Is energy efficiency reflected in residential property prices in Portugal?: an investigation based on hedonic house price functions and quantile regression analysis

This thesis investigates the degree to which energy efficiency, as it is assessed by Energy Performance Certificates (EPCs), is reflected in residential property prices in Portugal. Its results are based on the analysis of a comprehensive dataset containing information of around 256 thousand residential property sales carried out from 2009 to 2013, a period largely characterized by depressed market conditions. This is the first large-scale study for a southern European country in this area of research. For the first time in this context, the impact of energy efficiency is analyzed along the distribution of residential property prices, using the unconditional quantile regression framework. The findings disclose a 13% sales premium for most energy efficient apartments (i.e. those bearing an A or B EPC rate) and a 5 to 6% market price premium for houses. However, quantile regression results show that the value attached to energy efficiency is not always positive across the distribution of prices. In particular, houses located at or below the 0.2th price quantile display clear energy efficiency price discounts. The use of different energy efficiency scales and cross-country comparisons support the view that energy efficiency price premiums are higher in the Portuguese residential market than in northern European markets. These results contribute to a more comprehensive understanding of the impact of energy efficiency on the real estate market and provide important messages to all political decision-makers interested in improving energy efficiency standards in Portugal; É A EFICIÊNCIA ENERGÉTICA REFLETIDA NOS PREÇOS DOS IMÓVEIS RESIDENCIAIS EM PORTUGAL? Uma investigação baseada em funções de preços hedónicas e na análise de regressão por quantis Resumo: Esta tese investiga em que medida a eficiência energética, tal como é avaliada pelos Certificados de Desempenho Energético (CDE), é refletida nos preços dos imóveis residenciais em Portugal. Os resultados obtidos baseiam-se na análise de um conjunto exaustivo de dados com informação sobre cerca de 256 mil vendas de imóveis realizadas entre 2009 e 2013, um período predominantemente caracterizado pela recessão. Este é o primeiro estudo de larga escala realizado para um país do sul da Europa nesta área de investigação. Pela primeira vez neste contexto, o impacto da eficiência energética é analisado ao longo da distribuição dos preços das habitações através do método da regressão por quantis incondicionais. Os resultados revelam um prémio na venda de 13% para os apartamentos mais eficientes em termos energéticos (i.e., aqueles com CDE A ou B), e de 5 a 6% para as moradias. No entanto, a análise de regressão por quantis mostra que o valor associado à eficiência energética nem sempre é positivo ao longo da distribuição dos preços. Em particular, as moradias situadas abaixo do vigésimo percentil mostram claros descontos associados à maior eficiência energética. A utilização de diferentes escalas energéticas e a comparações entre países apoia a ideia de que os prémios associados à eficiência energética são maiores no mercado português do que em mercados do norte da Europa. Estes resultados contribuem para um conhecimento mais amplo do impacto da eficiência energética no mercado imobiliário e fornecem importantes mensagens a todos os decisores políticos interessados em melhorar os padrões de eficiência energética em Portugal

Combining micro and macro data in hedonic price indexes

This paper proposes arithmetic and geometric Paasche quality-adjusted price indexes that combine micro data from the base period with macro data on the averages of asset prices and characteristics at the index period. The suggested indexes have two types of advantages relative to traditional Paasche indexes: (i) simplification and cost reduction of data acquisition and manipulation; and (ii) potentially greater efficiency and robustness to sampling problems. A Monte Carlo simulation study and an empirical application concerning the housing market illustrate some of those advantages.info:eu-repo/semantics/publishedVersio

On the use of hedonic regression models to measure the effect of energy efficiency on residential property transaction prices : evidence for Portugal and selected data issues

Using a unique dataset containing information of around 256 thousand residential property sales, this paper discloses a clear sales premium for most energy efficient dwellings, which is more pronounced for apartments (13%) than for houses (5 to 6%). Cross-country comparisons support the finding that energy efficiency price premiums are higher in the Portuguese residential market than in central and northern European markets. Results emphasize the relevance of data issues in hedonic regression models. They illustrate how the use of appraisal prices, explanatory variables with measurement errors, and the omission of variables associated with the quality of the properties, may seriously bias energy efficiency partial effect estimates. These findings provide valuable information not only to policy-makers, but also to researchers interested in this area.info:eu-repo/semantics/publishedVersio

How heterogeneous is the impact of energy efficiency on dwelling prices? Evidence from the application of the unconditional quantile hedonic model to the Portuguese residential market

This paper investigates the impact of energy efficiency along the unconditional distribution of residential property prices in Portugal. Using a dataset of more than 256,000 residential property sales from 2009 to 2013, a period that covers an economic depression, unconditional quantile regression analysis reveals that the responsiveness to energy efficiency improvements is different not only as we move from low- to high-priced residential units but also for apartments and houses. While the former show a downward trend in the magnitude of energy efficiency coefficient estimates, the opposite occurs for houses. The latter market segment exhibits clear market discounts at the lowest quantiles of the price distribution, something that is not observable thought conditional mean and quantile regression analysis. Results suggest the existence of a different responsiveness to energy efficiency improvements in the Lisbon region when compared to the rest of the country and that the impact of the Energy Performance Certificate label increases throughout time across all price quantiles. As a by-product of this paper, an unconditional quantile price index shows that the impact of the crisis was not the same across the different market segments, with price decreases being more severe for low- than high-priced properties.info:eu-repo/semantics/publishedVersio

