Vol. 87 (2025)
Original Articles - Urban, Land, Environmental Appraisal and Economics

Unleashing the hidden green value: assessing the impact of energy certification and environmental amenities on real estate through hedonic modelling

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  • Carolina Bonardi Pellizzari,
  • Tiziano Tempesta,
  • Cristiano Franceschinis,
  • Mara Thiene,
  • Daniel Vecchiato
Carolina Bonardi Pellizzari
Department of Land, Environment, Agriculture and Forestry (TESAF), University of Padua, Italy
Tiziano Tempesta
Department of Land, Environment, Agriculture and Forestry (TESAF), University of Padua, Italy
Cristiano Franceschinis
Department of Land, Environment, Agriculture and Forestry (TESAF), University of Padua, Italy
Mara Thiene
Department of Land, Environment, Agriculture and Forestry (TESAF), University of Padua, Italy
Daniel Vecchiato
Department of Land, Environment, Agriculture and Forestry (TESAF), University of Padua, Italy
DOI: https://doi.org/10.36253/aestim-17418

Published 2025-10-30

Keywords

  • Building’s Energy performance,
  • hedonic model,
  • urban environment

Copyright (c) 2025 Carolina Bonardi Pellizzari, Tiziano Tempesta, Cristiano Franceschinis, Mara Thiene, Daniel Vecchiato

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

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Abstract

Rapid population growth and urbanization have intensified energy demand and climate vulnerability in cities, elevating the importance of urban green spaces and energy-efficient properties, which impact real estate values. This study uses a hedonic pricing model to assess how environmental amenities and energy efficiency influence property prices. We analysed sales contracts from 2022–2023 in Padua (Italy), enriched with spatial data on key environmental factors. Findings reveal a notable price premium associated with proximity to green spaces and waterways: for each hectare of park area, properties located within 100 m experience a 5.4% price increase, while each additional 100 meters from a waterway reduces apartment value by 3.7%. Additionally, apartments in energy class A or higher command a 30% higher price per square meter with respect to other energy classes. This research offers valuable insights into how urban green spaces and energy efficiency shape real estate values in rapidly urbanizing settings.

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