Changes in the effect of energy efficiency, centrality and architectural quality on multi-family values in Barcelona 2020- 2023

Abstract

The period between the years 2020 and 2023 has been marked by events of singular relevance such as the COVID-19 lockdown, the boom of energy prices and the promotion of energy retrofit. This paper, using the hedonic prices method, analyzes the evolution of the impact of energy ratings and other residential attributes on the sale value of a sample of apartments in metropolitan Barcelona. The results suggest that the importance of energy efficiency in explaining residential values has increased along with certain architectural attributes such as the condition-quality or the presence of balconies. On the other hand, the relevance of centrality has lost relevance, producing a relative revaluation of suburban homes. Such conclusions, that require to be identified as structural or conjunctural by future studies, have clear implications for residential and urban planning policies.