M. (2016), “How to integrate environmental and economic sustainability in buildings construction/retrofit? A proposal to support urban strategies”, Journal of Urban Technology, Vol. 23 No. 3, pp. 3-28.
25. Fregonara, E., Rolando, D., Semeraro, P. and Vella, M. (2014), “The impact of energy performance certificate level on house listing prices: first evidence from Italian real estate”, Aestimum, No. 65, pp. 143-163.
26. Fuerst, F. and McAllister, P. (2011), “The impact of energy performance certificates on the rental and capital values of commercial property assets”, Energy Policy, Vol. 39 No. 10, pp. 6608-6614.
27. Fuerst, F., McAllister, P., Nanda, A. and Wyatt, P. (2015), “Does energy efficiency matter to home-buyers? An investigation of EPC ratings and transaction prices in England”, Energy Economics, Vol. 48, pp. 145-156.
28. Fuerst, F., McAllister, P., Nanda, A. and Wyatt, P. (2016), “Energy performance ratings and house prices in wales: an empirical study”, Energy Policy, Vol. 92, pp. 20-33.
29. Gangolells, M., Casals, M., Forcada, N., Macarulla, M. and Cuerva, E. (2015), “Energy mapping of existing building stock in Spain”, Journal of Cleaner Production, Vol. 112 No. 5, pp. 3895-3904.
30. Hoesli, M. and Morri, G. (2010), Investimento Immobiliare, Mercato, Valutazione, Rischio E Portafogli, Hoepli, Milano.
31. Högberg, L. (2013), “The impact of energy performance on single-family home selling prices in Sweden”, Journal of European Real Estate Research, Vol. 6 No. 3, pp. 242-261.
32. Hyland, M., Lyons, R.C. and Lyons, S. (2013), “The value of domestic building energy efficiency - evidence from Ireland”, Energy Economics, Vol. 40, pp. 943-952.
33. Kelly, S., Crawford-Brown, D. and Pollitt, M.G. (2012), “Building performance evaluation and certification in the UK: is SAP fit for purpose?”, Renewable and Sustainable Energy Reviews, Vol. 16 No. 9, pp. 6861-6878.
34. Kholodilin, K.A. and Michelsen, C. (2014), “The market value of energy efficiency in buildings and the mode of tenure”, Discussion papers, DIW Berlin, No. 1398.
35. Knight, J.R. (2002), “Listing price, time on market, and ultimate selling price: causes and effects of listing price changes”, Real Estate Economics, Vol. 30 No. 2, pp. 213-237.
36. Knight, J.R., Miceli, T. and Sirmans, C.F. (2000), “Repair expenses, selling contracts, and house prices”, Journal of Real Estate Research, Vol. 20 No. 3, pp. 323-336.
37. Kok, N. and Jennen, M. (2012), “The impact of energy labels and accessibility on office rents”, Energy Policy, Vol. 46, pp. 489-497.
38. Laquatra, J., Dacquisto, D.J., Emrath, P. and Laitner, J.A. (2002), “Housing market capitalization of energy efficiency revisited”, Summer Study on Energy Efficiency in Buildings, American Council for an Energy-Efficient Economy, Washington, DC.
39. Lo Verso, V.R.M., Fregonara, E., Caffaro, F., Morisano, C. and Peiretti, G.M. (2014), “Daylighting as the driving force of the design process: from the results of a survey to the implementation into an advanced daylighting project”, Journal of Daylighting, Vol. 1 No. 1, pp. 36-55.
40. Magrini, A., Magnani, L. and Pernetti, R. (2012), “The effort to bring existing buildings towards the a class: a discussion on the application of calculation methodologies”, Applied Energy, Vol. 97, pp. 438-450.
41. Mangold, M., Österbring, M. and Wallbaum, H. (2015), “Handling data uncertainties when using Swedish energy performance certificate data to describe energy usage in the building stock”, Energy and Buildings, Vol. 102, pp. 328-336.
42. Massimo, D.E. (2012), “Emerging issues in real estate appraisal: market premium for building sustainability”, Aestimum, XLI Incontro diStudio del Ce.S.E.T, Firenze University Press, Firenze, pp. 653-673.
43. Mlecnik, E., Visscher, H. and Van Hal, A. (2010), “Barriers and opportunities for labels for highly energy-efficient houses”, Energy Policy, Vol. 38 No. 8, pp. 4592-4603.
44. Morri, G. and Soffietti, F. (2013), “Greenbuilding sustainability and market premiums in Italy”, Journal of European Real Estate Research, Vol. 6 No. 3, pp. 303-332.
