Spatial Econometric Analysis of Multi-family Housing Prices in Turin: The Heterogeneity of Preferences for Energy Efficiency

The positive impact of energy efficiency on property prices has been amply demonstrated in Europe by a large number of studies. However, much research has not considered the spatial nature of the data or has limited itself to considering it through fixed variables within econometric models based on hedonic price theory. To fill this gap in the literature, this study presents the spatial analyses by Geographically Weighted Regression (GWR) models of the Energy Performance Certificate (EPC) in Turin (Italy) using a dataset of apartments sales ads located in multi-family buildings. A number of models were created to study the interaction between energy class and age-related characteristics. The results indicate that the impact of EPC differs spatially and according to the age of construction of the buildings. The results are useful in the formulation of energy policies at the local scale, considering the location within the urban context, and the technological characteristics of the buildings according to the age of construction.