Economic returns to residential green building investment: The developers' perspective
Author
Abstract
Suggested Citation
DOI: 10.1016/j.regsciurbeco.2013.09.015
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Yongheng Deng & Peng Liu, 2009. "Mortgage Prepayment and Default Behavior with Embedded Forward Contract Risks in China’s Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 38(3), pages 214-240, April.
- Piet Eichholtz & Nils Kok & John M. Quigley, 2013.
"The Economics of Green Building,"
The Review of Economics and Statistics, MIT Press, vol. 95(1), pages 50-63, March.
- Eichholtz, Piet & Kok, Nils & Quigley, John M., 2010. "The Economics of Green Building," Berkeley Program on Housing and Urban Policy, Working Paper Series qt3k16p2rj, Berkeley Program on Housing and Urban Policy.
- Deng, Yongheng & Li, Zhiliang & Quigley, John M., 2012. "Economic returns to energy-efficient investments in the housing market: Evidence from Singapore," Regional Science and Urban Economics, Elsevier, vol. 42(3), pages 506-515.
- Franz Fuerst & Patrick McAllister, 2011. "Green Noise or Green Value? Measuring the Effects of Environmental Certification on Office Values," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 39(1), pages 45-69, March.
- K. Chau & S. Wong & C. Yiu, 2007. "Housing Quality in the Forward Contracts Market," The Journal of Real Estate Finance and Economics, Springer, vol. 34(3), pages 313-325, April.
- Karen M. McGrath, 2013.
"The effects of eco-certification on office properties: a cap rates-based analysis,"
Journal of Property Research, Taylor & Francis Journals, vol. 30(4), pages 345-365, December.
- Karen McGrath, 2012. "The effects of eco-certification on office properties: a cap rates-based analysis," ERES eres2012_290, European Real Estate Society (ERES).
- Franz Fuerst & Patrick McAllister, 2009.
"An Investigation of the Effect of Eco-Labeling on Office Occupancy Rates,"
Real Estate & Planning Working Papers
rep-wp2009-08, Henley Business School, University of Reading.
- Fuerst, Franz & McAllister, Patrick, 2009. "An Investigation of the Effect of Eco-Labeling on Office Occupancy Rates," MPRA Paper 15799, University Library of Munich, Germany.
- Case, Karl E & Shiller, Robert J, 1989.
"The Efficiency of the Market for Single-Family Homes,"
American Economic Review, American Economic Association, vol. 79(1), pages 125-137, March.
- Karl E. Case & Robert J. Shiller, 1988. "The Efficiency of the Market for Single-Family Homes," NBER Working Papers 2506, National Bureau of Economic Research, Inc.
- Sing, Tien-Foo & Tsai, I-Chun & Chen, Ming-Chi, 2006. "Price dynamics in public and private housing markets in Singapore," Journal of Housing Economics, Elsevier, vol. 15(4), pages 305-320, December.
- Brounen, Dirk & Kok, Nils, 2011. "On the economics of energy labels in the housing market," Journal of Environmental Economics and Management, Elsevier, vol. 62(2), pages 166-179, September.
- Nils Kok & Marquise McGraw & John M. Quigley, 2011. "The Diffusion of Energy Efficiency in Building," American Economic Review, American Economic Association, vol. 101(3), pages 77-82, May.
- Black, Dan A. & Smith, J.A.Jeffrey A., 2004.
"How robust is the evidence on the effects of college quality? Evidence from matching,"
Journal of Econometrics, Elsevier, vol. 121(1-2), pages 99-124.
- Dan A. Black & Jeffrey Smith, 2003. "How Robust is the Evidence on the Effects of College Quality? Evidence From Matching," University of Western Ontario, Centre for Human Capital and Productivity (CHCP) Working Papers 20033, University of Western Ontario, Centre for Human Capital and Productivity (CHCP).
- Piet Eichholtz & Nils Kok & John M. Quigley, 2010.
