Is Real Estate Liquidity Influenced by Green Hedonic Attributes? Large Sample Evidence from German Residential Markets

31 Pages Posted: 30 Sep 2017

See all articles by Marcelo Cajias

Marcelo Cajias

PATRIZIA AG; Universität Regensburg

Date Written: September 28, 2017

Abstract

Environmental performance certificates constitute one of the main tools to encourage tenants, landlords and any agent in the residential sector to account for energy consumption in property transactions. This paper builds upon prior research and expands the current state of literature by investigating the green asset liquidity in terms of property’s time-on-market. Using an empirical sample of nearly 1.3 million observations in Germany and semiparametric survival models, I provide strong evidence that energy efficiency influences the marketing process of residential assets and conclude that energy inefficient assets are strongly discriminated as their counterparts.

Keywords: Real Estate Liquidity, Survival Analysis, Time-On-Market, Cox-Hazard, German Housing, Energy Performance Certificate

JEL Classification: R21, R31, C41, C55

Suggested Citation

Cajias, Marcelo, Is Real Estate Liquidity Influenced by Green Hedonic Attributes? Large Sample Evidence from German Residential Markets (September 28, 2017). Available at SSRN: https://ssrn.com/abstract=3044349 or http://dx.doi.org/10.2139/ssrn.3044349

Marcelo Cajias (Contact Author)

PATRIZIA AG ( email )

Fuggerstr. 26
Augsburg, 86150
Germany
+49 (0) 151 17215198 (Phone)

HOME PAGE: http://www.patrizia.ag

Universität Regensburg ( email )

93040 Regensburg
D-93040 Regensburg, 93053
Germany

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