scholarly journals Model of the Market Value of Apartments Including a Time Variable and Energy Features of a Building

2020 ◽  
Vol 20 (1) ◽  
pp. 117-132
Author(s):  
Iwona Foryś ◽  
Ewa Putek-Szeląg ◽  
Beata Ziembicka
Keyword(s):  
Energy Consumption ◽  
Real Estate ◽  
Energy Intensity ◽  
Residential Buildings ◽  
Market Value ◽  
Energy Performance ◽  
Real Estate Market ◽  
Multidimensional Analysis ◽  
Residential Units ◽  
Different Types

AbstractResearch background: The implementation of EU directives in national legislations imposes an obligation to monitor energy efficiency in every sector of the economy, including construction. In the era of energy conservation, which results from environmental requirements, as well as from constantly increasing energy prices, the energy consumption of premises and buildings becomes an important prerequisite for decision-making processes in the real estate market. There have also been changes in the provisions of the Act on Real Estate Management, which impose an obligation on the professional group of property appraisers to incorporate energy performance certificates for buildings and premises into the valuation process. Energy intensity in terms of the demand for heating of multi-family residential buildings will be the basis for the assessment of its impact on the market value of residential units.Purpose: The article analyses the energy intensity of different types of buildings (e.g. low and high-rise buildings) and the diverse distribution of units in the building, especially with regard to their exposure to the different point of the compass. The research covered the Słoneczne housing estate in Szczecin, in a situation where the property appraiser does not have access to the energy performance certificates of the estimated apartments as well as apartments taken for comparison. The aim of the study is to identify the relationship between energy intensity and market value of residential units on the selected real estate market. The analysis will be based on data from the Price and Value Register of the County Office, a collection of statistics and public information as well as on the authors’ own databases and research.Research methodology: A multidimensional analysis will be used to distinguish homogeneous groups of residential units due to their property attributes. The study will also employ a valuation model including energy intensity and time variables.Results: The study showed that building type is one of the features determining energy consumption by a building. Depending on the period, the introduced attributes explained the evolution of the unit price at 78%, 75% and 24%. The parameters of the variables Size, Neighborhood and Time were found to be statistically significant. What is more, in all three periods, the value of the residential unit was significantly affected by the type of building which determined the energy performance of the building.Novelty: Energy intensity in terms of the heating demand of multi-family residential buildings will be the basis for the assessment of its impact on the market value of residential units. The article analyses the energy intensity of different types of buildings (e.g. low and high buildings) and the different location of units in a building, especially in relation to the directions of the world.

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

2020 ◽  
Vol 28 (1) ◽  
pp. 64-79
Author(s):  
Iwona Foryś ◽  
Ewa Putek-Szeląg ◽  
Beata Ziembicka
Keyword(s):  
Real Estate ◽  
Energy Intensity ◽  
Residential Buildings ◽  
Market Value ◽  
Energy Performance ◽  
Real Estate Market ◽  
Average Error ◽  
Residential Units ◽  
The Impact ◽  
Transaction Price

AbstractEnvironmental 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.

scholarly journals MICROECONOMICS OF ARCHITECTURE: BETWEEN MARKET AND PUBLIC

2020 ◽  
Vol Vol. 36 (No. 2) ◽  
pp. 85-90
Author(s):  
Valentinas Navickas ◽  
Tomas Skripkiunas
Keyword(s):  
Literature Review ◽  
Real Estate ◽  
Public Goods ◽  
Market Value ◽  
Real Estate Market ◽  
The Real ◽  
The Real Estate ◽  
Nonmarket Goods ◽  
The Real Estate Market ◽  
Different Types

The position of architecture between market goods and public goods is addressed in this study. A transition of architectural objects of built environment from market goods towards public or nonmarket goods is presented in literature review. The real estate market value is highly influenced by concepts of externalities and public goods, therefore being highly spatially dependent and making the process of the real estate valuation more complex. The internalization of these externalities and public goods is impossible because of the nature of public space in the city. The concept of value and different types of value, like exchange, use, image, social, environmental, cultural value, are also presented in literature review. These different types of value are transferred to value in exchange when estimating market value. The aim of research is to calculate the amount of the real estate market value that is influenced by externalities, public or nonmarket goods. The process of value transfers between market and public is also discussed in this study. In the research part prices of similar apartments measure the coefficient of variance. Newly constructed apartment buildings with partial finishing interior within city boundaries are selected expecting their price to vary only because of different amount of externalities and public goods available inside district/region of selected building or provided by the actual building itself. The results show that up to 29% of the real estate market value is influenced by public or nonmarket goods. Implications of further research suggest controlling for market segmentation and architectural quality variables

scholarly journals Affordability Assessment of Energy-Efficient Building Construction in Italy

