IOP Con e ence Se ies: Ma e ials Science and Enginee ing
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How di e en a e dwellings whose ene gy
e iciency impac s p ice o ma ion?
To ci e his a icle: Ai Chen and Ca los Ma molejo-Dua e 2019 IOP Con . Se .: Ma e . Sci. Eng. 603
042015
View he a icle online o upda es and enhancemen s.
Recen ci a ions
EPC Labels and Building Fea u es: Spa ial
Implica ions o e Housing P ices
Alice Ba eca e al
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IOP Con . Se ies: Ma e ials Science and Enginee ing 603 (2019) 042015
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1
How di e en a e dwellings whose ene gy e iciency impac s
p ice o ma ion?
Ai Chen1, Ca los Ma molejo-Dua e1
1Cen e o Land Policy and Valua ions, ETSAB, Uni e si a Poli ènica de Ca alunya,
Spain
[email p o ec ed]du
Abs ac . Housing ene gy-e iciency has become a ele an issue since i is manda o y o exhibi
an Ene gy Pe o mance Ce i ica e (EPC) when ansac ing eal es a e in he Eu opean Union. A
numbe o s udies ha e ocused on ene gy-e iciency ma ginal p ices using hedonic models om
c oss-sec ional and longi udinal pe spec i es. Some o hem ha e ound ha he inc ease o
ele ance o EPC anks (i.e. ma ginal p ices) is no he same o all he A-G classes. This s udy
aims o explo e he di e ences in e ms o a chi ec onic and loca ion a ibu es be ween he
apa men s depic ing an inc ease o EPC anking ma ginal p ices ega ding hose whe e ene gy
e iciency seems no o play a ole in p ice o ma ion. In doing so, a pooled spa ial e o hedonic
model is done using selling in o ma ion o mul i amily housing in Ba celona o he yea s o
2014 and 2016. Fu he mo e, i is shown which EPC anks do exhibi an inc ease in e ms o
ma ginal p ices in he pe iod s udied. Finally, we compa e he a chi ec onic and loca i e
a ibu es o he se o homes whe e he ene gy e iciency has inc eased in e ms o p ice
impo ance o he se o homes whe e i has no inc eased. The esul s sugges ha dwellings wi h
high and medium EPC anks (e.g. A o 2014; and B, C and D o 2016) a e mo e expensi e,
la ge and boas ing o be e a chi ec onic quali ies han he es o homes whe e EPC anks ailed
o ha e a ole in p ice o ma ion. On he con a y, he loca ion a ibu es a e di e en : while A-
anked dwellings o 2014 a e loca ed on pe iphe ies whe e new housing comple ions a e placed;
B, C and D- anked homes o 2016 a e loca ed in mo e cen ic loca ions. These indings ha e
implica ions o u u e analysis ega ding he ene gy p emium and ene gy po e y, since speci ic
cha ac e is ics in di e en subma ke s may ha e a di e en impac on housing p ices.
1. In oduc ion
Since he ene gy consump ion in he esiden ial sec o has accoun ed o 25% consump ion o he whole
wo ld and 40% in Eu ope, he Eu opean Commission p omulga ed ele an ene gy di ec i es since ea ly
2000s. In he eal es a e ma ke , he speci ic one is he Ene gy Pe o mance o Buildings Di ec i e. I
ecas in 2010 made i manda o y o exhibi Ene gy Pe o mance Ce i ica es (EPCs) when p ope ies
a e en ed o sold. This p og am aims a p omo ing he anspa ency o ene gy e iciency and b eaking
down he ba ie s o ene gy in o ma ion asymme ies be ween buye s and selle s [1]. In Spain he
ansposi ion o such Di ec i e has been in oduced by he RD 235/2013, so as 1s o June 2013 i is also
manda o y o show an EPC label on p ope y ad e isemen [2].
A numbe o s udies ha e esea ched he ma ginal p ice o ene gy e iciency, some o hem ha e
ound ha such ene gy p emium is no he same when he ma ke is segmen ed. The e o e, he
concomi an a chi ec onic and loca i e a ibu es con ibu ing o his ene gy p emium dese es special
a en ion. In his ega d, his pape aims o explo e he di e ences in e ms o a chi ec onic and loca ion
WMCAUS 2019
IOP Con . Se ies: Ma e ials Science and Enginee ing 603 (2019) 042015
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doi:10.1088/1757-899X/603/4/042015
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a ibu es be ween he apa men s depic ing an inc ease o EPC anking ma ginal p ices ega ding hose
whe e ene gy e iciency seems no o play a ole in p ice o ma ion. A spa ial e o hedonic model is
applied in Ba celona Me opoli an A ea in o de o iden i y hose homes whe e EPC labels p oduce an
inc ease o p ice ega ding hose homes whe e such a ibu e plays a null ole in p ice o ma ion. Nex ,
using an ANOVA es he signi ican a ibu es be ween bo h kind o homes a e iden i ied.
The esul s sugges ha ene gy p emiums a e ese ed o “A”- anked homes in 2014 and “B,C,D”-
anked homes in 2016. So he i s conclusion is ha ene gy p emium e ol es in a sp awling ashion
among high e icien ene gy classes. Ne e heless, he cha ac e is ics o homes which hedonic agenda
does includes ene gy p emiums a e no he same ha he emainde dwellings. Since such homes end
o be mo e expensi e, la ge and boas he bes a chi ec onic ea u es. In e es ingly, “A” anked homes
loca e in pe iphe ies whe e new comple ions a e de eloped, meanwhile “B”, “C” and “D” depic a mo e
cen al loca ion in neighbo hoods o weal hy popula ion. Such indings ha e ele an implica ions o
ma ke segmen a ions om ene gy e iciency pe spec i e.
The emainde o his pape is o ganized as ollows: a e a sho li e a u e e iew, i s , he scope,
case s udy and models a e de ailed in he me hodology sec ion; ollowed by he esul s and discussion;
and inally a b ie conclusion is p o ided.
2. Li e a u e e iew
Ene gy e iciency in he housing sec o has become a conce ning issue along wi h Ene gy Pe o mance
Ce i ica es (EPCs) in oduced by Ene gy Pe o mance o Buildings Di ec i es (EPBD) in 2002.
Nume ous s udies ha e concluded he EPC impac s on housing p ices by hedonic models. B ounen and
Kok [3] indica ed ha he e was an ene gy-e iciency p emium o 3.6% wi h ene gy anking inc ease in
he Ne he lands. Fues e al. [4] ound in England and Wales, an 11.8% housing p emium inc eased
when dwellings imp o ed om anking G o anking A. Likewise, Hyland e al. [5] ound he g een
p emium was highe when selling in I eland, a he han en ing a house. Bo e o and B a i [6] indica ed
he e was an inc ease o 26.44 eu os pe squa e in housing p ice along wi h each ene gy anking
imp o emen in Tu in. De Ayala e al. [7] sugges ed ha , in Spanish 5 ci ies, he e was a g een p emium
a e asking o he opinion alue using a su ey applied o households. Ma molejo [8] sugges ed he e
was a 0.85% inc ease in housing p ices a ound Me opoli an Ba celona A ea (AMB) while in 2019, he
p emium inc eased o 1.4% wi h each ene gy anking inc ease [9]. Howe e , a ew s udies concluded
ha he impac o ene gy e iciency on housing p ices was insigni ican o e en o al in e se han wha
expec ed [10,11].
Conside ing he speci ic cha ac e is ics ha con ibu ed o p ice o ma ion, Bou assa [12, 13]
sugges ed he e o s om he spa ial dependence do ma e on housing p ices a e using di e en spa ial
and s a is ical models in Auckland. Nex , Hyland e al. [5] indica ed ha ma ginal impac s a e di e en
in a ious empo al subma ke s, loca ions and dwelling ypologies (e.g. he numbe s o bed ooms) in
I eland. Also, Ce in e al. [14] es ima ed such ma ginal p ices using he echnical uni s o ene gy
consump ion (i.e. KWh/m2). They poin ed ou ha he dwellings wi h lowe selling p ices and olde
p ope y age made nega i e con ibu ions o ene gy sa ing. Subsequen ly, Fue s e al. [4] classi ied he
eal es a e ma ke in England and Wales by buildings ypes and ound he ene gy p emium a ies ac oss
hese ma ke segmen s. Olaussen e al. [15] and Jensen e al. [16] also ound he ma ginal p ice by ime-
pe iod g oups in eal es a e ma ke s o Oslo and Denma k. Likewise, Ma molejo and Chen [9, 17] ound
ha he accu acy in he de e mina ion o such an ene gy p emium is imp o ed when con olling o he
me opoli an a ea we e he apa men is loca ed.
In gene al, nume ous s udies ha e poin ed ou ha ene gy label does ma e on housing p ices bu
hese impac s on p ice o ma ion a y widely, based on di e en eal es a e ma ke condi ions and socio-
economic a ibu es in de ail.
