How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential market
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/21677 |
Resumo: | This paper investigates the impact of energy efficiency along the unconditional distribution of residential property prices in Portugal. Using a dataset of more than 256,000 residential property sales from 2009 to 2013, a period that covers an economic depression, unconditional quantile regression analysis reveals that the responsiveness to energy efficiency improvements is different not only as we move from low- to high-priced residential units but also for apartments and houses. While the former show a downward trend in the magnitude of energy efficiency coefficient estimates, the opposite occurs for houses. The latter market segment exhibits clear market discounts at the lowest quantiles of the price distribution, something that is not observable thought conditional mean and quantile regression analysis. Results suggest the existence of a different responsiveness to energy efficiency improvements in the Lisbon region when compared to the rest of the country and that the impact of the Energy Performance Certificate label increases throughout time across all price quantiles. As a by-product of this paper, an unconditional quantile price index shows that the impact of the crisis was not the same across the different market segments, with price decreases being more severe for low- than high-priced properties. |
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How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential marketenergy efficiencyresidential property markethedonic price modelsconditional quantile regressionunconditional quantile regressionThis paper investigates the impact of energy efficiency along the unconditional distribution of residential property prices in Portugal. Using a dataset of more than 256,000 residential property sales from 2009 to 2013, a period that covers an economic depression, unconditional quantile regression analysis reveals that the responsiveness to energy efficiency improvements is different not only as we move from low- to high-priced residential units but also for apartments and houses. While the former show a downward trend in the magnitude of energy efficiency coefficient estimates, the opposite occurs for houses. The latter market segment exhibits clear market discounts at the lowest quantiles of the price distribution, something that is not observable thought conditional mean and quantile regression analysis. Results suggest the existence of a different responsiveness to energy efficiency improvements in the Lisbon region when compared to the rest of the country and that the impact of the Energy Performance Certificate label increases throughout time across all price quantiles. As a by-product of this paper, an unconditional quantile price index shows that the impact of the crisis was not the same across the different market segments, with price decreases being more severe for low- than high-priced properties.ISEG - REM - Research in Economics and MathematicsRepositório da Universidade de LisboaEvangelista, RuiSilva, João Andrade eRamalho, Esmeralda A.2021-07-27T14:52:30Z2021-072021-07-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/21677engEvangelista, Rui, João Andrade e Silva e Esmeralda A. Ramalho (2021). "How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential market". Instituto Superior de Economia e Gestão – REM Working paper nº 0186 – 20212184-108Xinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:51:13Zoai:www.repository.utl.pt:10400.5/21677Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:06:13.324129Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential market |
title |
How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential market |
spellingShingle |
How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential market Evangelista, Rui energy efficiency residential property market hedonic price models conditional quantile regression unconditional quantile regression |
title_short |
How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential market |
title_full |
How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential market |
title_fullStr |
How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential market |
title_full_unstemmed |
How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential market |
title_sort |
How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential market |
author |
Evangelista, Rui |
author_facet |
Evangelista, Rui Silva, João Andrade e Ramalho, Esmeralda A. |
author_role |
author |
author2 |
Silva, João Andrade e Ramalho, Esmeralda A. |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Evangelista, Rui Silva, João Andrade e Ramalho, Esmeralda A. |
dc.subject.por.fl_str_mv |
energy efficiency residential property market hedonic price models conditional quantile regression unconditional quantile regression |
topic |
energy efficiency residential property market hedonic price models conditional quantile regression unconditional quantile regression |
description |
This paper investigates the impact of energy efficiency along the unconditional distribution of residential property prices in Portugal. Using a dataset of more than 256,000 residential property sales from 2009 to 2013, a period that covers an economic depression, unconditional quantile regression analysis reveals that the responsiveness to energy efficiency improvements is different not only as we move from low- to high-priced residential units but also for apartments and houses. While the former show a downward trend in the magnitude of energy efficiency coefficient estimates, the opposite occurs for houses. The latter market segment exhibits clear market discounts at the lowest quantiles of the price distribution, something that is not observable thought conditional mean and quantile regression analysis. Results suggest the existence of a different responsiveness to energy efficiency improvements in the Lisbon region when compared to the rest of the country and that the impact of the Energy Performance Certificate label increases throughout time across all price quantiles. As a by-product of this paper, an unconditional quantile price index shows that the impact of the crisis was not the same across the different market segments, with price decreases being more severe for low- than high-priced properties. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-07-27T14:52:30Z 2021-07 2021-07-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/21677 |
url |
http://hdl.handle.net/10400.5/21677 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Evangelista, Rui, João Andrade e Silva e Esmeralda A. Ramalho (2021). "How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential market". Instituto Superior de Economia e Gestão – REM Working paper nº 0186 – 2021 2184-108X |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
ISEG - REM - Research in Economics and Mathematics |
publisher.none.fl_str_mv |
ISEG - REM - Research in Economics and Mathematics |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799131155051577344 |