2019 ◽  
Vol 11 (1) ◽  
pp. 249 ◽  
Author(s):  
Benedetto Manganelli ◽  
Pierluigi Morano ◽  
Francesco Tajani ◽  
Francesca Salvo
Keyword(s):  
Real Estate ◽  
Construction Industry ◽  
Energy Efficient ◽  
Residential Buildings ◽  
Energy Performance ◽  
Real Estate Market ◽  
Ordinal Scale ◽  
Minimum Condition ◽  
Investment Spending ◽  
New Buildings

This research tries to investigate, in the current condition of the Italian real estate market, the economic advantage of investing in energy retrofitting of existing buildings or in expenditure aimed at obtaining higher energy performances in the construction phase of new buildings. A cost-benefit analysis is developed referring to the construction industry entrepreneur. Firstly, the increase in value due to a different measurement of the energy performance of new buildings or newly redeveloped residential buildings is achieved through an innovative statistical approach. Energy performance is measured by taking as a reference the category of energy certification, as required by European legislation. In the estimate of the contribution, the measurement of energy performance, expressed on an ordinal scale, is treated as a categorical variable in the implementation of an iterative regression model, called the alternating least squares model. Afterwards, this contribution is compared to the cost of sustainable building, trying to define a percentage increase in cost compared to a minimum condition according to different and increasing levels of energy performance. In the developed case studies, the comparison between likely benefits and investment spending showed that the entrepreneur would have no convenience at an expense for energy retrofitting while obtaining a positive balance in the construction phase of new buildings. The financial advantage grows if the investment is aimed at achieving the best energy performance and in areas where the price level of the real estate market is lower. The finding can be used as a guide for construction industry investors to make decisions in energy-efficient residential buildings production or transformation.

scholarly journals Location-based data driven model for real estate market value analysis based on energy performance certification

2019 ◽  
Vol 1343 ◽  
pp. 012052
Author(s):  
Nicola Moretti ◽  
Lavinia Chiara Tagliabue ◽  
Mario Claudio Dejaco ◽  
Fulvio Re Cecconi
Keyword(s):  
Real Estate ◽  
Market Value ◽  
Energy Performance ◽  
Real Estate Market ◽  
Data Driven ◽  
Value Analysis

Influence of the Indoor Environment Quality on the Market Value of the Buildings

2014 ◽  
Vol 1041 ◽  
pp. 358-361
Author(s):  
Jan Pašek
Keyword(s):  
Real Estate ◽  
Indoor Environment ◽  
Market Value ◽  
Energy Performance ◽  
Real Estate Market ◽  
The Real ◽  
The Real Estate ◽  
Environment Quality ◽  
The Real Estate Market

The modern buildings are becoming more and more different from the traditional buildings, especially regarding their parameters of the indoor environment and low energy performance. For this reason, the real estate market has been looking for new criteria to estimate their market value and to distinguish them one from another. As they are trying to find the most objective parameters for establishing the market value of the buildings on the real estate market their attention focuses also on the quality of the indoor environment. The real estate market perceives a building with high quality of the indoor environment traditionally in the context of the technical, economic and energetic parameters but with higher and higher emphasis also put on social and environmental connections [1,2]. This paper is focused on the analysis of how much the quality of the indoor environment is taken into account in the process of the market valuation of the buildings in modern context.

