The procedure for the valuation of real properties development with passive and energy-efficient houses

AGH University of Science and Technology

The problem of global warming today is omnipresent and various kinds of solutions are suggested to counteract this problem, as well as to balance the environment and the civilization progress which the environment is degraded by. Passive and energy efficient houses, for example, may be such a solution. The article compares the passive and energy-efficient engineering with traditional, the so-called standard, houses. A procedure for the valuation of developed land was proposed as well, taking into account the specifics of passive and energy-efficient buildings. Traditional houses consume annually much more energy than passive houses. They also lose a lot of heat due to poor insulation. In the energy-efficient and passive houses the temperature regulates itself using a special technology. Also, the energy generated by equipment and people is used. Such houses produce solar energy using solar panels. Specially selected insulation prevents heat loss, and optimal location of the windows - more to the south, fewer to the north – allows for a maximum use of sunlight for lighting and heating a house. Material and structural solutions of passive and energy-efficient houses can be taken into account when applying the cost approach in real estate valuation. The proposed statistical models are based on the assumptions of the cost approach, but at the same time, they take market data into account. The article presents an algorithm for the estimation of model parameters and the valuation of developed land. The considerations have been supported by a full analysis of variance.