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Adi Maimun, N H (2016) Price and rent effects of energy efficiency in residential properties: evidence from the Belfast Metropolitan area, Unpublished PhD Thesis, , Ulster University.

  • Type: Thesis
  • Keywords: built environment; markets; performance; policy; pricing; rental market; residential; sustainable building; market; energy performance; Europe
  • ISBN/ISSN:
  • URL: https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.694234
  • Abstract:
    The core response to the Kyoto protocol policy is reflected in the Energy Performance of Building Directives due to the recognition of built environment as being one of the major contributors to the global Greenhouse Gases emission. In Europe, the Energy Performance Certificate (EPC) has become a mandatory requirement for all buildings including dwelling stocks. The perceived benefits of sustainable buildings have resulted in increased interest in measuring the implicit price and rent impacts of green/energy labels. However, the relationship between energy performance and residential property remains under-researched, geographically diverse, and inhibited by a paucity of data. This research aims to establish whether there is a green premium associated with residential buildings within the Belfast Metropolitan Area. Hedonic pricing models are used to establish the complex relationship between property characteristics, energy performance ratings, and green features. The study has assembled 6,671 and 3,928 datasets consisting of property characteristics for sales and rental markets respectively from quarter one 2013 to quarter two 2014. Modelling techniques are specified in linear, semi-log, and price/rent per square metre to measure the implicit prices and rents of energy performance ratings in monetary, percentage, and monetary/percentage per square metre respectively. The resu Its illustrate evidence of a green premium effect. Using EPC scores as a measure of energy efficiency, an additional price of £435 or 0.3% or £4.32 psm per EPC score was evidenced for the owner- occupied market. Meanwhile, a premium of £1.39 or 0.2% or £0.02 psm per EPC score was observed for the private-rented market. Comparative models with banded EPC scores illustrated increased premium from energy inefficient to efficient houses. The largest magnitude of increase was observed for B rated houses (compared to D rated houses) with 26% and 16% of premiums observed in the owneroccupied and private-rented market respectively. Nonetheless, the premium is complicated by the heterogeneity of the existing property stock. Diminishing premium effect observed for new houses reflect no-bid factor for sustainability as they were assumed integrated into the houses by the market. In addition, the analysis suggested the potential for retrofitting of dwellings with existing low energy performance. In particular, the results from this thesis suggest that thermal features should be prioritised in retrofit measures. Specifically, current policies should target to improve energy efficiency of stocks through double-glazed windows, floor insulation, roof insulation, and wall insulation.

Akbar, M R (2012) Evaluating sustainability in high-rise developments, Unpublished PhD Thesis, , Ulster University.

Alnaseem, N (2022) Private equity infrastructure investment in emerging economies, Unpublished PhD Thesis, , Ulster University.

Birnie, J W (1993) A behavioural study using decision analysis of building cost prediction by chartered quantity surveyors, Unpublished PhD Thesis, , Ulster University.

Bradley, P (2019) The development of a conceptual framework to help achieve low carbon commercial office buildings in London by 2050, Unpublished PhD Thesis, , Ulster University.

Burballa Noria, A (2018) The governance of megaproject developments: lessons from the comparison of two contested infrastructure projects, Unpublished PhD Thesis, School of Applied Social and Policy Studies, Ulster University.

Gunasekera, S (2013) The development of a framework for assessing the integration of construction supply chains, Unpublished PhD Thesis, School of the Built Environment , Ulster University.

Gunning, J G (2003) The enhancement of quality in construction project management, Unpublished PhD Thesis, , Ulster University.

Ratcliffe, J S (2001) Built environment futures: A general examination of the role of future studies in built environment policy formulation, with a particular appraisal of the use of the foresight principal through scenario planning techniques in the framing, testing and imp, Unpublished PhD Thesis, , Ulster University.