Influence of sustainable construction aspects and quality of public space on the price of houses in the Czech Republic

Abstract

The construction industry produces 25 to 30 % of greenhouse gases and consumes 40 % of globally required energy. The construction industry and buildings contribute significantly to the climate change. Also the buildings are the cornerstone to the public space and affect its quality. One of the approaches to reduce greenhouse gas production (especially carbon dioxide) is the construction and operation of buildings according to the principles of sustainability. Houses are mostly not certified (environmental certification programs as LEED or BREEAM) because it is uneconomical to certify. However, the houses can fulfill sustainable construction aspects like using natural or recycled materials, design of energy efficient buildings, using alternative energy sources, connection to public transport, etc. The influence of using basic sustainable principles and quality of public space as an important part of sustainability to a price was tested through a database. The database consists of 98 samples of houses sold over the year 2017 in Brno - venkov district. Significant price settings factors were identified. Due to the number of variables, testing by multivariate regression analysis was performed on submodels, individual variables could be correctly identified. Tested database confirmed basic price setting factors for houses, such as the technical condition of the house, distance from the city of Brno, as well as the useable area of the house and the factor of liquidity. The influence of sustainable principles like using renewable energy, low energy demand, solar panels for hot water or photovoltaic panels was rejected. Some kind of sustainable principle was detected at 10 % of samples. Material base, especially using natural materials like timber, was not found as a price setting factor. One of the submodels was focused on the social part of the sustainability given to the location and public space. The possibility of using public transportation or car park close to the house was not confirmed as price setting factors affecting the price. Also the danger of flooding, index of criminality and noise level were considered and were rejected as price affecting. This paper presents results aimed at exploring the importance of the basic aspects of sustainable construction and quality of public space on the price of houses in the database of 98 houses in Brno - venkov district, Czech Republic.

Technical condition of houses: a framework for the Czech market

“…The following summary comprises the variables that are recommended to be used in determining the market value and the list of other studies that consider these variables to be significant. The group of “N&L” contains the following variables of the area of building plot and locality, represented in this research by distance to the city of Brno (Ferlan et al , 2017; Rong and Sun, 2014; Kliment et al , 2020; Mbachu and Lenono, 2005; Nachem, 2007; Anon, 2014; Frew and Wilson, 2002). In the “PS” group, direct bus connectivity (Lukavec and Kadeřábková, 2017; Czinkan and Horváth, 2019) is recommended.…”

“…Multivariate regression analysis was provided for 98 samples of houses in the Brno–venkov district. The significance of these factors was rejected at 0.05 significance level (Kliment et al , 2020). The risk of the flood was followed.…”

“…Several studies label locality as a significant price-setting factor (Haider and Miller, 2000;Ferlan et al, 2017;Rong and Sun, 2014;Kliment et al, 2020;Mbachu and Lenono, 2005; IJHMA 16,7 Nachem, 2007;Anon, 2014;Frew and Wilson, 2002). It usually includes the availability of services, such as schools, work options, stores, social life opportunities and good interconnectivity to the city center.…”

Resilient Public Transport Construction in Mega Cities from the Perspective of Ecological Environment Governance

“…Resilience has the characteristics of dynamic and collaborative evolution. As a necessary element of urban high-quality development, its concept has been widely used in urban development and evolved into “urban resilience” [ 14 ]. Urban resilience refers to the ability of a city to operate normally and smoothly under the interference of uncertain factors in its development and quickly recover to its initial state when impacted.…”

Credit Policy and Housing Market Liquidity: An Empirical Study in Beijing Based on the TVP-VAR Model

“…For example, the liquidity of older houses with old structures, superior geographic locations, and high land premium is generally lower than the average market liquidity [24] . The air, noise and other pollution in the neighborhood or major public incidents nearby will not only reduce the housing prices but also slow down the speed of transactions [25,26] ; The building technologies adopted [27] , the available public services [28] , and the surrounding industrial types [29] also affect the transaction process. From the macro perspective, fluctuations in housing liquidity are related to economic conditions [30] and are co-moving with credit policies.…”