Author information:
Dalma Eszter Fekete https://orcid.org/0009-0003-0599-6564: Neumann János University, undergraduate. E-mail: dalma.fekete98@gmail.com
Eszter Baranyai https://orcid.org/0000-0002-9444-2584: Neumann János University, Master Lecturer; Magyar Nemzeti Bank, Senior Education and Research Expert. E-mail: baranyai.eszter@nje.hu
Abstract:
This study relies on a unique database covering different segments of the residential real estate market to investigate whether the value of energy performance certificates was affected by the energy crisis in 2022. Based on the relevant literature, the study uses the linear regression estimation method, in which the effect of interaction is examined using the difference-in-difference method. The study shows that energy performance certificates have a significant impact on the estimated market value of properties, both by individual category and in groups. While in 2022 Q2, before the residential energy price increase, an energy-inefficient property cost 12 per cent less on average compared to a property with an average energy rating, controlling for other factors, that difference increased to 20 per cent after the outbreak of the energy crisis. It may therefore be worthwhile for Hungary to consider taking measures to improve the energy efficiency of buildings as soon as possible.
Cite as (APA):
Fekete, D. E., & Baranyai, E. (2024). Impact of the 2022 Energy Crisis on the Importance of Energy Performance Certificates for the Real Estate Market. Financial and Economic Review, 23(1), 106–134. https://doi.org/10.33893/FER.23.1.106
Column:
Study
Journal of Economic Literature (JEL) codes:
O13, Q40, R30, R31
Keywords:
housing market, energy crisis, sustainability, energy performance certificate
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Addendum
At the request of the authors received on 11 March 2025, the following is added to the author's footnote on page 106 of the
study:
"We thank the 2023 Student Research Conference (TDK) Committee at John von Neumann University for useful comments on the earlier
version that earned National Student Research Conference nomination. Dalma Eszter Fekete’s original TDK research was supervised
by Eszter Baranyai. We also thank the anonymous reviewers and the Editorial Board for their suggestions.”