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Economic returns to energy-efficient investments in the housing market: Evidence from Singapore

  • Deng, Yongheng
  • Li, Zhiliang
  • Quigley, John M.

Since January of 2005, 250 building projects in the City of Singapore have been awarded the Green Mark for energy efficiency and sustainability. This paper analyzes the private returns to these investments, evaluating the premium in asset values they command in the market. We analyze almost 37,000 transactions in the Singapore housing market to estimate the economic impact of the Green Mark program on Singapore's residential sector.

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Article provided by Elsevier in its journal Regional Science and Urban Economics.

Volume (Year): 42 (2012)
Issue (Month): 3 ()
Pages: 506-515

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Handle: RePEc:eee:regeco:v:42:y:2012:i:3:p:506-515
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  1. Yong Tu & Helen X.H. Bao, 2009. "Property Rights and Housing Value: The Impacts of Political Instability," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(2), pages 235-257.
  2. Franz Fuerst & Patrick McAllister, 2008. "Green Noise or Green Value? Measuring the Price Effects of Environmental Certification in Commercial Buildings," Real Estate & Planning Working Papers rep-wp2008-09, Henley Business School, Reading University.
  3. Siqi Zheng & Rui Wang & Edward L. Glaeser & Matthew E. Kahn, 2009. "The Greenness of China: Household Carbon Dioxide Emissions and Urban Development," NBER Working Papers 15621, National Bureau of Economic Research, Inc.
  4. 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.
  5. 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.
  6. Mats Wilhelmsson, 2000. "The Impact of Traffic Noise on the Values of Single-family Houses," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 43(6), pages 799-815.
  7. Matthew J. Kotchen, 2003. "Green Markets and Private Provision of Public Goods," Department of Economics Working Papers 2003-05, Department of Economics, Williams College.
  8. Dan A. Black & Jeffrey Smith, 2003. "How Robust is the Evidence on the Effects of College Quality? Evidence From Matching," University of Western Ontario, CIBC Centre for Human Capital and Productivity Working Papers 20033, University of Western Ontario, CIBC Centre for Human Capital and Productivity.
  9. 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.
  10. 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.
  11. Shi-Ming Yu & Sun-Sheng Han & Chee-Hian Chai, 2007. "Modeling the value of view in high-rise apartments: a 3D GIS approach," Environment and Planning B: Planning and Design, Pion Ltd, London, vol. 34(1), pages 139-153, January.
  12. 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.
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