Logo
Munich Personal RePEc Archive

Which “Greenness” is Valued? Evidence from Green Condominiums in Tokyo

Yoshida, Jiro and Sugiura, Ayako (2010): Which “Greenness” is Valued? Evidence from Green Condominiums in Tokyo.

[thumbnail of MPRA_paper_23124.pdf]
Preview
PDF
MPRA_paper_23124.pdf

Download (142kB) | Preview

Abstract

This is one of the first researches on price differentials of green buildings in Asia. Using a rich set of data on condominium transactions and mandatory evaluation of environmental performance in Tokyo, we estimate the effects of itemized green scores on transaction prices. Although green condominiums are on average traded at a premium, the premium is mainly attributed to the building age and quality. After controlling for relevant attributes, we find significant price discounts for newly constructed green condominiums. However, green condominiums experience little depreciation at least during the initial years. Using itemized scores, we find that the long-life design mitigates price discounts, but other factors such as the use of eco-friendly materials, renewable energy, water reuse, and greening exacerbate discounts. Several possibilities are discussed including high future maintenance costs of green condominiums.

Atom RSS 1.0 RSS 2.0

Contact us: mpra@ub.uni-muenchen.de

This repository has been built using EPrints software.

MPRA is a RePEc service hosted by Logo of the University Library LMU Munich.