| Title |
The economic premium of housing certificates aimed at promoting long-life property and transaction of existing housing in Japan |
| ID_Doc |
17292 |
| Authors |
Suzuki, M; Shibata, A |
| Title |
The economic premium of housing certificates aimed at promoting long-life property and transaction of existing housing in Japan |
| Year |
2022 |
| Published |
|
| DOI |
10.1016/j.jclepro.2022.132935 |
| Abstract |
This study investigates the economic premium of multiple housing certificates to promote the long-life property and existing housing transactions in Japan. These certificates are different from the widely investigated green or environmental-related certificates. Employing transaction data for detached houses in the Tokyo metropolitan area, hedonic regression analyses reveal the following relationships between certificates and transaction prices. First, long-life quality houses designed to last longer than ordinary houses result in a positive premium on transaction prices. Second, the mortgage tax credit-related certificates for transactions of existing houses, such as those meeting earthquake resilience standards or defect insurance inspection standards, result in a positive premium on transaction prices, especially for older properties. Third, the economical premiums from other certificates may be neutral if benefits for buyers are limited or the certificate has a complementary relationship with another. Considering that the positive premium of certificates means that buyers highly demand such properties, our results imply that the promotion of long-life property and existing housing transactions through financial incentives is shifting the nature of active new construction and rapid demolition of properties to a more sustainable society with longer economic life of building. |
| Author Keywords |
Housing certificate; Housing quality; Existing houses; Sustainability; Asia |
| Index Keywords |
Index Keywords |
| Document Type |
Other |
| Open Access |
Open Access |
| Source |
Science Citation Index Expanded (SCI-EXPANDED) |
| EID |
WOS:000861590400008 |
| WoS Category |
Green & Sustainable Science & Technology; Engineering, Environmental; Environmental Sciences |
| Research Area |
Science & Technology - Other Topics; Engineering; Environmental Sciences & Ecology |
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