The treatment of housing co-operatives in a house price index

Housing co-operatives, also known as “tenant-owner co-operative housing”, provide an alternative to both renting and owning a dwelling. As an indirect form of ownership, it poses some conceptual and practical issues to anyone aiming at compiling a price index covering all forms of own-occupied housing. Starting from the position that these co-operatives provide a type of tenure similar to owner- occupied housing, this paper provides some practical guidance on the way they can be treated in the compilation of a house price index. An empirical bootstrap study, based on advertised co-operative flats in Oslo, supports the proposals done in this paper. To our knowledge, this is the first time such a study is carried out in this context

The treatment of housing co-operatives in a house price index

Housing co-operatives, also known as “tenant-owner co-operative housing”, provide an alternative to both renting and owning a dwelling. As an indirect form of ownership, it poses some conceptual and practical issues to anyone aiming at compiling a price index covering all forms of own-occupied housing. Starting from the position that these co-operatives provide a type of tenure similar to owner- occupied housing, this paper provides some practical guidance on the way they can be treated in the compilation of a house price index. An empirical bootstrap study, based on advertised co-operative flats in Oslo, supports the proposals done in this paper. To our knowledge, this is the first time such a study is carried out in this context

Disfunção erétil nos cuidados de saúde primários: a sua abordagem e relação com fatores de risco cardiovasculares em doentes sem eventos cardiovasculares prévios

ABSTRACT - Introduction: Erectile dysfunction (ED) inquiry and treatment could have an important role in cardiovascular prevention. The aims of the present study were to: (1) evaluate the association of ED with cardiovascular risk (CVR) factors among patients with no previous cardiovascular events; (2) assess the inquiry of ED in Portuguese primary care. Methods: Cross-sectional study (January–March 2011) conducted in two Lisbon Primary Healthcare Centers among men aged 18–80 years, sexually active and with no cardiac or cerebrovascular disease. We collected data concerning CVR factors and sexual health inquiry through interviews and clinical records and we used the International Index of Erectile Function to evaluate ED. Logistic regression models were used to study the association between ED and CVR factors. Results: In a sample of 90 men (mean age 49.82 ± 15.65), 32% had ED. Hypertension prevalence and the number of CVR factors was significantly higher among men with ED. However, age was strongly associated with ED and, after age-adjustment, the associations found between ED and hypertension lost their statistical significance. The majority of men evaluated their sexual life as “very important” or “important” (98%) and affirmed that sexual problems should be inquired by the general practitioner (93%) but only a minority were inquired about it (14%). Conclusion: ED is a frequent problem among men with no previous cardiovascular events and, in our study, it was mostly associated with age. ED is still not inquired appropriately in the primary care.RESUMO - Introdução: A abordagem e o tratamento da disfunção erétil (DE) nos cuidados de saúde primários poderiam ter um papel importante na prevenção cardiovascular. Os objetivos deste estudo foram: 1) estudar a relação da DE com os fatores de risco cardiovasculares (FRCV) em indivíduos sem eventos cardiovasculares prévios; 2) avaliar a abordagem da DE nos cuidados de saúde primários portugueses. Métodos: Estudo transversal, exploratório, realizado em 2 centros de saúde de Lisboa, incluindo homens com 18–80 anos de idade sexualmente ativos e sem doença cardíaca ou cerebrovascular. Recolhemos dados relativos à abordagem da DE e dos FRCV através de entrevistas e da consulta de processos clínicos. Avaliámos a DE através do Índice Internacional de Função Eréctil e a associação com os FRCV através de modelos de regressão logística. Resultados: Numa amostra de 90 homens (média de idade 49,82 ± 15,65), 32% apresentavam DE. A prevalência de hipertensão e o número de FRCV foi significativamente superior em homens com DE. Contudo, a idade esteve significativamente associada à DE e, após ajuste para a idade, a associação encontrada entre a hipertensão e a DE deixou de ser significativa. Apesar de a maioria ter reportado que os problemas sexuais deviam ser abordados pelo médico de família (93%), apenas uma minoria afirmou já ter sido inquirida a este respeito (14%). Conclusão: A DE é um problema frequente em homens sem eventos cardiovasculares prévios e, no nosso estudo, associou-se sobretudo à idade. A DE não é suficientemente abordada nos cuidados de saúde primários portugueses.info:eu-repo/semantics/publishedVersio

Adult-onset form in VLCAD deficiency: seven cases

Very long chain acyl-Co-A dehydrogenase deficiency (VLCADD, MIM 201475) is an autosomal recessive disorder characterized by impaired mitochondrial β-oxidation of fatty acids with a chain length between 14 and 18 carbons. The prevalence of VLCAD deficiency in Portugal is 1/101,613. VLCADD has three forms of clinical presentation: severe early-onset; intermediate with childhood onset and adult-onset, of mild severity, characterized by exercise intolerance, myalgia and recurrent episodes of rhabdomyolysis. The development of electrospray ionization tandem mass spectrometry (MS/MS) has allowed beyond the screening of neonatal forms a marked improvement on diagnosis of the adult onset form. The authors report the acyl-carnitines profile that revealed accumulation of tetradecenoyl carnitine (C14:1) in seven individuals with clinical symptoms with the ages between 11 and 63. The eldest patient was diagnosed at the age of 63 years. These results were confirmed by molecular ACADVL gene analysis. When rhabdomyolysis is present in a patient, and after differential diagnosis, it is important to consider the possibility of a VLCAD deficiency. This late-onset form may be undetectable by acyl-carnitine profile in asymptomatic period, and only in crisis is informative. However, if VLCADD is considered the molecular analysis of ACADVL should be performed in all suspected cases