"Doing Well by Doing Good? Green Office Buildings,"
American Economic Review, American Economic Association, vol. 100(5), pages 2492-2509, December.
- Eichholtz, Piet & Kok, Nils & Quigley, John M., 2009. "Doing Well by Doing Good? Green Office Buildings," Berkeley Program on Housing and Urban Policy, Working Paper Series qt507394s4, Berkeley Program on Housing and Urban Policy.
- McMillen, Daniel P., 2008. "Changes in the distribution of house prices over time: Structural characteristics, neighborhood, or coefficients?," Journal of Urban Economics, Elsevier, vol. 64(3), pages 573-589, November.
- Zheng, Siqi & Wu, Jing & Kahn, Matthew E. & Deng, Yongheng, 2012. "The nascent market for “green” real estate in Beijing," European Economic Review, Elsevier, vol. 56(5), pages 974-984.
- Zheng, Siqi & Kahn, Matthew E., 2008. "Land and residential property markets in a booming economy: New evidence from Beijing," Journal of Urban Economics, Elsevier, vol. 63(2), pages 743-757, March.
- Capozza, Dennis R. & Seguin, Paul J., 1996.
"Expectations, efficiency, and euphoria in the housing market,"
Regional Science and Urban Economics, Elsevier, vol. 26(3-4), pages 369-386, June.
- Dennis R. Capozza & Paul J. Seguin, 1995. "Expectations, Efficiency, and Euphoria in the Housing Market," NBER Working Papers 5179, National Bureau of Economic Research, Inc.
- Eichholtz, Piet & Kok, Nils & Yonder, Erkan, 2012. "Portfolio greenness and the financial performance of REITs," Journal of International Money and Finance, Elsevier, vol. 31(7), pages 1911-1929.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Shaoliang Li & Xiazhong Zheng & Qin Zeng, 2023. "Can Green Finance Drive the Development of the Green Building Industry?—Based on the Evolutionary Game Theory," Sustainability, MDPI, vol. 15(17), pages 1-17, August.
- Steffen Westermann & Scott J. Niblock & Michael A. Kortt, 2018. "A Review of Corporate Social Responsibility and Real Estate Investment Trust Studies: An Australian Perspective," Economic Papers, The Economic Society of Australia, vol. 37(1), pages 92-110, March.
- Catherine Baumont & Masha Maslianskaia-Pautrel & Pierre Voyé, 2019. "Hedonic estimation of the green value of residential housing," Working Papers 2019.20, FAERE - French Association of Environmental and Resource Economists.
- Copiello, Sergio, 2017. "Building energy efficiency: A research branch made of paradoxes," Renewable and Sustainable Energy Reviews, Elsevier, vol. 69(C), pages 1064-1076.
- Jia, Jun–Jun & Wu, Hua-Qing & Nie, Hong-Guang & Fan, Ying, 2019. "Modeling the willingness to pay for energy efficient residence in urban residential sector in China," Energy Policy, Elsevier, vol. 135(C).
- Shen, Liyin & Zhang, Zhenyu & Long, Zhijian, 2017. "Significant barriers to green procurement in real estate development," Resources, Conservation & Recycling, Elsevier, vol. 116(C), pages 160-168.
- Fesselmeyer, Eric, 2018. "The value of green certification in the Singapore housing market," Economics Letters, Elsevier, vol. 163(C), pages 36-39.
- Helen X. H. Bao & Steven Haotong Li, 2016. "Overconfidence And Real Estate Research: A Survey Of The Literature," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 61(04), pages 1-24, September.
- Matthew Collins & Seraphim Dempsey & John Curtis, 2018. "Householder Preferences for the Design of an Energy Efficiency Retrofit Subsidy in Ireland," The Economic and Social Review, Economic and Social Studies, vol. 49(2), pages 145-172.
- Monica Billio & Michele Costola & Loriana Pelizzon & Max Riedel, 2022.
