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Energy performance certificates and its capitalization in housing values in Sweden
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Building and Real Estate Economics.ORCID iD: 0000-0002-9944-0510
(English)Manuscript (preprint) (Other academic)
Abstract [en]

The impact on energy performance certificates on housing prices has been investigated extensively in recent years. However, the results from these investigations are mixed. We add to the literature by more specifically controlling for potential biases by employing a combination of alternative approaches to estimate the causal relationship between house prices and energy performance certificates. We use a traditional hedonic modeling approach, but we are additionally using propensity score methods to be able to compare treated houses with a control group. We also investigate the impact of outliers, spatial dependency, and parameter heterogeneity of our estimates. Moreover, we use quantile regression technique to test the hypothesis that the capitalization effect varies across the price distribution. Our results indicate there is an upward bias if we are not controlling for outlier and selection bias. Regardless of the propensity score method approach, the results are lower than a model (around 3 percent capitalization compared to 6 percent). However, our results do not support that the impact of energy performance certificates varies in the price distribution. Consequently, the certificates are not differently capitalized in the high-end housing price segment. Finally, our results do not support the hypothesis that the energy performance certificate should be more capitalized into house prices in the northern and colder parts of Sweden than in the south of Sweden.

National Category
Economics and Business
Research subject
Real Estate and Construction Management
Identifiers
URN: urn:nbn:se:kth:diva-259561OAI: oai:DiVA.org:kth-259561DiVA, id: diva2:1352151
Note

QC 20190925

Available from: 2019-09-17 Created: 2019-09-17 Last updated: 2019-09-26Bibliographically approved

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fulltext(502 kB)31 downloads
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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf