The Effects of Multiple Green Factors on Condominium Prices

Jiro Yoshida, Ayako Sugiura

Research output: Contribution to journalArticlepeer-review

41 Scopus citations


This paper analyzes the transaction prices of green buildings assessed on the basis of multiple green factors. Our theoretical model demonstrates that the initial green premium can be negative but becomes positive as the building ages if a green building has a higher life-cycle cost and a longer economic life. Our empirical analysis of green condominiums in Tokyo confirms this prediction. We additionally find that the longer-life design is associated with a price premium, but the use of renewable energy and recycled materials and water is associated with price discounts. The price discounts are interpreted as the capitalization of a greater life-cycle user cost.

Original languageEnglish (US)
Pages (from-to)412-437
Number of pages26
JournalJournal of Real Estate Finance and Economics
Issue number3
StatePublished - Apr 2015

All Science Journal Classification (ASJC) codes

  • Accounting
  • Finance
  • Economics and Econometrics
  • Urban Studies


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