This paper provides the first credible evidence on the economic value of the certification of “green buildings” - derived from impersonal market transactions rather than engineering estimates. Our analysis of clusters of certified green buildings and nearby comparables establishes that...

The 2003 European Performance of Buildings Directive mandated all EU member states to enforce disclosure on the energy performance of residential and commercial properties. This is the first paper to analyse the introduction, adoption and market implications of energy labels (EPCs) in the...