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IOP Con . Se ies: Ma e ials Science and Enginee ing 603 (2019) 042015
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3. Me hodology and da a
3.1. S udy A ea and Da a
This s udy a ea is he unc ional Ba celona Me opoli an A eas (AMB) which is comp ised o 164
municipali ies and con ibu es a conside able numbe o ene gy-labelled dwellings in Spain. Habi aclia,
one o he leading eal es a e websi es in Ca alonia, o e s a sample o lis ing p ices and cha ac e is ics
o apa men s in AMB. Also, he ele an da a a e de i ed om he 2001 Housing and Popula ion Census
(HPC), 2013 Cadas al Da abase, 2001 Mobili y Me opoli an Su ey. The HPC in 2011 is no eliable
a census ac le el since i was based in a es ic ed sample su ey.
A e depu a ing, he sample comp ises 3,246 apa men s o he yea 2014, and he same numbe o
apa men s in 2016. As a esul , he pooled sample is consis o 6,492 apa men s. Table 1 exhibi s he
desc ip i e s a is ics o he p ima y a iables o ganised in concep ual dimensions.
I is clea ha an apa men sized wi h 84 m2 in 2014 we e asking o 162,851 Eu os. I also consis s
o 1.3 ba h ooms, 2.9 bed ooms, and i s a e age heigh o he buildings whe e i is loca ed is 2.1 s o ies
wi h an a e age e ace a ea o 12 m2. Rega ding he ameni ies, 4% o apa men s ha e swimming pools,
9% ga dens and 46% li se ice. The condi ioning sys ems a e also p esen ed: 48% o he apa men s
ha e ai condi ione while 68% cen al hea ing sys em
Conce ning indic o s o ene gy e iciency, he a e age o dinal EPC ank (G=1, A=7) is 2.7. Class
“A” comp ises only 3% o he sample, a less han Class “E” (49%) and class “G” (21%). I is no ed
ha Class “B” in 2014 is no p esen ed. In e ms o he a e age loca ion, 93% a e loca ed in
municipali ies wi h access o highway, and 50% a e nea o a ailway s a ion. The a e age densi y o
popula ion and employmen a e 21,935 esiden s/km2 and 9,511 jobs/km2 espec i ely which can be
ega ded as he p oxy a iables o he cen ali y and se iced zones. Also, 1.2% o he apa men s ha e
sea access wi hin 200 me e s which p oxies o en i onmen al quali y.
In e ms o he socioeconomic le el o he zones whe e he apa men s a e loca ed, 7% o he
neighbou ing housing has doo man se ice as an a e age and 11% o households hold a uni e si y
deg ee. Conside ing he possibili y o collinea i y om such a iables, a ac o analysis has been used
including job posi ions and educa ion le el. As a esul , he e a e wo p incipal componen s: PC1-High
Income p oxies o high-income job posi ions/high educa ion le el wi h an a e age -0.11 sco es whe e
he lowe i s alue, he lowe he p opo ion o neighbou s in manage ial, p o essional and specialised
echnical job posi ions as well as he lowe he educa ion le el. PC2-Med Income p oxies o medium
income le el, inco po a ing cle ks, se ice endo s o quali ied manu ac u ing posi ions.
In 2016, he physical and loca ional quali y o he apa men s show supe io pe o mance and highe
p ices. Compa ed o 2014, he apa men s in 2016 a e: mo e expensi e, la ge , bes equipped (i.e. ai
condi ione , hea ing and li , swimming pool and ga den), mo e e icien in ene gy pe o mance e ms,
and loca ed in cen alized and well-connec ed zones. Since 2014 yea is s ill in he pe iod o eal es a e
c isis in Spain, owne s o p ope ies wi h be e quali ies and loca ions a e willing o ansac hem du ing
he economic eco e y pe iod o be e p ice quo a ions. The e o e, i is clea ha he cha ac e is ics
pe o mance o homes in 2016 is be e han ha in 2014.
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IOP Con . Se ies: Ma e ials Science and Enginee ing 603 (2019) 042015
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Table 1. Desc ip i e s a is ics o he 2014 & 2016 depu a ed sample and selec ed a iables
2014 Sample (N=3,246)
2016 Sample (N=3,246)
Min
Max
Mean
S d. De .
Min
Max
Mean
S d. De .
