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Green Gold? A (Spatial) Analysis of Green Office Buildings in Europe

Author

Listed:
  • Vlad-Andrei Porumb
  • Costin Ciora
  • Gunther Maier
  • Ion Anghel

Abstract

In this paper we draw on a proprietary database to analyze if the price premium of green certification in the EU depends on the location of buildings. Specifically, we focus on Finland, France and Germany, countries with extensive information regarding green buildings transactions during the 2010 to 2015 period. Considering the increasing demand for certification, we expect that sale prices for green buildings are higher relative to non-green buildings. We first assess if green certification is associated with a price premium in the analyzed countries. Second, we assess the effect that the location of green buildings has on the price premium. Our findings suggest that (i) buildings with green certification have a 19 percent higher price relative to non-certificated buildings and (ii) in cities of under 500 000 people, the price premium increases with the distance from the city center. Our results are robust to a series of robustness checks. We contribute to the rising literature on green buildings as the only study to assess the price impact of green certification in European countries.

Suggested Citation

  • Vlad-Andrei Porumb & Costin Ciora & Gunther Maier & Ion Anghel, 2018. "Green Gold? A (Spatial) Analysis of Green Office Buildings in Europe," ERES eres2018_208, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2018_208
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2018-208
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    Keywords

    EU; Green Buildings; Location; Price Premium;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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