Publication Type
Journal Article
Version
publishedVersion
Publication Date
2-2018
Abstract
In Singapore, a real estate developer sells new apartments in the same high-rise development before and after obtaining green certification. This allows the use of within-development variation in prices over time to measure the effect of green certification on housing prices, controlling for differences across developments. I find that green certification increases prices by around 3%, suggesting that buyers value certification, possibly because it signals the presence of less-salient green features. Moreover, the effect of certification is biggest for developments that receive the lowest green rating, which likely have fewer green features and are thus less obviously green.
Keywords
Green building, Green labels, Sustainability, Housing prices
Discipline
Asian Studies | Real Estate
Research Areas
Applied Microeconomics
Publication
Economics Letters
Volume
163
First Page
36
Last Page
39
ISSN
0165-1765
Identifier
10.1016/j.econlet.2017.11.033
Publisher
Elsevier
Citation
FESSELMEYER, Eric.
The value of green certification in the Singapore housing market. (2018). Economics Letters. 163, 36-39.
Available at: https://ink.library.smu.edu.sg/cis_research/10
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
http://doi.org/10.1016/j.econlet.2017.11.033