45. Murphy, L. (2014), “The influence of the energy performance certificate: the Dutch case”, Energy Policy, Vol. 67, pp. 664-672.
46. Norese, M.F., Rolando, D. and Fregonara, E. (2015), “Integration of problem structuring methods: a methodological proposal for complex regional decision-making processes”, International Journal of Decision Support System Technology, Vol. 7 No. 2, pp. 58-83.
47. Pérez-Lombard, L., Ortiz, J., González, R. and Maestre, I.R. (2009), “A review of benchmarking, rating and labelling concepts within the framework of building energy certification schemes”, Energy and Buildings, Vol. 41 No. 3, pp. 272-278.
48. Poel, B., van Cruchten, G. and Balaras, C.A. (2007), “Energy performance assessment of existing dwellings”, Energy and Buildings, Vol. 39 No. 4, pp. 393-403.
49. Rodrigues, L., Garratt, T. and Ebbs, N. (2012), “Is added sustainability equal to added value?”, Energy Conversion and Management, Vol. 63, pp. 203-207.
50. Rosen, S. (1974), “Hedonic prices and explicit markets: production differentiation in pure competition”, The Journal of Political Economy, Vol. 82 No. 1, pp. 34-55.
51. Salvalai, G., Masera, G. and Sesana, M.M. (2015), “Italian local codes for energy efficiency of buildings: theoretical definition and experimental application to a residential case study”, Renewable and Sustainable Energy Reviews, Vol. 42, pp. 1245-1259.
52. Semeraro, P. and Fregonara, E. (2013), “The impact of house characteristics on the bargaining outcome”, Journal of European Real Estate Research, Vol. 6 No. 3, pp. 262-278.
53. Song, S. (1995), “Determinants of bargaining outcome in single-family housing transactions: an empirical examination”, Urban Studies, Vol. 32 No. 3, pp. 605-614.
54. Tronchin, L. and Fabbri, K. (2008), “Energy performance building evaluation in Mediterranean countries: comparison between software simulations and operating rating simulation”, Energy and Buildings, Vol. 40 No. 7, pp. 1176-1187.
55. Tronchin, L. and Fabbri, K. (2010), “A round Robin test for buildings energy performance in Italy”, Energy and Buildings, Vol. 42 No. 10, pp. 1862-1877.
56. Tronchin, L. and Fabbri, K. (2012), “Energy performance certificate of building and confidence interval in assessment: an Italian case study”, Energy Policy, Vol. 48, pp. 176-184.
57. Zalejska-Jonsson, A. (2014), “Impact of energy and environmental factors in the decision to purchase or rent an apartment: the case of Sweden”, Journal of Sustainable Real Estate, Vol. 5 No. 1, pp. 66-85.
58. European Union (2006), “Directive 2006/32/EC of the European parliament and of the council of 5 April 2006 on energy end-use efficiency and energy services and repealing council directive 93/76/EEC”, Official Journal of the European Union, 27 April.
59. European Union (2010), “Directive 2010/31/EU of the European parliament and of the council of 19 May 2010 on the energy performance of buildings (EPBD recast)”, Official Journal of the European Union, 18 June.
60. Italian government (2013), Law 3 August 2013, no. 90 (L. 90/2013), complying the European Directive 2010/31/EU on the energy performance of buildings.
61. Italian government (2005), Legislative Decree 19 August 2005, no. 192 (D. Lgs. 192/2005), complying the European Directive 2002/91/EC on the energy performance of buildings.
62. Italian government (2005/2006). Legislative Decree 26 December 2006, no. 311 (D. Lgs. 311/2006), modifying and integrating the Legislative Decree 19 August 2005, no. 192 (D. Lgs. 192/2005), complying the European Directive 2002/91/EC on the energy performance of buildings.
63. Italian government (2011), Legislative Decree 3 March 2011, no. 28 (D. Lgs. 28/2011).
64. Italian government (2012), Ministerial Decree 22 November 2012.
65. Italian government (2009), Ministerial Decree 26 June 2009.
66. Italian government (2015), Ministerial Decree 26 June 2015.
67. UNI (2008a), Technical Specification. Energy performance of buildings. Part 1. Evaluation of energy need for space heating and cooling, UNI/TS 11300-1.
68. UNI (2008b), Technical Specification. Energy performance of buildings. Part 2. Evaluation of primary energy need and of system efficiencies for space heating and domestic hot water production, UNI/TS 11300-2.