IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v12y2020i6p2206-d331734.html
   My bibliography  Save this article

A Study of the Green Building Benefits in Apartment Buildings According to Real Estate Prices: Case of Non-Capital Areas in South Korea

Author

Listed:
  • Kee Han Kim

    (School of Architectural Engineering, University of Ulsan, 93 Daehak-Ro, Ulsan 44610, Korea)

  • Sang-Sub Jeon

    (School of Architectural Engineering, University of Ulsan, 93 Daehak-Ro, Ulsan 44610, Korea)

  • Amina Irakoze

    (School of Architectural Engineering, University of Ulsan, 93 Daehak-Ro, Ulsan 44610, Korea)

  • Ki-young Son

    (School of Architectural Engineering, University of Ulsan, 93 Daehak-Ro, Ulsan 44610, Korea)

Abstract

Recently, the importance of green building certification in consideration of environmentally friendly factors is being emphasized more when constructing buildings in South Korea. The Green Standard for Energy and Environmental Design (G-SEED) is one of the strategies used by the Korean government to effectively reduce building environmental loads. However, due to the large investment needed to acquire green building certification, building owners, stakeholders, and designers often contemplate how to balance G-SEED certification benefits and the additional costs they involve. Therefore, the purpose of this study was to assess the benefits of G-SEED certification in terms of post-occupancy financial advantages through a comparative analysis of real estate prices of apartments in the Yeongnam area. All of the major factors affecting apartment real estate prices in South Korea were considered, and the real estate price difference between G-SEED certified and non-certified apartments was determined through a one-sample t-test. The results demonstrated that G-SEED certified apartment real estate prices were 9.52% higher than non-certified apartments. This study concluded that G-SEED certification–related investment is worth the additional cost as it increases the real estate value of a building.

Suggested Citation

  • Kee Han Kim & Sang-Sub Jeon & Amina Irakoze & Ki-young Son, 2020. "A Study of the Green Building Benefits in Apartment Buildings According to Real Estate Prices: Case of Non-Capital Areas in South Korea," Sustainability, MDPI, vol. 12(6), pages 1-10, March.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:6:p:2206-:d:331734
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/12/6/2206/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/12/6/2206/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Seongjo Wang & Sungho Tae & Rakhyun Kim, 2019. "Development of a Green Building Materials Integrated Platform Based on Materials and Resources in G-SEED in South Korea," Sustainability, MDPI, vol. 11(23), pages 1-19, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Weimin Ma & Zitong Ren & Hua Ke, 2022. "Green Housing Subsidy Strategies Considering Consumers’ Green Preference," Sustainability, MDPI, vol. 14(5), pages 1-22, February.
    2. Yu Cao & Cong Xu & Syahrul Nizam Kamaruzzaman & Nur Mardhiyah Aziz, 2022. "A Systematic Review of Green Building Development in China: Advantages, Challenges and Future Directions," Sustainability, MDPI, vol. 14(19), pages 1-29, September.
    3. Acinia Nindartin & Hee-Woon Moon & Sang-Jun Park & Kyung-Tae Lee & Jin-Bin Im & Ju-Hyung Kim, 2022. "Influencing of the Building Energy Policies upon the Efficiency of Energy Consumption: The Case of Courthouse Buildings in South Korea," Energies, MDPI, vol. 15(18), pages 1-17, September.
    4. Rakhyun Kim & Myung-Kwan Lim & Seungjun Roh & Won-Jun Park, 2021. "Analysis of the Characteristics of Environmental Impacts According to the Cut-Off Criteria Applicable to the Streamlined Life Cycle Assessment (S-LCA) of Apartment Buildings in South Korea," Sustainability, MDPI, vol. 13(5), pages 1-19, March.
    5. Dong Hyun Kim & Amina Irakoze, 2022. "Identifying Market Segment for the Assessment of a Price Premium for Green Certified Housing: A Cluster Analysis Approach," Sustainability, MDPI, vol. 15(1), pages 1-16, December.
    6. Rana, Anber & Sadiq, Rehan & Alam, M. Shahria & Karunathilake, Hirushie & Hewage, Kasun, 2021. "Evaluation of financial incentives for green buildings in Canadian landscape," Renewable and Sustainable Energy Reviews, Elsevier, vol. 135(C).

    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.
    1. Kim, Hyejung, 2021. "Technologies for adapting to climate change: A case study of Korean cities and implications for Latin American cities," Documentos de Proyectos 46992, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Anh-Duc Pham & Quang Trung Nguyen & Duc Long Luong & Quynh Chau Truong, 2020. "The Development of a Decision Support Model for Eco-Friendly Material Selection in Vietnam," Sustainability, MDPI, vol. 12(7), pages 1-19, April.
    3. Marcela Taušová & Katarína Čulková & Peter Tauš & Lucia Domaracká & Andrea Seňová, 2021. "Evaluation of the Effective Material Use from the View of EU Environmental Policy Goals," Energies, MDPI, vol. 14(16), pages 1-14, August.
    4. Yong Li & Yu Sun & Chengcheng Zeng & Jinxing Li & Yanping Gao & Haisheng Li, 2022. "Research on the Influencing Factors for the Use of Green Building Materials through the Number Growth of Construction Enterprises Based on Agent-Based Modeling," Sustainability, MDPI, vol. 14(19), pages 1-13, October.
    5. Seongjo Wang & Sungho Tae & Hyeongjae Jang, 2021. "Prediction of the Energy Self-Sufficiency Rate of Major New Renewable Energy Types Based on Zero-Energy Building Certification Cases in South Korea," Sustainability, MDPI, vol. 13(20), pages 1-15, October.

    Corrections

    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:gam:jsusta:v:12:y:2020:i:6:p:2206-:d:331734. 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: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.