"Buildings’ Energy Efficiency and the Probability of Mortgage Default: The Dutch Case,"
The Journal of Real Estate Finance and Economics, Springer, vol. 65(3), pages 419-450, October.
- Billio, Monica & Costola, Michele & Pelizzon, Loriana & Riedel, Max, 2019. "Buildings' energy efficiency and the probability of mortgage default: The Dutch case," SAFE Working Paper Series 261, Leibniz Institute for Financial Research SAFE.
- Monica Billio & Michele Costola & Loriana Pelizzon & Max Riedel, 2020. "Buildings' Energy Efficiency and the Probability of Mortgage Default: The Dutch Case," Working Papers 2020:06, Department of Economics, University of Venice "Ca' Foscari".
- Li Zhang & Hongyu Liu & Jing Wu, 2017. "The price premium for green-labelled housing: Evidence from China," Urban Studies, Urban Studies Journal Limited, vol. 54(15), pages 3524-3541, November.
- Liao, Wen-Chi & Zhao, Daxuan, 2019. "The selection and quantile treatment effects on the economic returns of green buildings," Regional Science and Urban Economics, Elsevier, vol. 74(C), pages 38-48.
- Zhang, Li & Wu, Jing & Liu, Hongyu, 2018. "Policies to enhance the drivers of green housing development in China," Energy Policy, Elsevier, vol. 121(C), pages 225-235.
- Yong Tu, 2018. "Urban debates for climate change after the Kyoto Protocol," Urban Studies, Urban Studies Journal Limited, vol. 55(1), pages 3-18, January.
- Steffen Westermann & Scott Niblock & Michael Kortt, 2018. "Corporate social responsibility and the performance of Australian REITs: a rolling regression approach," Journal of Asset Management, Palgrave Macmillan, vol. 19(4), pages 222-234, July.
- Walls, Margaret & Gerarden, Todd & Palmer, Karen & Bak, Xian Fang, 2017.
"Is energy efficiency capitalized into home prices? Evidence from three U.S. cities,"
Journal of Environmental Economics and Management, Elsevier, vol. 82(C), pages 104-124.
- Walls, Margaret & Palmer, Karen & Gerarden, Todd, 2013. "Is Energy Efficiency Capitalized into Home Prices? Evidence from Three US Cities," RFF Working Paper Series dp-13-18, Resources for the Future.
- Fuerst, Franz & Warren-Myers, Georgia, 2018. "Does voluntary disclosure create a green lemon problem? Energy-efficiency ratings and house prices," Energy Economics, Elsevier, vol. 74(C), pages 1-12.
- Ossokina, Ioulia V. & Kerperien, Stephan & Arentze, Theo A., 2021. "Does information encourage or discourage tenants to accept energy retrofitting of homes?," Energy Economics, Elsevier, vol. 103(C).
- Ming-Yi Huang, 2023. "Analyzing the effects of green building on housing prices: case study of Kaohsiung, Taiwan," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(2), pages 1205-1235, February.
- Yuval Arbel & Chaim Fialkoff & Amichai Kerner, 2020. "The Chicken and Egg Problem: Obesity and the Urban Monocentric Model," The Journal of Real Estate Finance and Economics, Springer, vol. 61(4), pages 576-606, November.
- He, Jia & Wu, Jing, 2016. "Doing well by doing good? The case of housing construction quality in China," Regional Science and Urban Economics, Elsevier, vol. 57(C), pages 46-53.
- Fuerst, Franz & McAllister, Pat & Nanda, Anupam & Wyatt, Pete, 2016.
"Energy performance ratings and house prices in Wales: An empirical study,"
Energy Policy, Elsevier, vol. 92(C), pages 20-33.
- Franz Fuerst & Pat McAllister & Anupam Nanda & Peter Wyatt, 2015. "Energy Performance Ratings and House Prices in Wales: An Empirical Study," ERES eres2015_112, European Real Estate Society (ERES).
