Research projects

Project CEMAPRE internal

TitleResidential Property Prices and Energy Efficiency: a microeconometric approach based on hedonic models (continuing the project of the last year)
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
018/844/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.
Following last year project, we intend to finish and submit a first paper to a high-level
international journal. Once we conclude this first step, we will start a second paper using an
updated version of the original database gathered for 2009-2013 to cover a time window before and
after the crisis. A possible exploitation of propensity score methods in the framework of quantile
regression is another possibility that is been analysed.