The Impact of Green Building Certification on multi-unit house market Prices

This study employs an empirical analysis to investigate the impact of G-SEED on apartment prices in the southeastern region of Seoul. The objective of this study is to ascertain how green architecture is perceived in economic terms by those engaged in the housing market. To this end, a hedonic price model and quantile regression analysis were conducted using the actual transaction data of apartment houses traded in the southeastern part of Seoul in 2023. The analysis yielded the finding that residential properties certified as green buildings are traded at approximately 5% higher prices on average than those that are not certified. Furthermore, the analysis by price level indicates that the influence of green building certification is more pronounced in higher-priced houses, suggesting that consumers' willingness to pay for green buildings varies depending on the price level. This study differs from previous studies in that it verifies the economic value of green building certification based on actual transaction data. The research results provide policy implications for enhancing the market performance of green architecture in the future, and suggest that policy efforts, such as strengthening tax benefits and incentives to revitalize green architecture and expanding accessibility for low-income families, are needed.