The purpose of this research is to understand whether the buildings located in the Milan real estate market for tertiary usage and with an environmental certification generate a “premium price” compared to similar non-certified buildings but that still have a high level of energetic efficiency. In order to reach the goal, I created a database with the list of all the buildings for tertiary usage certified as of May 2020, once geo-localized them using the OMI specifics of the Italian revenue agency (“Agenzia delle Entrate”), I analyzed their trend in terms of economic growth. I subsequently elaborated a database of “Agenzia delle Entrate” which collect the sales values €/m2 of all buildings for tertiary usage between 2015 and 2019; I then calculated the average sales prices €/m2 for OMI macrozones and microzones in order to calculate the deviations over time. I finally collected information regarding 123 transactions in the real estate market for tertiary usage from 2015 to May 2020 for certified and non-certified buildings, as available publicly on the web. The data analyzed highlight a rapid growth trend for the certified buildings and the significant positive deviation of the €/m2 value of the zones that show a higher presence of certified buildings. The analysis of empirical data show that certified buildings are a better investment compared to the traditional ones, highlighting the existence of a “premium price” and of the so-called value-dragging effect upwards: more quality buildings there are in an area, the more the zone requalifies in its overall; green buildings thus determine the market value of the entire zone they are in.
Con la presente indagine si vuole verificare se gli edifici presenti nel mercato immobiliare milanese ad uso terziario e con certificazione ambientale, generano un “premium price” rispetto a edifici di identica tipologia ma di tipo tradizionale dotati di alti livelli di efficienza energetica. Per raggiungere l’obietto ho creato un database con gli edifici ad uso terziario certificati al Maggio 2020 e una volta geolocalizzati secondo le specifiche OMI dell’Agenzia delle Entrate, ne ho analizzato il trend in termini di crescita numerica. Successivamente ho elaborato un database dell’Agenzia delle Entrate in cui sono raccolti i valori di vendita €/m² degli edifici ad uso terziario nel periodo dal 2015 al 2019; calcolati i valori medi di vendita €/m² per Macrozone e Microzone OMI ne ho rilevato gli scostamenti di valore nel tempo. In fine ho raccolto informazione in merito a 123 transazioni effettuate nel mercato immobiliare del terziario dal 2015 al Maggio 2020 di edifici certificati e non, rese pubbliche sul web. I dati esposti evidenziano il trend in veloce crescita degli edifici certificati e l’importante scostamento positivo del valore delle zone in cui la presenza di edifici certificati è maggiore. Anche l'analisi dei dati empirici ha evidenziato che gli immobili certificati sono un investimento migliore rispetto a quelli di tipo tradizionale evidenziando un “premium price” e l’effetto definito di “trascinamento dei valori” verso l'alto: più edifici di qualità ci sono, più la zona si riqualifica in generale, più i valori degli edifici salgono; gli edifici green, determinano il mercato della zona.
Green building vs valore immobiliare : il caso della città di Milano
Cavaliere, Claudia Maria Elena
2019/2020
Abstract
The purpose of this research is to understand whether the buildings located in the Milan real estate market for tertiary usage and with an environmental certification generate a “premium price” compared to similar non-certified buildings but that still have a high level of energetic efficiency. In order to reach the goal, I created a database with the list of all the buildings for tertiary usage certified as of May 2020, once geo-localized them using the OMI specifics of the Italian revenue agency (“Agenzia delle Entrate”), I analyzed their trend in terms of economic growth. I subsequently elaborated a database of “Agenzia delle Entrate” which collect the sales values €/m2 of all buildings for tertiary usage between 2015 and 2019; I then calculated the average sales prices €/m2 for OMI macrozones and microzones in order to calculate the deviations over time. I finally collected information regarding 123 transactions in the real estate market for tertiary usage from 2015 to May 2020 for certified and non-certified buildings, as available publicly on the web. The data analyzed highlight a rapid growth trend for the certified buildings and the significant positive deviation of the €/m2 value of the zones that show a higher presence of certified buildings. The analysis of empirical data show that certified buildings are a better investment compared to the traditional ones, highlighting the existence of a “premium price” and of the so-called value-dragging effect upwards: more quality buildings there are in an area, the more the zone requalifies in its overall; green buildings thus determine the market value of the entire zone they are in.| File | Dimensione | Formato | |
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2020_07_Cavaliere.pdf
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https://hdl.handle.net/10589/164850