Green Mark Awards and property prices (Opinion, Page A18)

Wednesday, 10 January 2018

The Straits Times

In this monthly “Ask NUS Economist” series, Dr Eric Fesselmeyer, Senior Lecturer at the Department of Economics at NUS Faculty of Arts and Social Sciences, discussed whether the Green Mark Award increases property prices. From Dr Fesselmeyer’s recently published research which examined the impact of a Green Mark Award on the price of new apartments and condominiums, it was found that green certification causes price to increase by around 2.7 per cent on average. Additionally, the effect is biggest (4.1 per cent) for properties in developments that scored just enough points to win the Green Mark Award. The results suggest that certification is an important policy tool to help mitigate the environmental impact of residential buildings by encouraging developers to invest in green features, including features that may not otherwise be valued by buyers.

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