ABSTRACT Energy performance remains a debated topic in real estate, particularly with reference to the capitalisation effect with property value. An emerging corpus of research studies have investigated the relationship between energy performance characteristics and the role of Energy Performance Certificates. Whilst these studies have consistently demonstrated that a pricing effect exists, some recent studies have shown that Energy Performance Certificates (EPCs) are more complex and inconclusive, particularly when accounting for data limitations and changing model specifications. Moreover, a majority of these studies neglect to adequately account for absolute location and therefore, arguably, do not examine the geographic variation between EPCs and property value across the housing market setting. This study presents one of the first spatial analyses of EPCs using transactions for the Belfast Metropolitan Area. In evaluating whether spatial effects exist between EPCs and house prices, a number of spatial tests are performed and a series of models are developed to account for spatial dependency and determine whether there are any spatially correlating effects. The findings indicate that EPCs comprise a partial effect on house prices, and importantly, there are pricing differentials in the spatial variation in EPCs with the pricing effects conforming to both spatial clustering and randomness.

中文翻译：

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贝尔法斯特都会区房屋市场EPC的空间分析

摘要能源绩效在房地产领域仍然是一个有争议的话题，尤其是在涉及房地产价值的资本化效应方面。新兴的研究文献已经研究了能源绩效特征与能源绩效证书的作用之间的关系。尽管这些研究始终证明存在定价效应，但最近的一些研究表明，能源绩效证书（EPC）更复杂且不确定，特别是考虑到数据限制和模型规格更改时。而且，这些研究中的大多数都忽略了充分考虑绝对位置的问题，因此，有争议的是，没有研究整个住房市场环境下EPC与房地产价值之间的地理差异。这项研究提出了使用贝尔法斯特都会区交易进行的EPC的最早的空间分析之一。在评估EPC和房价之间是否存在空间效应时，进行了许多空间测试，并开发了一系列模型来说明空间依赖性并确定是否存在任何空间关联效应。研究结果表明，EPC对房价构成部分影响，重要的是，EPC的空间变化存在定价差异，其定价效应既符合空间聚类又符合随机性。进行了许多空间测试，并开发了一系列模型来说明空间依赖性并确定是否存在任何空间相关的影响。研究结果表明，EPC对房价构成部分影响，重要的是，EPC的空间变化存在定价差异，其定价效应既符合空间聚类又符合随机性。进行了许多空间测试，并开发了一系列模型来说明空间依赖性并确定是否存在任何空间相关的影响。研究结果表明，EPC对房价构成部分影响，重要的是，EPC的空间变化存在定价差异，其定价效应既符合空间聚类又符合随机性。