A chi ec onic A ibu es
To al p ice (Eu os)
34,000
715,000
162,851
88,957
48,000
830,000
229,507
153,812
Uni a y p ice (Eu o/m2)
845
3,542
1,914
661
602
10,172
2,592
1,295
A ea (m2)
25
234
84
28
20
380
87
32
Numbe o ba h ooms
-
4
1.3
1
-
4
1.4
1
Numbe o bed ooms
-
15
2.9
1
-
10
2.9
1
Ra ion ba h oom/bed oom
-
2
0.5
0
-
2
0.5
0
Le el o he apa men
-
13
2.1
2
-
19
2.2
2
Te ace (m2)
-
256
9.5
14
-
240
9.5
21
Li ing oom a ea (m2)
-
90
12
10
-
102
12
12
La ge e ace (Dummy)
0
1
7%
0
1
13%
Ai condi ione (Dummy)
0
1
31%
0
1
48%
Cen al hea ing (Dummy)
0
1
43%
0
1
68%
Re o i ed apa men
(Dummy)
0 1 11% 0 1 19%
Swiming pool (Dummy)
0
1
4%
0
1
11%
Ga den (Dummy)
0
1
9%
0
1
16%
Li (Dummy)
0
1
46%
0
1
67%
Building age
0
104
45
18
0
326
46
25
Ene gy Pe o mance Class
Ene gy class (o dinal)
1
7
2.70
1
7
2.84
Ene gy class G (Dummy)
0
1
21%
0
1
19%
Ene gy class F (Dummy)
0
1
14%
0
1
13%
Ene gy class E (Dummy)
0
1
49%
0
1
50%
Ene gy class D (Dummy)
0
1
10%
0
1
11%
Ene gy class C (Dummy)
0
1
4%
0
1
3%
Ene gy class B (Dummy)
na
na
na
na
0
1
1%
Ene gy class A (Dummy)
0
1
2%
0
1
3%
Accessibili y A ibu es
Commu ing ime (minu es)
12.9
41.0
24.0
4.5
12.9
41.4
24.6
3.9
Highway amp (Dummy)
0
1
93%
26%
0
1
94%
23%
<800 m om ailway s a ion
(Dummy)
0 1 50% 50% 0 1 56% 50%
Pop. densi y ( esiden s/km2)
11
144,421
21,935
22,700
16
152,596
24,262
23,273
Employmen densi y
(jobs/km
2
)
5 56,454 9,511 9,738 7 73,563 10,548 10,078
Cen ali y index
3.5
20.5
11.4
2.4
4.7
20.5
12.0
2.7
A e age g oss a ea loo
a io (m
2
/m
2
)
0.2 6.0 2.0 1.3 0.2 6.0 2.3 1.6
<200m om sea sho e
(Dummy)
0 1 1.2% 0 1 3.9%
Socioeconomic A ibu es
Doo man (%)
0%
72%
7%
10%
0%
94%
10%
14%
People wi h uni e si y
deg ee (%)
1% 44% 11% 8% 1% 47% 14% 10%
Manage s (%)
1%
34%
8%
4%
1%
32%
10%
5%
P o essionals (%)
1%
45%
11%
8%
1%
44%
14%
10%
Technicians (%)
3%
25%
13%
4%
2%
25%
14%
4%
Cle ks (%)
3%
21%
11%
3%
3%
21%
11%
3%
Se ice endo s (%)
3%
29%
15%
3%
5%
33%
15%
4%
Ag icul u e (%)
0%
8%
1%
1%
0%
10%
1%
1%
C a & quali ied
manu ac u e (%)
2% 39% 17% 6% 1% 37% 15% 7%
Manu ac u ing (%)
1%
40%
13%
6%
1%
36%
11%
6%
Non quali ied jobs (%)
2%
32%
10%
4%
1%
32%
9%
5%
PC1 High income
- 2.15
3.86
- 0.11
0.81
- 2.15
3.76
0.16
1.03
PC2 Med income
- 3.14
2.51
- 0.24
0.96
- 3.14
2.62
0.02
0.93
No es: Ene gy class B in 2014 is null a e depu a ing da a. Sou ce: Own elabo a ion.
