The influence of sustainable features on liquidity of houses in the Czech Republic

Abstract

The construction industry has a significant impact on the environment, and it especially affects the level of greenhouse gases. It also reduces the greenhouse gases through constructing and operating sustainable buildings. Sustainable buildings include buildings that meet basic sustainable principles, namely environmental, social, and economic. Sustainable buildings are very often associated with certified buildings (LEED, BREEAM). However, sustainable buildings do not have to be certified to fulfill the idea of sustainability. The question is, how much does sustainability affect the selling prices of houses. A database of 570 sold houses in the district of Brno – venkov in the period of years 2017 - 2019 was compiled. It was found that 5.6% of the houses featured some sustainable aspects, such as heat recovery systems, natural construction materials and all alternative technologies. The factors of liquidity were considered and evaluated. In case of the sustainable houses 3.0 % higher ΔP (difference between asking and market price) was detected. Influence on time on the market was not proven. Based on ANOVA analysis, the impact of sustainable features of houses on the selling prices was not found. Analysis was carried out by a semi-database of 122 houses sold in the year 2017.