Is the impact of EPC on Residential Prices Stationary? a listing price analysis for Metropolitan Barcelona
Tutor / director / evaluatorMarmolejo Duarte, Carlos Ramiro
Document typeMaster thesis
Rights accessOpen Access
It has been more than two decades since the emergence of green labels in the building industry. There are a lot of institutions and organizations established and in European Union (EU). It is Energy Performance Building Directive (EPBD). For realizing a universal certificate to give transparence energy consumption when transacting, Energy Performance Certificates (EPC) were introduced since 2002. Although EPC is a good measure to promote the construction and rehabilitation of energy efficient buildings, the progress in reaching such a goal is distressingly slow. Especially in Spain, even it is obligation in transaction, the importance of EPC still has not been aware. After the literature reviewing, it is imperative to study the impacts of EPC on residential value and detect whether there is a spatial-energetic non-stationary impact that may be influences other socioeconomic distribution of population. This study pursues to establish an information indicator system and set non-spatial and spatial model to analyze implicit prices of EPC, detecting whether this impact of EPC on residential prices is stationary. To solve these objectives, several assumptions are made. Initially, all the data correspond to the hypothesis of Original Least Square (OLS) model, which is the underlying of this study. Then the influences between prices and other variables are one-way direction, which means variables are constant characteristics while the change of prices cannot have impact on variables. In order to realize the implicit prices of EPC in spatial dimension, Hedonic Prices Models and Geographically Weighted Regression (GWR) will be applied in the thesis as well as Monte Carlo Test. The thesis is organized as following. In Chapter 1, background, objectives and hypothesis are included for a general introduction of this topic and what this study solved. Consequently, relative theories are listed in Chapter 2 and previous studies related to this topic also interpreted in Chapter3. Regarding to Chapter 4, scope of study and basic methods and models employed will be listed for the basis of this study. Similarly, an information indicator system will be established after depurating the original data set in Chapter 5. For detecting whether there is a stationary or non-stationary impact of EPC on residential prices, OLS and GWR models will be employed in Chapter 6. At final, conclusions will be produced and give a summaries of this thesis, indicating limitations to this thesis.
Màster universitari en Estudis Avançats en Arquitectura: Gestió i Valoració Urbana i Arquitectònica
SubjectsReal property -- Valuation -- Spain -- Barcelona Metropolitan Area, Buildings -- Energy conservation -- Spain -- Barcelona Metropolitan Area, Béns immobles -- Valoració -- Catalunya -- Barcelona (Àrea metropolitana), Edificis -- Estalvi d'energia -- Catalunya -- Barcelona (Àrea metropolitana)