Economic impact of environmental efficiency on sales price and used transaction price of apartment buildings empirical analysis using the assessment data of CASBEE Yokohama

Abstract

The aim of this study is to analyze the effects of environmental efficiency of buildings on real estate prices. Therefore, based on the Comprehensive Assessment System for Built Environment Efficiency (CASBEE) of the local government, we investigated 485 apartment buildings assessed by CASBEE Yokohama. The analysis results revealed the following three points: When the Built Environment Efficiency (BEE) value increased by one point, the average unit price increased by 5.5%. A one-point increase in the BEE value has a positive impact of 1.63% on the annual rate of change of used transaction price. It is economically advantageous to purchase an apartment building with a high BEE value when considering future sales.