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

Foryś, Iwona; Putek–Szeląg, Ewa; Ziembicka, Beata

doi:10.2478/remav-2020-0006

Cited by 4 publications

(5 citation statements)

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“…was modified. The earlier results showed that the previous classification was too fragmented, which resulted in the small size of individual groups, and were eventually found useful in the analysis of heat consumption (Foryś et al, 2019). With the help of the factor analysis, buildings were consequently grouped into 5 subgroups.…”

Section: Resultsmentioning

confidence: 99%

“…Table 5 presents the parameters of the multiple regression function taking into account the important attributes influencing the value of the property. The introduction of the time variable t significantly improved the quality of model matching (Foryś et al, 2019). Depending on the period, the introduced attributes explained the evolution of the unit price in 78%, 75% and 24%.…”

Section: Resultsmentioning

confidence: 99%

“…The topic undertaken in the article is the next stage of research aiming at determining the impact of energy intensity on the market value of residential units (Foryś, Putek-Szeląg, Ziembicka, 2019), in which non-linear models are tested and additional variables are included, such as a time variable.…”

Section: Influence Of Market Features On Property Market Value Identmentioning

confidence: 99%

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

Foryś

Putek–Szeląg

Ziembicka³

2020

Folia Oeconomica Stetinensia

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Research 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.

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Section: Resultsmentioning

confidence: 99%

Section: Resultsmentioning

confidence: 99%

Section: Influence Of Market Features On Property Market Value Identmentioning

confidence: 99%

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

Foryś

Putek–Szeląg

Ziembicka³

2020

Folia Oeconomica Stetinensia

Self Cite

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“…Scientists made attempts to study indirect factors influencing housing construction, particularly the level to which energy intensity impacts the market price of residential buildings (Foryś et al, 2020), how a woman's opinion influences the final decision whether or not to make a purchase on the real estate market (Źróbek et al, 2020); how the globalization processes and free trade agreement influence the housing construction market (Cariaga & El-Diraby, 2013). Political uncertainty has a particularly strong impact on the housing market.…”

Section: Literature Reviewmentioning

confidence: 99%

Determinants of Housing Construction in Ukraine

Бочко

Kosar

Kuzo

et al. 2022

Real Estate Management and Valuation

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The work presents an analysis of the housing construction market in Ukraine. An economic and mathematic model was built to determine that the growth of the volume of housing construction in Ukraine had a positive impact on its GDP, due of a close relation between the two values. It is important to identify factors influencing the volume of housing construction. The obtained results prove that the greatest impact is made by consumer income, deposit rates in foreign currency, and the amount of consumer loans for buying, building and reconstruction of real estate assets; the numbers of marriages, investments in housing construction and interest rates for mortgage credits in UAH also have a significant impact. The elasticity coefficients reveal a positive impact of such factors as an increase of consumer income, growth of investments in housing construction, reduction of interest rates for mortgage credits and deposit rates in foreign currency, reduction of the amount of consumer loans for buying, building and reconstruction of real estate assets, and reduction of the number of marriages. Further development of the housing construction market requires appropriate conditions for the development of the banking sector in Ukraine and the growth of investments in the studied industry.

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“…Then, calculation of energy use can be based on the data closer to the real state. This is a very important issue because the energy certificates affect the transaction prices on the retail market [41,42]. For these reasons, studies based on the measurements in real conditions are of special interest.…”

Section: Introductionmentioning

confidence: 99%

Annual Energy Performance of an Air Handling Unit with a Cross-Flow Heat Exchanger

Michalak¹

2021

Energies

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Heat recovery from ventilation air is proven technology resulting in significant energy savings in modern buildings. The article presents an energy analysis of an air handling unit with a cross-flow heat exchanger in an office building in Poland. Measurements were taken during one year of operation, from 1 August 15 to 31 July 16, covering both heating and cooling periods. Calculated annual temperature efficiency of heat and cold recovery amounted to 65.2% and 64.6%, respectively, compared to the value of 59.5% quoted by the manufacturer. Monthly efficiency of heat recovery was from 37.6% in August to 68.7% in November, with 63.9% on average compared to 59.5% declared by the manufacturer. Cold recovery was from 63.3% in April to 72.8% in September, with 68.1% annually. Calculated recovered heat and cold amounted 25.6 MWh and 0.26 MWh, respectively. Net energy savings varied from −0.46 kWh/m2 in August, when consumption by fans exceeded savings, to 5.60 kWh/m2 in January.

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

Cited by 4 publications

References 10 publications

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

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

Determinants of Housing Construction in Ukraine

Annual Energy Performance of an Air Handling Unit with a Cross-Flow Heat Exchanger

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