Emerging Issues in Real Estate Appraisal: Market Premium for Building Sustainability

<p>In international and metropolitan real estate markets, it has been detected, for the first time, the growing relevance of green buildings with respect to non-green building. Also, it has been singled out and then quantified through regression analysis a green premium, i.e. a differential in terms of price toward sold real estate units having ecological characteristics along with an energy value (more efficient behavior). The incipient international studies recommend to extend the analysis to unexplored middle-size non-metropolitan (marginal) real estate markets. One of this areas has been studied detecting the first sale of an apartment with energy certification belonging to class B in a building with ecological characteristics. The assessment analysis performed through Market Comparison Approach, MCA, made it possible to detect and then appraise the green premium that is in line with the outcomes of the first and pioneer international studies performed in metropolitan areas.