3.2. Me hods
The p ima y me hod used is he hedonic model [18]. Howe e , i has been ound ha apa men s’ p ices
do no only espond o hei loca i e and a chi ec onic a ibu es, bu also he p ice o nea by apa men s
(i.e. spa ial dependence). Acco ding o O d [19], he bes way o co ec he spa ial dependence issue is
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IOP Con . Se ies: Ma e ials Science and Enginee ing 603 (2019) 042015
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Spa ial E o Model (SEM) whe e he la ges and mos signi ican alue o he ollowing Lag ange
Mul iplie Diagnos ics should be used o diagnosis he spa ial dependence. In ou case, he Lag ange
Mul iplie (e o ) app oach esul ed in he la ges alue equi alen o 981.38 (sig=0.00). Acco ding o
he Mo an’s I, he spa ial au oco ela ion o e o om he OLS model is 0.22 (sig=0.00). The omission
o his issue migh lead o biased coe icien s. Fo his eason, a pooled spa ial e o hedonic model has
been implemen ed as he ollowing equa ion (1):
ln(𝑃𝑃)=𝑐𝑐+∑𝑋𝑋𝑖𝑖
𝑛𝑛
𝑖𝑖=1 𝐴𝐴𝑖𝑖+𝑋𝑋𝑋𝑋 +∑𝑋𝑋𝑖𝑖𝐵𝐵𝑖𝑖
𝑛𝑛
𝑖𝑖=1 +∑𝑋𝑋𝑖𝑖𝐿𝐿𝑖𝑖
𝑛𝑛
𝑖𝑖=1 +∑𝑋𝑋𝑖𝑖
𝑛𝑛
𝑖𝑖=1 𝑆𝑆𝑖𝑖+𝑐𝑐′2016 +𝑋𝑋𝑋𝑋2016 +𝜀𝜀 (1)
Being 𝜀𝜀=𝜆𝜆𝜆𝜆𝜀𝜀 +𝑢𝑢
Whe e
P is he asking selling p ice
𝑋𝑋𝑖𝑖 is he coe icien o each o he a iables exp essed as p ice semi-elas ici ies
A is a se o apa men ’s i a chi ec onic a ibu es
E is he apa men ’s ene gy ank de i ed om EPC
B is a se o i acili ies and ameni ies o he buildings whe e he apa men is loca ed
L is a se o loca i e i a ibu es ega ding anspo and en i onmen al quali y o he si e whe e he
apa men is loca ed
S is a se o socioeconomic a ibu es o he popula ion li ing a ound he apa men
2016 is a yea dummy a iable equal o one i he dwelling comes om he 2016 da ase and ze o
o he wise
𝑋𝑋2016 is an in e ac ion e m be ween he E ene gy ank and he dummy a iable 2016. In he absence o
an inc ease o he impac o ene gy ankings on housing p ices he associa ed coe icien o his a iable
will appea as s a is ically insigni ican
𝜀𝜀 is he e o e m
𝜆𝜆 is he au o eg essi e coe icien
𝜆𝜆 is he spa ial ma ix (in his case calcula ed ollowing ook con igui y c i e ia)
𝑢𝑢 is he unco ec ed e o e m
This app oach helps o iden i y which ene gy classes o each o he yea s do p oduce an impac on
p ope y p ices, and hus o segmen hose homes whose p ice is posi i ely impac ed by ene gy
e iciency om hese whe e ene gy labels play a null ole in p ince o ma ion. Subsequen ly, using an
ANOVA es i is possible o es signi ican di e ences, in e ms o a chi ec onic and loca i e a ibu es,
be ween he a o emen ioned segmen s.
4. Resul s and discussions
4.1. Pooled es ima ion o EPC impac s on housing p ices
Table 2 con ains he esul s o he bes model coming om he calib a ion o equa ion 1 in GeoDa. In
such a able, i is possible o see ha he a e age inc ease in e ms o asking p ices has been 4.1% o
he pe iod s udied (1s No 2014-1s Ap il 2016).
Acco ding o he mul iplica i e-in e ac ion e ms buil om ene gy anks and he Yea 2016, he
impac o mo e e icien anks has inc eased in a mono onic cohe en ashion: 10.7%; 10,6% and 10,5%
o anks “B”, “C”, and “D” espec i ely. As a ma e o ac , he inc emen o he impac o anked “A”
apa men s is also posi i e bu ails o mee he 90% con idence c i e ia. On he con a y, ene gy e icien
dwellings in 2014 almos ail o show signi ican impac s on housing p ices, bu “A”- anked homes do
ma e wi h an 8.6% inc ease, compa ed o “G”- anked ones.
O e all, hese esul s sugges ha in a sho pe iod, ene gy e iciency in Ba celona has gained
impo ance in e ms o esiden ial p ices. I is wo h no ing ha he dwellings wi h high and medium
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IOP Con . Se ies: Ma e ials Science and Enginee ing 603 (2019) 042015
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EPC ankings ( anked “A” in 2014 while “B”, “C” and “D” in 2016) ha e a signi ican impac on housing
p ice o ma ion.
Table 2. Spa ial E o Es ima ion Resul s
Spa ial E o Model - Maximum Likelihood Es ima ion
R Squa e
0.764
Log-likelihood
-928
Sigma Squa e
0.075
AIC
1917
S.E o eg ession
0.274
Coe icien s
B
S d. E o
Z-Value
P ob.
