Building Energy Performance and Real Estate Market Value: an Application of the Spatial Autoregressive (SAR) Model

The paper explores the role of the buildings energy performance in the definition of the real estate market value, taking in consideration the presence of spatial auto-correlation. At this regard, it is necessary to put in evidence that a great heterogeneity exists on the Italian territory with reference to buildings energy performance; for this reason, being able to identify a class of most performing estimation models, suitable to separate the spatial effects from the influence of the building components - including the energy rating - on the value, seems to be an interesting goal. In particular, this work illustrates an experiment based on the Spatial Auto Regressive (SAR) model implemented on a sample of residential units located in the city of Turin and represents a first step of a more wide research program.