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Dr. Raul Perez-Sanchez
University of Alicante (Spain)

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Research Keywords & Expertise

0 Energy Efficiency
0 Quantile regression
0 Statistic modeling
0 Real estates
0 Hedonic models

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Journal article
Published: 13 October 2020 in Applied Sciences
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This work examines the implementation of energy labelling by the residential real estate sector. First, it considers the interest by real estate sellers in not publishing energy certification information, and then, it quantifies the impact of the housing’s energy certification on the asking price. The results are compared with those obtained from other studies conducted in distinct European countries. The study’s final sample was collected, including information from 52,939 multi-family homes placed on the real estate market in the province of Alicante (Spain). One-way analysis of variance (ANOVA) was used, as well as an ordinary least squares regression model. This study highlights the fact that, in the current market, owners and sellers have no incentive to reveal the energy certification, since this permits them to sell homes with low energy ratings at prices similar to those of more energy efficient homes. In addition, it was found that homes with better energy ratings (letters A and B) are not sold at higher prices than homes with other rating letters, unlike the case of other European countries that were examined.

ACS Style

Maria-Francisca Cespedes-Lopez; Raul-Tomas Mora-Garcia; V. Raul Perez-Sanchez; Pablo Marti-Ciriquian. The Influence of Energy Certification on Housing Sales Prices in the Province of Alicante (Spain). Applied Sciences 2020, 10, 7129 .

AMA Style

Maria-Francisca Cespedes-Lopez, Raul-Tomas Mora-Garcia, V. Raul Perez-Sanchez, Pablo Marti-Ciriquian. The Influence of Energy Certification on Housing Sales Prices in the Province of Alicante (Spain). Applied Sciences. 2020; 10 (20):7129.

Chicago/Turabian Style

Maria-Francisca Cespedes-Lopez; Raul-Tomas Mora-Garcia; V. Raul Perez-Sanchez; Pablo Marti-Ciriquian. 2020. "The Influence of Energy Certification on Housing Sales Prices in the Province of Alicante (Spain)." Applied Sciences 10, no. 20: 7129.

Journal article
Published: 11 June 2020 in Informes de la Construcción
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En este artículo se estima el impacto que tienen las características de las viviendas alicantinas de segunda mano, en el precio de venta. Para desarrollar este trabajo, se ha utilizado información procedente de los portales inmobiliarios, que ofrecen datos relativos a cualidades que presentan las viviendas, el edificio, la situación geográfica y los precios de venta. El análisis se centra en la provincia de Alicante, utilizándose una regresión hedónica en la que las características que presentan las viviendas y la ubicación actúan como variables independientes y el precio de venta como dependiente. Los resultados muestran diferencias significativas en los precios de venta de las viviendas en función de las características y la ubicación, sugiriendo unos precios mayores para las viviendas situadas en las comarcas litorales del norte de Alicante, o para las que tienen piscina, jardín o garaje. Sin embargo, las situadas al sur o en el interior muestran un menor precio.

ACS Style

V. R. Pérez-Sánchez; R. T. Mora-García; J. C. Pérez-Sánchez; M. F. Céspedes-López. La influencia de las características de las viviendas de segunda mano en sus precios de venta: evidencias en el mercado alicantino. Informes de la Construcción 2020, 72, 345 .

AMA Style

V. R. Pérez-Sánchez, R. T. Mora-García, J. C. Pérez-Sánchez, M. F. Céspedes-López. La influencia de las características de las viviendas de segunda mano en sus precios de venta: evidencias en el mercado alicantino. Informes de la Construcción. 2020; 72 (558):345.

Chicago/Turabian Style

V. R. Pérez-Sánchez; R. T. Mora-García; J. C. Pérez-Sánchez; M. F. Céspedes-López. 2020. "La influencia de las características de las viviendas de segunda mano en sus precios de venta: evidencias en el mercado alicantino." Informes de la Construcción 72, no. 558: 345.

Review
Published: 09 November 2019 in Sustainability
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Studies have found that housing with energy performance certificates have a positive premium in sales price. However, other studies have obtained negative or unexpected results. The objective of this study is to determine whether or not housing with energy performance certificates (EPC) have positive premiums in the sales price. For this purpose, a systematic review, meta-analysis, and meta-regression of prior studies were conducted in order to determine whether the existence of an EPC influences sales price. A total of 66 documents were examined, with a total of 173 sales registers. The impact of having or not having an EPC was analyzed for housing sales price premiums on a global level, as well as the premiums in Europe for each of the ABCDEFG qualification letters. The results suggest that: 1) Globally speaking, it is estimated that housing with an EPC has an overall price premium of 4.20%, on a continent level, with premiums of 5.36% being obtained in North America, 4.81% in Asia, and 2.32% in Europe; 2) in Europe, the results are not conclusive with regards to the ABCDEFG qualification, since there is no consensus as to the letter base to be used as a reference for comparisons, thereby generating small comparable samples.

ACS Style

Maria-Francisca Cespedes-Lopez; Raul-Tomas Mora-Garcia; Perez- Sanchez. Meta-Analysis of Price Premiums in Housing with Energy Performance Certificates (EPC). Sustainability 2019, 11, 6303 .

AMA Style

Maria-Francisca Cespedes-Lopez, Raul-Tomas Mora-Garcia, Perez- Sanchez. Meta-Analysis of Price Premiums in Housing with Energy Performance Certificates (EPC). Sustainability. 2019; 11 (22):6303.

Chicago/Turabian Style

Maria-Francisca Cespedes-Lopez; Raul-Tomas Mora-Garcia; Perez- Sanchez. 2019. "Meta-Analysis of Price Premiums in Housing with Energy Performance Certificates (EPC)." Sustainability 11, no. 22: 6303.

