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Time-to-Sell of New Green Housing

Author

Listed:
  • Yuval Arbel
  • Danny Ben-Shahar
  • Sharon Horsky
  • Naor Versano

Abstract

This research explores the time-to-sell (TTS) of green real estate. We employ data on primary market transactions in six newly developed multi-story condominiums—of which three are green and three are conventionally built—located in a single neighborhood of Netanya, Israel. We find that, after addressing the potential endogeneity between unit TTS and price, the average TTS of units in green, as compared to conventional, structures is significantly shorter. Considering developers' financing cost, this shorter TTS is equivalent to an indirect price premium of 1%–5%. We also find that whenever the indirect green premium associated with TTS decreases, the green quality-adjusted price premium increases. Thus, considering both price and TTS, we estimate a total green price premium of about 5%.

Suggested Citation

  • Yuval Arbel & Danny Ben-Shahar & Sharon Horsky & Naor Versano, 2018. "Time-to-Sell of New Green Housing," Journal of Sustainable Real Estate, Taylor & Francis Journals, vol. 10(1), pages 33-58, January.
    • Handle: RePEc:taf:rsrexx:v:10:y:2018:i:1:p:33-58
    DOI: 10.1080/10835547.2018.12091911
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