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Green Mark Certification: Does the Market Understand?

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  • Kwame Addae-Dapaah
  • Su Jen Chieh

Abstract

A corollary to the green building revolution is the certification of green buildings by relevant organizations. The pertinent question is whether the market understands the certification. The paper addresses the issue via a quantitative (hedonic model) and psychographic (survey) study of the Singapore residential green building market. The results reveal that green certification commands a statistically significant premium. However, the market is confused by the different tiers of certification as evidenced by incommensurate premia for the different tiers. Furthermore, the fact that the premium varies with tenure (freehold/ leasehold) and location after controlling for all other attributes may imply that the premium may not be solely attributable to green certification.

Suggested Citation

  • Kwame Addae-Dapaah & Su Jen Chieh, 2011. "Green Mark Certification: Does the Market Understand?," Journal of Sustainable Real Estate, Taylor & Francis Journals, vol. 3(1), pages 162-191, January.
    • Handle: RePEc:taf:rsrexx:v:3:y:2011:i:1:p:162-191
    DOI: 10.1080/10835547.2011.12091828
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