Template-Type: ReDIF-Article 1.0

Author-Name: Dalma Eszter Fekete
Author-Workplace-Name: Neumann Janos University
Author-Email: dalma.fekete98@gmail.com
Author-Person: 

Author-Name: Eszter Baranyai
Author-Workplace-Name: Neumann Janos University, Magyar Nemzeti Bank
Author-Email: baranyai.eszter@nje.hu
Author-Person:

Title: Impact of the 2022 Energy Crisis on the Importance of Energy Performance Certificates for the Real Estate Market

Abstract: This study relies on a unique database covering different segments of the residential
real estate market to investigate whether the value of energy performance
certificates was affected by the energy crisis in 2022. Based on the relevant
literature, the study uses the linear regression estimation method, in which the
effect of interaction is examined using the difference-in-difference method. The
study shows that energy performance certificates have a significant impact on the
estimated market value of properties, both by individual category and in groups.
While in 2022 Q2, before the residential energy price increase, an energy-inefficient
property cost 12 per cent less on average compared to a property with an average
energy rating, controlling for other factors, that difference increased to 20 per cent
after the outbreak of the energy crisis. It may therefore be worthwhile for Hungary
to consider taking measures to improve the energy efficiency of buildings as soon
as possible.

Classification-JEL: O13, Q40, R30, R31
Keywords: housing market, energy crisis, sustainability, energy performance certificate
Pages: 106-134
Volume: 23
Issue: 1
Year: 2024
File-URL: https://en-hitelintezetiszemle.mnb.hu/letoltes/fer-23-1-st4-fekete-baranyai.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:23:y:2024:i:1:p:106-134