- Aydin, Erdal & Eichholtz, Piet & Yönder, Erkan, 2018. "The economics of residential solar water heaters in emerging economies: The case of Turkey," Energy Economics, Elsevier, vol. 75(C), pages 285-299.
- Florian Fizaine Fizaine & Pierre Voye & Catherine Baumont, 2018. "Les études hédoniques soutiennent-elles une valeur verte élevée dans le bâtiment ? Une réponse par la méta-analyse," Post-Print halshs-01957447, HAL.
- Zhang, Li & Sun, Cong & Liu, Hongyu & Zheng, Siqi, 2016. "The role of public information in increasing homebuyers' willingness-to-pay for green housing: Evidence from Beijing," Ecological Economics, Elsevier, vol. 129(C), pages 40-49.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Fuerst, Franz & Gabrieli, Tommaso & McAllister, Patrick, 2017. "A green winner's curse? Investor behavior in the market for eco-certified office buildings," Economic Modelling, Elsevier, vol. 61(C), pages 137-146.
- Liao, Wen-Chi & Zhao, Daxuan, 2019. "The selection and quantile treatment effects on the economic returns of green buildings," Regional Science and Urban Economics, Elsevier, vol. 74(C), pages 38-48.
- Chegut, Andrea & Eichholtz, Piet & Kok, Nils, 2019. "The price of innovation: An analysis of the marginal cost of green buildings," Journal of Environmental Economics and Management, Elsevier, vol. 98(C).
- Deng, Yongheng & Li, Zhiliang & Quigley, John M., 2012. "Economic returns to energy-efficient investments in the housing market: Evidence from Singapore," Regional Science and Urban Economics, Elsevier, vol. 42(3), pages 506-515.
- Chegut, Andrea & Eichholtz, Piet & Holtermans, Rogier, 2016. "Energy efficiency and economic value in affordable housing," Energy Policy, Elsevier, vol. 97(C), pages 39-49.
- Fuerst, Franz & Shimizu, Chihiro, 2016.
"Green luxury goods? The economics of eco-labels in the Japanese housing market,"
Journal of the Japanese and International Economies, Elsevier, vol. 39(C), pages 108-122.
- Fuerst, Franz & Shimizu, Chihiro, 2014. "Green Luxury Goods? The Economics of Eco-Labels in the Japanese Housing Market," HIT-REFINED Working Paper Series 7, Institute of Economic Research, Hitotsubashi University.
- Ana Ramos & Alicia Pérez-Alonso & Susana Silva, 2015. "Valuing Energy Performance Certificates in the Portuguese Residential," Working Papers 02-2015, Economics for Energy.
- Steffen Westermann & Scott J. Niblock & Michael A. Kortt, 2018. "A Review of Corporate Social Responsibility and Real Estate Investment Trust Studies: An Australian Perspective," Economic Papers, The Economic Society of Australia, vol. 37(1), pages 92-110, March.
- Andrea Chegut & Piet Eichholtz & Rogier Holtermans & Juan Palacios, 2020. "Energy Efficiency Information and Valuation Practices in Rental Housing," The Journal of Real Estate Finance and Economics, Springer, vol. 60(1), pages 181-204, February.
- Kahn, Matthew E. & Walsh, Randall, 2015.
"Cities and the Environment,"
Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 405-465,
Elsevier.
- Matthew E. Kahn & Randall Walsh, 2014. "Cities and the Environment," NBER Working Papers 20503, National Bureau of Economic Research, Inc.
- Ramos, A. & Gago, A. & Labandeira, X. & Linares, P., 2015.
"The role of information for energy efficiency in the residential sector,"
Energy Economics, Elsevier, vol. 52(S1), pages 17-29.
- Ana Ramos & Alberto Gago & Xavier Labandeira & Pedro Linares, 2014. "The Role of Information for Energy Efficiency in the Residential Sector," Working Papers 04-2014, Economics for Energy.
