Abstract
Empirical evidence has found a correlation between Energy Performance (EPC) rankings and housing prices. Though, little attention has been devoted to research the spatial implications of EPC marginal prices. This paper attempts to fill this gap using a geographical-weighted-regression, departing from listing prices for Barcelona. The results suggest the existence of a premium equivalent to 1.7% for each EPC ranking, which nearly double the previous reported evidence in this city. Also, the impact shows a non-stationary distribution across urban space. As a matter of fact, the higher the impact, the lower the price of apartments and their quality. The apartments portraying the larger impact are located in peripheral areas inhabited by medium and low-income population. So, the equity of less wealthy population witnesses the largest brown discount.
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Notes
- 1.
25 is the average of apartments by municipality no considering the municipality of Barcelona.
- 2.
In order to double check the results of the GWR model, a specific OLS model has been implemented only with the 138 cases where the local GWR coefficient is negative. In this latter OLS model the variable to explain is the residuals from MOD 2, and the unique explaining variable is the EPC rank. The resulting OLS coefficient is negative and equivalent to −0.055 (sig = 0.01) which is almost the same than the average of the GWR local coefficients. These results endorse the findings reported here.
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Acknowledgements
This paper has been produced in the framework of EnerVALOR project (MINECO FEDER BIA2015-63606-R) leaded by the first author, as well as in the doctoral dissertation of the second author. The authors wish to thank Habitaclia for allowing to use both of the datasets analyzed in this paper, also Rolando Biere and Camilo Echavarria for their support gathering the information used, and to James Macdonald for the final proofreading of this piece.
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Marmolejo-Duarte, C., Chen, A., Bravi, M. (2020). Spatial Implications of EPC Rankings Over Residential Prices. In: Mondini, G., Oppio, A., Stanghellini, S., Bottero, M., Abastante, F. (eds) Values and Functions for Future Cities. Green Energy and Technology. Springer, Cham. https://doi.org/10.1007/978-3-030-23786-8_4
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