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<p>This study examines whether environmental certification is associated with residential apartment prices in Prague. It uses 3,958 cadastral-linked apartment observations from the INEM estate database, covering legal effect dates from November 2016 to April 2026. Certification status was assigned through independently verified BREEAM, LEED and SBToolCZ sources and manually matched to apartment-level records. The empirical strategy combines descriptive comparison, stepwise hedonic regression, robustness checks, matching-based comparison, bootstrap testing, permutation testing and an additional district fixed-effect specification. Certified apartments show higher prices per square metre in descriptive and basic models. The raw model estimates a certification-related premium of 13.83%, while the basic model, controlling for apartment size, layout and transaction year, estimates 9.38%. After adding technical and qualitative controls, the premium falls to 2.62% and becomes statistically insignificant. Extended, sensitivity and district fixed-effect specifications confirm this pattern. The findings suggest that environmental certification is relevant for residential valuation as a market and quality signal, but its monetary effect should be interpreted together with technical condition, energy performance, amenities and available location-related characteristics rather than as an isolated fixed premium. The main limitations relate to the small number of certified observations, project-level certification matching and limited micro-location control.</p>

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Environmental certification and residential apartment prices in Prague using cadastral linked market data

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年7月11日

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  • Jiří Máška,
  • Jaromír Vrbka,
  • Jaroslava Janků

摘要

This study examines whether environmental certification is associated with residential apartment prices in Prague. It uses 3,958 cadastral-linked apartment observations from the INEM estate database, covering legal effect dates from November 2016 to April 2026. Certification status was assigned through independently verified BREEAM, LEED and SBToolCZ sources and manually matched to apartment-level records. The empirical strategy combines descriptive comparison, stepwise hedonic regression, robustness checks, matching-based comparison, bootstrap testing, permutation testing and an additional district fixed-effect specification. Certified apartments show higher prices per square metre in descriptive and basic models. The raw model estimates a certification-related premium of 13.83%, while the basic model, controlling for apartment size, layout and transaction year, estimates 9.38%. After adding technical and qualitative controls, the premium falls to 2.62% and becomes statistically insignificant. Extended, sensitivity and district fixed-effect specifications confirm this pattern. The findings suggest that environmental certification is relevant for residential valuation as a market and quality signal, but its monetary effect should be interpreted together with technical condition, energy performance, amenities and available location-related characteristics rather than as an isolated fixed premium. The main limitations relate to the small number of certified observations, project-level certification matching and limited micro-location control.