IDEAS home Printed from https://ideas.repec.org/p/arz/wpaper/eres2012_369.html
   My bibliography  Save this paper

Living on the sunny side - the effect of sunshine duration and land prices

Author

Listed:
  • Sebastian Keiler
  • David Koch

Abstract

Asking for price determining factors of real estate prices will always return the location as a major factor. Though undoubtedly driving prices this term stays ambiguous. Seeking for clarification we focus this study on a rather unique location specific influence on land prices. The very special topological circumstances in the mountain region of Austria restrict the access of sunlight in a very significant way. Unlike in topologically less pronounced areas the variation in sunshine emissions varies significantly across parcels due to shading mountains. This is especially true for the winter season. Several studies have found weather effects to be significant for stock returns. This study aims to price the amount of sunshine a parcel obtains and thus shares this attempt with other studies. To our knowledge this application is unique for the real estate sector. In order to explore the effect of sun emissions we focus on undeveloped land plots for residential use and find significant impacts on property prices. Investors are willing to pay for longer sunshine duration while especially sunshine in winter is being regarded as a price determining factor.

Suggested Citation

  • Sebastian Keiler & David Koch, 2012. "Living on the sunny side - the effect of sunshine duration and land prices," ERES eres2012_369, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2012_369
    as

    Download full text from publisher

    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2012-369
    Download Restriction: no
    ---><---

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arz:wpaper:eres2012_369. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Architexturez Imprints (email available below). General contact details of provider: https://edirc.repec.org/data/eressea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.