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An Attempt to Determine the Impact of Energy Intensity on the Market Value of Residential Units on the Example of Selected Buildings in Szczecin

Real Estate Management and Valuation. 2020;28(1):64-79 DOI 10.2478/remav-2020-0006

 

Journal Homepage

Journal Title: Real Estate Management and Valuation

ISSN: 2300-5289 (Online)

Publisher: Sciendo

Society/Institution: Polish Real Estate Scientific Society

LCC Subject Category: Social Sciences: Industries. Land use. Labor: Land use: Real estate business

Country of publisher: Poland

Language of fulltext: English

Full-text formats available: PDF

 

AUTHORS


Foryś Iwona (Wydział Nauk Ekonomicznych i Zarządzania, University of Szczecin)

Putek-Szeląg Ewa (Wydział Nauk Ekonomicznych i Zarządzania, University of Szczecin)

Ziembicka Beata (University of Szczecin)

EDITORIAL INFORMATION

Double blind peer review

Editorial Board

Instructions for authors

Time From Submission to Publication: 23 weeks

 

Abstract | Full Text

Environmental requirements, constantly increasing energy prices as well as energy consumption by residential units and buildings have become an important factor in the decision-making processes in the real estate market. The preferences of residential unit buyers who recognize the problem of energy intensity and translate it into the transaction price have also been changing. However, amendments to the Act on real estate management and new European standards have imposed an obligation to include the certificates of energy performance of buildings and premises on real estate valuers in the valuation process. In this paper, energy intensity understood as the heating requirements of multi-family residential buildings is the basis for assessing the impact of the proposed variants on the market value of residential units. The paper analyzes the energy intensity of various types of buildings (e.g. in low and high buildings) and its impact on the market value of residential units in a selected housing estate in Szczecin, when the property valuer has access to energy performance certificates of neither the unit under valuation nor the units selected for comparison. The purpose of this study is to identify the relationship between the energy intensity and the market value of residential units. The proposed three models of real estate market value: non-classical, multiple regression and average price adjustment taking into account energy intensity, obtain results consistent with the actual transaction price at a satisfactory level. The assessment was made using standard deviation, a coefficient of variation and the average error of forecasts.