Lambda
0.462
0.016
28.317
-
(Cons an )
10.125
0.056
182.398
-
Yea 2016
0.041
0.015
2.684
0.007
S uc u al a chi ec onic cha ac e is ics o apa men s and buildings
A ea
0.015
0.000
37.546
-
A ea^2
- 0.000
0.000
- 19.709
-
Numbe o ba h ooms
0.098
0.008
11.842
-
Ai condi ione
0.074
0.008
8.905
-
Cen al hea ing
0.041
0.009
4.686
-
Re o i ed apa men
0.034
0.010
3.437
0.001
Swimming pool
0.186
0.015
11.976
-
Li
0.089
0.008
10.452
-
In e se o building age
0.238
0.045
5.340
-
Ene gy pe o mance o apa men s
Ene gy class A
0.086
0.034
2.492
0.013
Ene gy class C
- 0.011
0.029
- 0.375
0.708
Ene gy class D
0.000
0.019
0.020
0.984
Ene gy class E
0.007
0.013
0.572
0.567
Ene gy class F
0.019
0.016
1.132
0.258
Ene gy class A * Yea 2016
0.067
0.044
1.515
0.130
Ene gy class B * Yea 2016
0.107
0.041
2.619
0.009
Ene gy class C * Yea 2016
0.106
0.041
2.597
0.009
Ene gy class D * Yea 2016
0.105
0.026
4.071
-
Ene gy class E * Yea 2016
0.008
0.018
0.462
0.644
Ene gy class F * Yea 2016
- 0.033
0.024
- 1.386
0.166
Loca i e a ibu es ( anspo , cen ali y and ameni ies)
Commu ing ime
0.004
0.001
2.597
0.009
<200m om sea sho e
0.131
0.029
4.532
-
Highway amp
0.081
0.022
3.712
-
<800 m om ailway s a ion
0.033
0.011
3.120
0.002
Cen ali y index
0.025
0.003
8.680
-
A e age g oss a ea loo a io
0.048
0.005
9.029
-
Socio-economic a ibu es
PC1 High income
0.104
0.006
17.356
-
PC2 Med income
0.072
0.007
10.979
-
No e: independen a iables/co a ia es a e in oduced using he s epwise me hod. Ene gy class G is he con olled g oup. ‘–’ indica ed he
signi ican is less han 0.000. Va iables wi h g ey colou a e insigni ican a 90% o con idence. Sou ce: Own elabo a ion.
4.2. How di e en a e he dwellings which ene gy e iciency gains ele ance in p ice o ma ion?
In o de o explo e signi ican di e ences in e ms o achi ec onic and loca i e a ibu es i s he 6,492
apa men s a e clus e ed in 4 g oups. G oup 1 (N = 73) is o he ene gy-labelled dwellings ( anking A)
which impac signi ican ly on housing p ices in 2014 while he o he s a e o G oup 2 (N = 3,167) whe e
no impac was ound in he same yea . Dwellings in he 2016 da ase a e g oupped in he same way,
esul ing in G oup 3 ( anking B, C, D) whe e EPC anking was ound o ha e an impac on p ice
o ma ion and G oup 4 whe e no impac was ound- Each o such g opus a e o med by 485 and 2,718
apa men s espec i ely. Nex , an ANOVA es (a 90% con idence le el) is implemen ed among hese
g oups) o each o he a chi ec onic and loca i e a ibu es.
4.2.1. The speci ic cha ac e is ic pe o mance in yea pe iods. Acco ding o he i s column o able 3,
in he 2014 da ase all he a chi ec onic a ibu es (excluded he numbe o bed ooms) a e signi ican ly
di e en be ween homes clus e ed in G oup 1 and 2. Con e sely, in he emainde o accessibili y and
WMCAUS 2019
IOP Con . Se ies: Ma e ials Science and Enginee ing 603 (2019) 042015
IOP Publishing
doi:10.1088/1757-899X/603/4/042015
7
socioeconomic dimensions jus he cen ali y index, popula ion densi y and employmen show
signi ican di e ences. The a e age uni p ice o an “A”- anked dwelling wi h a 90 squa e me e s’ size
is 2,208 eu os pe squa e me e in 2014, 300 eu os mo e pe squa e me e han ha in G oup 2. Simila ly,
physical a ibu es (e.g. numbe o ba h ooms, a ea o ou doo spaces and li ing oom) and ameni ies
(e.g. ai condi ioning and hea ing) a e mo e p esen in G oup 1 whe e he p obabili y o ind a hea ed
dwelling doubles in G oup 2 in ela ion o G oup 1. Rega ding he accessibili y and socioeconomic
dimensions, he “A”- anked dwellings in 2014 a e loca ed in me opoli an pe iphe ies whe e he a e age
cen ali y index is 10.73, less han he e e enced G oup 2. The same is ue o popula ion and
employmen densi ies. All in all, ene gy-e icien homes in 2014 a e basically loca ed a pe iphe al zones
whe e buildings a e cons uc ed unde newe cons uc ion codes equi ing e icien he mal
pe o mances.
