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<p>This study investigates the impact of sustainability features on apartment prices in Prague. A dataset of 400 listings (195 sustainable and 205 conventional) was compiled from publicly available advertisements. Descriptive statistics and Welch two-sample t-tests were used to compare average unit prices, followed by linear regression models with cluster-robust standard errors to isolate the contribution of individual sustainability features while controlling for building age and location. Results show a statistically and economically significant price premium for sustainable apartments. Mean unit prices were CZK 154,593/m² for sustainable versus CZK 134,265/m² for conventional apartments, corresponding to a green premium of approximately 15%. Regression analysis confirms that LEED certification (+ CZK 73,510/m²) and heat recovery systems (+ CZK 71,242/m²) are the strongest predictors of higher values, followed by green roofs, sustainable materials, and green areas. Rainwater reuse is only marginally significant, while photovoltaic panels show no effect. Location effects are also relevant, as central districts achieve significantly higher prices. The model explains 46% of the variation in unit prices, and diagnostic checks confirm robust results. However, limitations remain: the use of asking rather than transaction prices, concentration of sustainable features in newer buildings, clustering of units within projects, and the restriction of analysis to Prague. Despite these caveats, the findings provide clear evidence that sustainability contributes materially to market value and offer practical guidance for developers, investors, appraisers, and policymakers.</p>

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The impact of sustainability features on apartment market value: evidence from Prague

  • 期刊论文

  • 发表日期：

    2025年12月8日

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  • Jiří Máška,
  • Iva Dědičová,
  • Dagmar Frejlachová

摘要

This study investigates the impact of sustainability features on apartment prices in Prague. A dataset of 400 listings (195 sustainable and 205 conventional) was compiled from publicly available advertisements. Descriptive statistics and Welch two-sample t-tests were used to compare average unit prices, followed by linear regression models with cluster-robust standard errors to isolate the contribution of individual sustainability features while controlling for building age and location. Results show a statistically and economically significant price premium for sustainable apartments. Mean unit prices were CZK 154,593/m² for sustainable versus CZK 134,265/m² for conventional apartments, corresponding to a green premium of approximately 15%. Regression analysis confirms that LEED certification (+ CZK 73,510/m²) and heat recovery systems (+ CZK 71,242/m²) are the strongest predictors of higher values, followed by green roofs, sustainable materials, and green areas. Rainwater reuse is only marginally significant, while photovoltaic panels show no effect. Location effects are also relevant, as central districts achieve significantly higher prices. The model explains 46% of the variation in unit prices, and diagnostic checks confirm robust results. However, limitations remain: the use of asking rather than transaction prices, concentration of sustainable features in newer buildings, clustering of units within projects, and the restriction of analysis to Prague. Despite these caveats, the findings provide clear evidence that sustainability contributes materially to market value and offer practical guidance for developers, investors, appraisers, and policymakers.