Research projects

Project CEMAPRE internal

TitleResidential Property Prices and Energy Efficiency: a microeconometric approach based on hedonic models
ParticipantsJoão Andrade e Silva, Esmeralda Ramalho (Principal Investigator)
SummaryIn the European Union (EU), buildings account for about 36% of all of the carbon dioxide heating and
cooling, together amounting to around 50% of the EU's total energy consumption (Directive
2018/844/EU). Given the relevance of the residential sector to the total building stock, the
implementation of policies aimed at increasing its energy performance, such as the introduction of
energy efficiency labelling schemes, rank among the most feasible ways of reducing CO2 emissions and
mitigating a country's energy dependency.
This project builds on a unique dataset of 256,000 residential property sales for Portugal for the
period 2009-2013. Hedonic models are considered to measure the effect of energy labels on property
prices. Both conditional mean and conditional and unconditional quantile regression models are used.
The aim is producing three papers to be published in high level international journals. The first
two papers rely on the original dataset gathered for 2009-2013. A third paper will be then produced
with an updated version of the dataset.