Table 3. S a is ical Desc ip ion o he g oups in 2014 and 2016
Va iables
2014
2016
G oup 1
(N=73)
G oup 2
(N=3,167)
ANOVA TEST
G oup 3
(N=485)
G oup 4
(N=2,718)
ANOVA TEST
F
Sig.
F
Sig.
A chi ec onic A ibu es
To al_p ice
197,784
162,047
11.55
0.001
275,192
221,404
51.58
0.000
Uni _p ice
2,209
1,908
14.87
0.000
3,029
2,514
67.04
0.000
Supe icie
89.84
83.94
3.20
0.074
90.64
86.40
7.37
0.007
No_bed ooms
2.89
2.92
0.06
0.801
2.82
2.89
2.21
0.137
No_ba h ooms
1.52
1.29
14.82
0.000
1.50
1.33
38.34
0.000
Dum_ai _condi ioning
0.67
0.30
47.38
0.000
0.60
0.45
37.82
0.000
Dum_hea
0.92
0.42
75.30
0.000
0.81
0.66
41.27
0.000
Dum_ e o m
0.30
0.10
30.71
0.000
0.28
0.18
30.19
0.000
Dum_li
0.86
0.46
48.34
0.000
0.79
0.65
36.59
0.000
Ages o buildings
30.84
45.55
49.25
0.000
40.70
46.45
21.66
0.000
Cons uc ion_be o e 1981
0.51
0.84
57.91
0.000
0.62
0.77
48.44
0.000
Cons uc ion_be ween 1982-2006
0.25
0.12
11.16
0.001
0.21
0.17
4.35
0.037
Cons uc ion_a e 2007
0.25
0.04
68.77
0.000
0.17
0.06
69.12
0.000
S o ied
2.47
2.14
2.82
0.093
2.11
2.19
0.46
0.497
A eas_ou doo
12.60
9.40
3.63
0.057
9.71
9.45
0.06
0.800
A eas_li ing
15.18
12.11
6.75
0.009
13.19
11.69
6.18
0.013
Dum_g and_ e ance
0.18
0.07
13.35
0.000
0.12
0.14
0.48
0.487
Dum_swim_pool
0.08
0.04
3.02
0.082
0.15
0.10
8.03
0.005
Dum_ga d
0.27
0.09
30.77
0.000
0.20
0.15
7.17
0.007
Accessibili y A ibu es
Time_commu ing
24.61
24.00
1.32
0.250
24.57
24.65
0.19
0.666
Dum_sea (in 200 me e s)
0.03
0.01
1.49
0.223
0.04
0.04
0.26
0.608
Dum_highway
0.96
0.93
1.18
0.278
0.94
0.94
0.10
0.758
Dum_ ans_s a ions
0.53
0.50
0.36
0.547
0.57
0.56
0.33
0.568
Index_Cen al
10.73
11.39
5.52
0.019
12.47
11.94
16.39
0.000
Ra io_ loo _a eas
1.84
1.99
0.87
0.350
2.43
2.33
1.54
0.214
Socioeconomic A ibu es
P opo ion o uni e si y deg ee
9.77
10.88
1.49
0.222
15.85
14.21
11.75
0.001
Densi y o popula ion
16,884
22,051
3.70
0.054
21,623
24,730
7.42
0.006
Densi y o employmen
7,021
9,569
4.89
0.027
9,456
10,742
6.77
0.009
PCA High income
-0.23
-0.11
1.64
0.201
0.32
0.13
13.32
0.000
PCA Med income
-0.22
-0.24
0.03
0.865
0.05
0.01
0.73
0.393
P _Manage
7.28
7.90
1.40
0.237
10.26
9.39
10.92
0.001
P _p o essiones
9.95
11.01
1.33
0.249
15.67
14.14
10.55
0.001
P _ echnics
13.31
13.29
0.00
0.974
14.97
14.35
9.60
0.002
P _admin
11.14
10.98
0.25
0.614
11.32
11.31
0.01
0.935
P _comme
15.20
15.05
0.15
0.702
14.21
14.77
8.48
0.004
P _ag icul u a_ ishe
0.67
0.75
0.64
0.425
0.67
0.69
0.33
0.568
P _c a man
18.06
17.47
0.62
0.430
13.69
14.82
11.51
0.001
P _ope a ion
13.73
13.28
0.38
0.535
10.22
10.88
4.69
0.030
P _unquali y
10.61
10.17
0.68
0.408
8.89
9.55
8.54
0.004
No es: Va iables wi h g ey colou a e insigni ican a 90% o con idence. Sou ce: Own elabo a ion.
