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 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 What Drives Consumer’s Intention to use Online Property Websites: A Conceptual Model

2018 ◽  
pp. 630-633
Keyword(s):  
Real Estate ◽  
Conceptual Model ◽  
Construction Industry ◽  
Real Estate Market ◽  
Future Research ◽  
Intention To Use ◽  
The Real Estate ◽  
Proposed Model ◽  
The Real Estate Market ◽  
Conceptual Paper

The real estate market in Malaysia is growing as the nation grows more prosperous. There were 376,583 transactions recorded in Malaysia in 2010 with an aggregate worth RM107.44 billion (Construction Industry Development ,2016). This study intends to inspect the factors that drive consumer’s intention to use online property website. Previous literature does not include in-depth analyses such as consumer behavior. Hence, this conceptual paper proposes a model the key constructs that determine consumers’ intention to use online property website based on the Stimulus-Organism-Response (S-O-R) model. The proposed model integrates the S-O-R model with atmospheric cues from websites such as informativeness, effectiveness and entertainment. The results of the study provide significant insights the phenomenon of using online property ads and factors that influence consumers’ intention regarding online property websites. Recommendations for future research are also presented.

scholarly journals A Long-term Strategy for Energy and Cost Performance Improvement of Existing Residential Buildings: Step-by-step Renovation in Turkey

2019 ◽  
Vol 111 ◽  
pp. 03040
Author(s):  
Touraj Ashrafian ◽  
Zerrin Yilmaz ◽  
Nazanin Moazzen
Keyword(s):  
Cost Analysis ◽  
Energy Efficient ◽  
Financial Incentives ◽  
Residential Buildings ◽  
Minimum Energy ◽  
Energy Performance ◽  
Optimal Level ◽  
Proper Solution ◽  
Existing Building ◽  
The Cost

Recast version of Energy Performance of Building Directive (EPBD-Recast) obligate member states to keep the cost analysis in parallel with the energy analysis during the renovation actions for the existing building by taking the cost-optimal level of minimum energy performance requirement to the account. Although this cost-optimal level is indicating the minimum cost level for a period, it can provide buildings’ owners with an enormous initial cost. One of the most challenging barriers to energy efficient and cost-optimal renovation of existing buildings is the reluctance of owners to involve in their project as an investor due to the high cost of application. Particularly in developing countries, such reluctance is more tangible as the governments are not capable of providing enough financial incentives for owners due to a large number of buildings that should be renovated and small available budget. A proper solution for the problem is to divide necessary actions for each building to certain sub-actions and apply them as a step-by-step renovation project. On the other hand, the progressive application of renovation activities has some restrictions. It is necessary to define the due amount for households and keep the cost of each step within the payable range. Moreover, the low rate of building renovation which affects the EU goals can be improved remarkably by application of step-by-step actions not only by increasing the number of owners’ contributions but also by improving the time of implementation, proper distribution of skilled labours and directed economic resources. This paper aims to assess the step-by-step application of the energy efficient renovation actions through energy and cost analysis under Turkey’s climatic, economic and sociological conditions. One of 26 reference residential buildings in Turkey is analysed in this paper. The due amount for each step is defined, and some renovation actions and their combinations applied to the case building and the results compared with the base condition. Then a proper combination of measures established based on the cost-optimal analyses. These appropriately combined actions are then divided into some sub-actions; following this, cost and energy studies are conducted again to determine the appropriate arrangement of sub-actions.

scholarly journals Accelerating Energy Renovation Solution for Zero Energy Buildings and Neighbourhoods—The Experience of the RenoZEB Project

Proceedings ◽  
2019 ◽  
Vol 20 (1) ◽  
pp. 1 ◽  
Author(s):  
Michele Vavallo ◽  
Marco Arnesano ◽  
Gian Marco Revel ◽  
Asier Mediavilla ◽  
Ane Ferreiro Sistiaga ◽  
...  
Keyword(s):  
Residential Buildings ◽  
Energy Performance ◽  
European Level ◽  
Zero Energy ◽  
Building Stock ◽  
Existing Building ◽  
A Value ◽  
Key Factor ◽  
New Buildings

Buildings are the key factor to transform cities and to contribute to recent European energy efficiency objectives for 2030 and long-term 2050. New buildings account to only 1–2% annually. Yet, ninety percent of the existing building stock in Europe was built before 1990, it is therefore necessary to promote their energy renovation to achieve the set objectives. Renovation solutions are available on the market, yet a wrong implementation and integration due to a lack of knowledge neither maximizes the energy performance of the post-retrofitting nor the financial optimisation and viability of the projects. This paper presents research on a plug & play, modular, easy installable façade and ICT decision making technologies to provide affordable solutions in order to overcome those deep renovation barriers. The paper sets out by defining a value framework that can be applied by real estate investors for making better retrofitting decisions for residential buildings, through mapping targeted building typologies and investigating new building revalorisation strategies, new renovation concepts and KPIs for evaluation. Thereafter the paper presents the modular and easy-to-install façade system that is replicable and scalable at European level.

scholarly journals ‘Green’ obligations regarding new constructions and their impact on the real-estate market

2019 ◽  
Vol 13 (1) ◽  
pp. 560-566
Author(s):  
Simona Chirica
Keyword(s):  
Real Estate ◽  
Residential Buildings ◽  
Real Estate Market ◽  
Direct Impact ◽  
The Real ◽  
The Real Estate ◽  
Building Permits ◽  
Energy Dependency ◽  
The Real Estate Market ◽  
Electrical Vehicles

Abstract The fight for reducing green gas emissions and energy dependency requires the application of additional obligations for new constructions. From this perspective, starting from the 31st of December 2020 building permits for new constructions in the private sector shall be issued only if their energy consume is close to zero. Additionally, the recovery level of non-dangerous waste resulting from construction and demolition activities must reach until the 31st of December 2020 a percentage of minimum 70%. Also, with respect to residential and non-residential buildings, new and also buildings undergoing major renovation, the real-estate developers must take into consideration the obligations regarding the instalment of electrical recharging points for electrical vehicles. These additional obligations will have a direct impact upon the construction price and will certainly influence the real-estate market.

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