Different evaluation protocols were proposed to calculate the degree of sustainability of buildings and large-scale projects. In parallel, many studies focused on estimating the economic benefits delivered by green buildings according to the consumer choices using specific econometric models. The study aims to investigate the awareness of the benefits deriving from Green Mark-labeled buildings in Singapore through the application of the hedonic pricing method. In particular, the impact of the Green Mark was assessed in the multi-family building sector, starting from a transaction dataset of approximately 300,000 units sold between 2005 and 2017. Given the spatial complexity of the multi-family buildings market, spatial autocorrelation models were recommended. In particular, the spatial lag model (SAR) and the spatial error model (SEM) were applied. The paper implements the property valuation literature in the field of spatial econometrics related to sustainable certification. Besides, the research provided an assessment of the sustainability scheme over time, highlighting consumer behavior in different phases of the real estate market in Singapore. The results highlighted how spatial models filter the autocorrelation effect. As for the impact of Green Mark on the sale price of the apartments, the results confirmed that a green premium exists.
Green premium in buildings: evidence from the real estate market of Singapore / Dell'Anna, Federico; Bottero, Marta. - In: JOURNAL OF CLEANER PRODUCTION. - ISSN 0959-6526. - STAMPA. - 286:125327(2021), pp. 1-14.
|Titolo:||Green premium in buildings: evidence from the real estate market of Singapore.|
|Data di pubblicazione:||2021|
|Digital Object Identifier (DOI):||http://dx.doi.org/10.1016/j.jclepro.2020.125327|
|Appare nelle tipologie:||1.1 Articolo in rivista|