- Steffen Westermann & Scott Niblock & Michael Kortt, 2018. "Corporate social responsibility and the performance of Australian REITs: a rolling regression approach," Journal of Asset Management, Palgrave Macmillan, vol. 19(4), pages 222-234, July.
- Copiello, Sergio, 2017. "Building energy efficiency: A research branch made of paradoxes," Renewable and Sustainable Energy Reviews, Elsevier, vol. 69(C), pages 1064-1076.
- Ankamah-Yeboah, Isaac & Rehdanz, Katrin, 2014. "Explaining the variation in the value of building energy efficiency certificates: A quantitative meta-analysis," Kiel Working Papers 1949, Kiel Institute for the World Economy (IfW Kiel).
- Konstantin A Kholodilin & Andreas Mense & Claus Michelsen, 2017.
"The market value of energy efficiency in buildings and the mode of tenure,"
Urban Studies, Urban Studies Journal Limited, vol. 54(14), pages 3218-3238, November.
- Kholodilin, Konstantin A & Mense, Andreas & Michelsen, Claus, 2017. "The market value of energy efficiency in buildings and the mode of tenure," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 54(14), pages 3218-3238.
- Konstantin A. Kholodilin & Claus Michelsen, 2014. "The Market Value of Energy Efficiency in Buildings and the Mode of Tenure," Discussion Papers of DIW Berlin 1398, DIW Berlin, German Institute for Economic Research.
- Claus Michelsen & Konstantin Kholodilin & Andreas Mense, 2016. "The market value of energy efficiency in buildings and the mode of tenure," ERES eres2016_177, European Real Estate Society (ERES).
- Michelsen, Claus & Kholodilin, Konstantin, 2015. "The Market Value of Energy Efficiency in Buildings and the Mode of Tenure," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112881, Verein für Socialpolitik / German Economic Association.
- Andreas Mense, 2018.
"The Value of Energy Efficiency and the Role of Expected Heating Costs,"
Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 71(3), pages 671-701, November.
- Andreas Mense, 2016. "The Value of Energy Efficiency and the Role of Expected Heating Costs," ERES eres2016_153, European Real Estate Society (ERES).
- Mense, Andreas, 2017. "The Value of Energy Efficiency and the Role of Expected Heating Costs," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168212, Verein für Socialpolitik / German Economic Association.
- Zheng, Siqi & Wu, Jing & Kahn, Matthew E. & Deng, Yongheng, 2012. "The nascent market for “green” real estate in Beijing," European Economic Review, Elsevier, vol. 56(5), pages 974-984.
- Hyland, Marie & Lyons, Ronan C. & Lyons, Seán, 2013.
"The value of domestic building energy efficiency — evidence from Ireland,"
Energy Economics, Elsevier, vol. 40(C), pages 943-952.
- Ronan C. Lyons & Marie Hyland & Sean Lyonso, 2012. "The value of domestic building energy efficiency - evidence from Ireland," Economics Series Working Papers 614, University of Oxford, Department of Economics.
- Hyland, Marie & Lyons, Ronan C. & Lyons, Seán, 2014. "The Value of Domestic Building Energy Efficiency – Evidence from Ireland," Papers RB2014/1/3, Economic and Social Research Institute (ESRI).
- Prashant Das & Jonathan A. Wiley, 2014. "Determinants of premia for energy-efficient design in the office market," Journal of Property Research, Taylor & Francis Journals, vol. 31(1), pages 64-86, March.
- Constantin Kempf & Juerg Syz, 2022. "Why pay for sustainable housing? Decomposing the green premium of the residential property market in the Canton of Zurich, Switzerland," SN Business & Economics, Springer, vol. 2(11), pages 1-39, November.
More about this item
Keywords
Environmental sustainability; Green residential building; Singapore Green Mark system; Energy-efficiency investment; Financial performance;All these keywords.
JEL classification:
- Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
- R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics
- G3 - Financial Economics - - Corporate Finance and Governance
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:regeco:v:47:y:2014:i:c:p:35-44. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/regec .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.