Journal article
Published: 28 January 2019 in Sustainability
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The existence of a green premium in house (asking) prices in Alicante province, Spain, are analyzed using circa 9000 property observations. In developing the sample, information from energy efficiency certificates was matched with two other databases. The model tests for green premium by climatic zones using pool Ordinary Least Squares (pool-OLS) and Instrumental Variables (IV) hedonic models, adds new knowledge concerning the existence of green premiums from Southern Europe, explores differences in their estimation by climatic zone, debates the nature of the estimated green parameters, and explains the role of endogeneity in hedonic green premium models. The empirical evidence assesses the sensitivity of asking price to either energy consumption (KWh) or carbon dioxide emissions (CO2) with an apparent premium of 3%, and captures an association with efficiency rating from G to F of 1.8% and from F to E of 1.1%. Significantly, the results relating to price responses show a distinct variation between the coast and the cooler climatic zone of the interior. The paper shows that energy efficiency incentive policies should discriminate by climatic areas, and provides a price reference by which to assess the amount of incentives needed to achieve European Union (EU) objectives.

ACS Style

Paloma Taltavull De La Paz; V. Perez-Sanchez; Raul-Tomas Mora-Garcia; Juan-Carlos Perez-Sanchez. Green Premium Evidence from Climatic Areas: A Case in Southern Europe, Alicante (Spain). Sustainability 2019, 11, 686 .

AMA Style

Paloma Taltavull De La Paz, V. Perez-Sanchez, Raul-Tomas Mora-Garcia, Juan-Carlos Perez-Sanchez. Green Premium Evidence from Climatic Areas: A Case in Southern Europe, Alicante (Spain). Sustainability. 2019; 11 (3):686.

Chicago/Turabian Style

Paloma Taltavull De La Paz; V. Perez-Sanchez; Raul-Tomas Mora-Garcia; Juan-Carlos Perez-Sanchez. 2019. "Green Premium Evidence from Climatic Areas: A Case in Southern Europe, Alicante (Spain)." Sustainability 11, no. 3: 686.

Journal article
Published: 15 January 2019 in Sustainability
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After almost a decade of crisis, the housing market in Spain shows significant signs of recovery, with increases in both the average price and the number of sales transactions. Housing is the main asset for the majority of households, and it also has the most resources devoted to it, thus, when it comes to buying a residence, people do not only look at the asset’s intrinsic characteristics, but also consider other particularities such as the neighbourhood, accessibility to services, availability of public transport or adequate funding. The study aimed to analyse and quantify the relationship that exists between the asking price of second-hand housing on the market in Alicante and the attributes that characterise them. This was done using a multivariate analysis to estimate a hedonic pricing model by ordinary least squares and a quantile regression to analyse the impact of the characteristics in different price ranges. The results show the segmentation of the prices in the Alicante market, with higher prices in the northern coastal area over the southern and inland comarcas.

ACS Style

Raul-Tomas Mora-Garcia; Maria-Francisca Cespedes-Lopez; V. Raul Perez-Sanchez; Pablo Marti; Juan-Carlos Perez-Sanchez. Determinants of the Price of Housing in the Province of Alicante (Spain): Analysis Using Quantile Regression. Sustainability 2019, 11, 437 .

AMA Style

Raul-Tomas Mora-Garcia, Maria-Francisca Cespedes-Lopez, V. Raul Perez-Sanchez, Pablo Marti, Juan-Carlos Perez-Sanchez. Determinants of the Price of Housing in the Province of Alicante (Spain): Analysis Using Quantile Regression. Sustainability. 2019; 11 (2):437.

Chicago/Turabian Style

Raul-Tomas Mora-Garcia; Maria-Francisca Cespedes-Lopez; V. Raul Perez-Sanchez; Pablo Marti; Juan-Carlos Perez-Sanchez. 2019. "Determinants of the Price of Housing in the Province of Alicante (Spain): Analysis Using Quantile Regression." Sustainability 11, no. 2: 437.

Journal article
Published: 05 December 2018 in Sustainability
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Breakthrough changes in the rental market have occurred with the introduction of peer-to-peer accommodation services such as Airbnb. This phenomenon is attracting tourists who contribute to the sustainability of local trade and the economic development of the city. This research enriches the current debate on the range of factors that influence Airbnb accommodation prices. To that end, a method was developed to understand the relationship between Airbnb accommodation attributes and listing prices; and to consider variables related to the properties’ location and surrounding urban environment, considering the touristic characteristics of the four Spanish Mediterranean Arc cities selected as case study. A multivariable analysis technique is used for estimating a hedonic price model that adopts the ordinary least squares and the quantile regression methods. The findings obtained for the impact of location on listing prices are contrary to previous studies. In fact, accommodation prices increase incrementally by 1.3% per kilometer from the tourist area, which in all four cases are situated in the historic area of the city. However, at the same time, accommodation prices decrease incrementally as distance from the coastline increases. Lastly, results related to how the listings’ accommodation, host, and advertising characteristics impact Airbnb prices concur with previous studies.

ACS Style

V. Raul Perez-Sanchez; Leticia Serrano-Estrada; Pablo Marti; Raul-Tomas Mora-Garcia. The What, Where, and Why of Airbnb Price Determinants. Sustainability 2018, 10, 4596 .

AMA Style

V. Raul Perez-Sanchez, Leticia Serrano-Estrada, Pablo Marti, Raul-Tomas Mora-Garcia. The What, Where, and Why of Airbnb Price Determinants. Sustainability. 2018; 10 (12):4596.

Chicago/Turabian Style

V. Raul Perez-Sanchez; Leticia Serrano-Estrada; Pablo Marti; Raul-Tomas Mora-Garcia. 2018. "The What, Where, and Why of Airbnb Price Determinants." Sustainability 10, no. 12: 4596.