In he 2016 da ase o G oups 3 and 4, he same signi ican di e ences in he “a chi ec onic a ibu es
dimension” which a e ound in 2014, a e iden i ied bu he numbe o s o ey, a ea o ou doo spaces and
WMCAUS 2019
IOP Con . Se ies: Ma e ials Science and Enginee ing 603 (2019) 042015
IOP Publishing
doi:10.1088/1757-899X/603/4/042015
8
he p esence o la ge e aces (mo e han 20 m2). In G oup 3, he a e age uni p ice in 2016 is 3,029
eu os pe squa e me e o a “B”, “C” o “D”- anked dwelling wi h 91 squa e me e s whe e he
p obabili y o ameni ies (e.g. ai condi ioning, hea ing and li ) is 15% la ge han ha in g oup 4. Unlike
he esul in 2014, almos all he socioeconomic a ibu es show signi ican di e ences be ween g oups.
The p opo ion o households holding a uni e si y deg ee as well as he p opo ion o high-le el
posi ions (e.g. manage s, p o essionals) a e highe in G oup 3. All in all:
• The e is a clea co ela ion be ween he impac o EPC ankings on housing p ices and he
quali y o apa men s. Namely, hose ene gy-labelled dwellings ha ha e a signi ican impac
on housing p ices a e mo e expensi e, la ge and boas he bes a chi ec onic a ibu es. Homes
whe e EPC ankings ha e ound o be signi ican on p ice o ma ion a e newe han o he ,
al hough hal o hem we e cons uc ed be o e 1981 when non cons uc ion code wi h he mal
implica ions exis ed in Spain.
• Also, he loca ion o homes whe e EPC ankings ha e ound o be impac ing p ices a e di e en
o he 2 analysed yea s. In 2014 A- anked apa men s (G oup 1) we e loca ed in pe iphe ies,
con e sely in 2016 “B”,”C” and “D”- anked apa men s (G oup 2) we e loca ed in mo e cen ic
loca ions. Such di e en loca ion is e lec ed in he cen ali y index as well as u ban densi ies.
Di e ences in loca ions explain why ga dened (i.e. ou doo spaces) and e aced apa men s a e
iden i ied in 2014 as hose being impac ed by ene gy e iciency and no in 2016 whe e mo e
cen ic loca ions imply less ou doo a eas.
• Finally, he di e en loca ional pa e ns a e also e lec ed in he socioeconomic p o ile o a eas:
mo e cen al zones a e cha ac eised, in he case s udy, by an impo an p esence o well-
educa ed popula ion holding p i ilegied job posi ions, which in u ns p oxies o la ge income.
4.2.2 E olu ion o cha ac e is ics be ween housing g oups whe e EPC ankings ha e ound o be
signi ican in p ice o ma ion in 2014 and 2016. As s a ed he ecas EPBD equi es ha he ene gy label
in o ma ion o be exhibi ed in he ad e isemen o eal es a e, in Spain such obliga ion was in oduced
by he ansposi ion o he Di ec i e in 2013. In o de o explo e he di e ences o cha ac e is ics in
homes whe e EPC ankings ha e ound o be ele an o he p ice o ma ion, an ANOVA es has been
used. The esul s a e exhibi ed in able 4.
In 2016, he e a e 485 homes (G oup 3) whe e EPC ankings play a ole in p ice o ma ion, a ound
se en imes han he co esponding clus e (G oup 1) in 2014. Such di e gence in g oup size is explained
because in 2014 only “A”- anked homes o m G oup 1, while in 2016 G oup 3 is o med by “B”, “C”
and “D”- anked apa men s. Acco ding o able 4, h ee a iables show signi ican di e ences in
a chi ec onic a ibu es be ween he wo g oups. The p obabili y o ind a hea ed home dec eases om
92% in 2014 o 81% in 2016. Pe haps i is e lec ing a co ela ion be ween ene gy class and quali y.
Also, by he ac ha 62% o G oup 3 homes was cons uc ed be o e 1981while in G oup 1 only 51%
was buil be o e any he mal building egula ion came in o o ce. Also, he cen ali y index which
p oxies o well-loca ed apa men s is la ge , and he loo a ea a io also inc eases up o 2.43. Finally,
he p opo ion o households holding a uni e si y deg ee, he popula ion and employmen densi ies and
he p opo ion o p o essional posi ions (e.g. manage s, p o essions and echnicians) shows a
conside ably supe io pe o mance in 2016. I is no ed ha in 2016 he p opo ion o household holding
uni e si y deg ees inc eases up o 15.85%, which is oughly he double han ha in 2014.
• The e a e mo e homes wi h ene gy ankings playing an impo an ole in housing p ices a e
he manda o y o EPC on ad e ising in 2013. In o he wo ds, a la ge numbe o homes wi h
a ious ene gy ankings is in oduced in Ba celona Me opoli an ma ke and does ma e on
housing p ices.
