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

Author

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

Abstract

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.

Suggested Citation

  • 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.
  • Handle: RePEc:eee:regeco:v:42:y:2012:i:3:p:506-515
    DOI: 10.1016/j.regsciurbeco.2011.04.004
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. Matthew J. Kotchen, 2006. "Green Markets and Private Provision of Public Goods," Journal of Political Economy, University of Chicago Press, vol. 114(4), pages 816-845, August.
    4. 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.
    5. Siqi Zheng & Rui Wang & Edward L. Glaeser & Matthew E. Kahn, 2011. "The greenness of China: household carbon dioxide emissions and urban development," Journal of Economic Geography, Oxford University Press, vol. 11(5), pages 761-792, September.
    6. 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.
    7. 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.
    8. 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.
    9. 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.
    10. 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.
    11. 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.
    12. 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.
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    More about this item

    Keywords

    Environmental sustainability; Housing market; Energy efficiency; Green labels;

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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