Karbon emisyonlarının konut gayrimenkul fiyatları üzerindeki etkisi: Birleşik Krallık piyasasından kanıtlar

This paper investigates the impact of CO2 emissions on property prices, moving beyond the conventional notion of a single "green premium" measured solely by energy efficiency. Using a large panel dataset of property transactions and their associated Energy Performance Certificates (EPCs), I employ a fixed effects regression framework to examine how the Energy Efficiency Index (EEI) - a measure of running costs - and the Environmental Impact Index (EII) - a measure of CO2 emissions - independently influence transaction prices. The findings reveal that the market distinguishes between these two attributes: while the EEI is valued for its cost-saving potential, the EII is priced as a proxy for unobserved property characteristics, such as amenities and high-end finishes. The valuation of these attributes exhibits substantial heterogeneity across the market. Houses, with their higher operating costs, place greater value on the EEI, whereas flats exhibit a stronger premium for the EII due to its quality signals. Tenure-based analysis provides support for the split incentive problem, and in the hyper-competitive London market, the premium for environmental impact is significantly muted, likely due to the dominance of fundamental factors such as location. These findings contribute to the literature by demonstrating that cost-saving and environmental performance are distinct value drivers, with important implications for policy-makers, investors, and real estate professionals.