Impact of Green Building Certificates on the Values of Taiwan’s Residential Buildings
Date Issued
2015
Date
2015
Author(s)
Liang, Chia-Chen
Abstract
Green building concepts have been implemented in Taiwan for more than fifteen years, ever since the launch of the Taiwanese green building standards, EEWH, in 1999. Up to January 2015, there have been 1,450 EEWH-certified green buildings. Despite the increasing number of EEWH-certified green buildings, the value of green building certificates is still not reflected in the Regulations on Real Estate Appraisal in Taiwan and research on the correlation between green building certificates and real estate prices is little. In view of this, this research is focused on studying the impact of green building certificates on real estate prices using the Market Data Approach and Regression Analysis. The sample space of this research is the private green residential buildings in Taipei City and New Taipei City, and the source of data is the Ministry of the Interior. After processing the obtained data using the hedonic price model and regression, it can be observed that green residential buildings have higher sale prices than ordinary residential buildings, which echoes results from the comparison approach in real estate appraisal. Moreover, the level of EEWH certificates will significantly affect the price of the green building. In general, the higher the level of the EEWH certificate a green building has, the higher the green building’s sale price. This is valid for green buildings of certified, bronze and silver EEWH levels. However, the sale prices of gold level green buildings are slightly lower than those of silver level green buildings according to the data. This research also studied green building factors and conducted a questionnaire survey and regression analysis. The regression analysis result showed that some green building factors are positively correlated to green building sale prices and some are negatively correlated. This result matched the survey result and could serve as good references to construction firms in green building design in the future. Appraisal of green buildings is a new topic in Taiwan’s real estate appraisal recently. Real estate appraisers hardly have sufficient green building knowledge or statistical data during green building appraisal. Thus, this research, together with relevant research in other countries, would lay good foundation for green building appraisal in Taiwan in the near future. With the recognition of the green building value in real estate appraisal, the promotion of green buildings in Taiwan would become easier, resulting in a more sustainable Taiwan.
Subjects
real estate appraisal
green building
green building certificate
Hedonic Price Theory
regression analysis
Market Data Approach
SDGs
Type
thesis
File(s)![Thumbnail Image]()
Loading...
Name
ntu-104-R02521712-1.pdf
Size
23.32 KB
Format
Adobe PDF
Checksum
(MD5):a85111f845e014afabc0aa8580ac2be4