Project CEMAPRE internal
| Title | Residential Property Prices and Energy Efficiency: a microeconometric approach based on hedonic models (continuing the project of the last year) |
| Participants | João Andrade e Silva, Esmeralda Arranhado (Principal Investigator) |
| Summary | In 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. |