Development of a numerical approach to assess the effect of coupled heat and moisture transfer on energy consumption of residential buildings in Moroccan context

2021 ◽  
pp. 174425912110560
Author(s):  
Yassine Chbani Idrissi ◽  
Rafik Belarbi ◽  
Mohammed Yacine Ferroukhi ◽  
M’barek Feddaoui ◽  
Driss Agliz
Keyword(s):  
Energy Consumption ◽  
Building Materials ◽  
Moisture Transfer ◽  
Residential Buildings ◽  
Building Design ◽  
Energy Performance ◽  
Climatic Conditions ◽  
Heat And Moisture Transfer ◽  
Coupled Heat And Moisture ◽  
Heat And Moisture

Hygrothermal properties of building materials, climatic conditions and energy performance are interrelated and have to be considered simultaneously as part of an optimised building design. In this paper, a new approach to evaluate the energy consumption of residential buildings in Morocco is presented. This approach is based on the effect of coupled heat and moisture transfer in typical residential buildings and on their responses to the varied climatic conditions encountered in the country. This approach allows us to evaluate with better accuracy the response of building energy performance and the indoor comfort of building occupants. Annual energy consumption, cooling and heating energy requirements were estimated considering the six climatic zones of Morocco. Based on the results, terms related to coupled heat and moisture transfer can effectively correct the existing energy consumption calculations of the six zones of Morocco, which currently do not consider energy consumption due to coupled heat and moisture transfer.

scholarly journals The Value Of Cre In The Formulation And Implementation Process Of Real Estate Strategies In A Company

2014 ◽  
Vol 22 (1) ◽  
pp. 58-68
Author(s):  
Jan Konowalczuk ◽  
Tomasz Ramian
Keyword(s):  
Real Estate ◽  
Market Share ◽  
Property Values ◽  
Implementation Process ◽  
Market Value ◽  
Development Projects ◽  
Property Value ◽  
Different Types ◽  
A Company

Abstract One of the fundamental ways in which an advantage over competitors can be gained in business is to develop real estate portfolios in such a way that will lead to an increase in market share and value for shareholders. This serves as justification for the formulation and implementation of specific real estate strategies regarding the best manner in which to use CRE, make decisions regarding restructuring, and carry out necessary development projects, taking into account the criteria of: location, time, and procurement options. This paper presents the formulation and realization of real estate strategies, focusing on the use of the category of property value. Moreover, the authors formulate a possible classification of CRE, which is useful from the perspective of real estate strategies, in addition to identifying and evaluating different types of property values which can be used for real estate strategies. For the majority of operational properties, these categories differ from market value. The last part of the publication provides a reference of selected valuation methods used to determine the value of CRE in the context of formulating and implementing real estate strategies.

scholarly journals Application of Rough Set Theory (RST) to Forecast Energy Consumption in Buildings Undergoing Thermal Modernization

Energies ◽  
2020 ◽  
Vol 13 (6) ◽  
pp. 1309 ◽  
Author(s):  
Tomasz Szul ◽  
Stanisław Kokoszka
Keyword(s):  
Energy Efficiency ◽  
Energy Consumption ◽  
Set Theory ◽  
Rough Set ◽  
Energy Demand ◽  
Rough Set Theory ◽  
Residential Buildings ◽  
Simple Procedure ◽  
Energy Performance ◽  
Improve Energy Efficiency

In many regions, the heat used for space heating is a basic item in the energy balance of a building and significantly affects its operating costs. The accuracy of the assessment of heat consumption in an existing building and the determination of the main components of heat loss depends to a large extent on whether the energy efficiency improvement targets set in the thermal upgrading project are achieved. A frequent problem in the case of energy calculations is the lack of complete architectural and construction documentation of the analyzed objects. Therefore, there is a need to search for methods that will be suitable for a quick technical analysis of measures taken to improve energy efficiency in existing buildings. These methods should have satisfactory results in predicting energy consumption where the input is limited, inaccurate, or uncertain. Therefore, the aim of this work was to test the usefulness of a model based on Rough Set Theory (RST) for estimating the thermal energy consumption of buildings undergoing an energy renovation. The research was carried out on a group of 109 thermally improved residential buildings, for which energy performance was based on actual energy consumption before and after thermal modernization. Specific sets of important variables characterizing the examined buildings were distinguished. The groups of variables were used to estimate energy consumption in such a way as to obtain a compromise between the effort of obtaining them and the quality of the forecast. This has allowed the construction of a prediction model that allows the use of a fast, relatively simple procedure to estimate the final energy demand rate for heating buildings.

Sign in / Sign up

Export Citation Format

Share Document