Oosterloo, Karlijn (2023) What is the value of a green dwelling? - The heterogeneity in price valuation of EPC labels in The Netherlands -. Master thesis.
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Abstract
Implementation of EPC labels in the Dutch housing market is expected to reduce carbon emissions and energy consumption by inducing home owners, to invest in improving energy efficiency. This study is the first to draw an image of the current improvement stage regarding EPC labels and the energy transition in the Dutch housing market. In addition, it investigates effects of EPC labels on most recent transaction prices for the entire Dutch housing market, adding to the already large amount of literature on this topic. Furthermore this research is first to analyze heterogeneity concerning buyer types as well as building types, by applying an hedonic price model on strongly representative registry data containing over 1.2 million observations in The Netherlands between 2012 and 2022, made available by Het Kadaster. With the use of interaction effects, the extent to which both the building type and buyer type are capitalized differently is examined. Results show similar price premiums to previous literature, where willingness to pay for houses increases with energy efficiency. When looking further into first-time-buyers (FTBs), the study reveals little difference in a higher valuation for most efficient labels (A and B) yet strong conclusions remain unreached. However, stronger heterogeneity in valuation in greenness can be found for different building types. Buyers of apartments tend to value greenness more than buyers of other building types, being terraced houses, corner houses and semi-detached houses. The same price premium for energy efficiency, yet smaller in size, is visible for buyers of detached houses.
| Item Type: | Thesis (Master) |
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| Degree programme: | Real Estate Studies |
| Supervisor: | Duijn, M. van and Mawhorter, S.L. |
| Date Deposited: | 05 Apr 2023 12:01 |
| Last Modified: | 05 Apr 2023 12:01 |
| URI: | https://frw.studenttheses.ub.rug.nl/id/eprint/4164 |
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