1# RECORD eb83365b4894fa9c413cfdff9bdf069881dad3ad2# TITLE: Examining the spatial relationship between environmental health factors and house prices3# YEAR: 2018.0 VENUE: Journal of European Real Estate Research DOI: 10.1108/jerer-01-2018-00084# AUTHORS: M. McCord; Sean Macintyre; P. Bidanset; D. Lo; P. Davis5# PAGES: 49 CANDIDATE TABLE PAGES (1-based): [45, 46, 48, 49]6# ABSTRACT: 7Purpose8Air quality, noise and proximity to urban infrastructure can arguably have an important impact on the quality of life. Environmental quality (the price of good health) has become a central tenet for consumer choice in urban locales when deciding on a residential neighbourhood. Unlike the market for most tangible goods, the market for environmental quality does not yield an observable per unit price effect. As no explicit price exists for a unit of environmental quality, this paper aims to use the housing market to derive its implicit price and test whether these constituent elements of health and well-being are indeed capitalised into property prices and thus implicitly priced in the market place.91011Design/methodology/approach12A considerable number of studies have used hedonic pricing models by incorporating spatial effects to assess the impact of air quality, noise and proximity to noise pollutants on property market pricing. This study presents a spatial analysis of air quality and noise pollution and their association with house prices, using 2,501 sale transactions for the period 2013. To assess the impact of the pollutants, three different spatial modelling approaches are used, namely, ordinary least squares using spatial dummies, a geographically weighted regression (GWR) and a spatial lag model (SLM).131415Findings16The findings suggest that air quality pollutants have an adverse impact on house prices, which fluctuate across the urban area. The analysis suggests that the noise level does matter, although this varies significantly over the urban setting and varies by source.171819Originality/value20Air quality and environmental noise pollution are important concerns for health and well-being. Noise impact seems to depend not only on the noise intensity to which dwellings are exposed but also on the nature of the noise source. This may suggest the presence of other externalities that arouse social aversion. This research presents an original study utilising advanced spatial modelling approaches. The research has value in further understanding the market impact of environmental factors and in providing findings to support local air zone management strategies, noise abatement and management strategies and is of value to the wider urban planning and public health disciplines.21222324===== PAGE 1 (score 2, numeric-paren 0, table-words 0, var-words 2) =====2526 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48Examining the spatial relationship between environmental health factors and house49prices: NO2 problem?50McCord, M., MacIntyre, J., Bidanset, P., Lo, D., & Davis, P. (2018). Examining the spatial relationship between51environmental health factors and house prices: NO2 problem? Journal of European Real Estate Research,5211(3), 353-398. https://doi.org/10.1108/JERER-01-2018-000853Link to publication record in Ulster University Research Portal54Published in:55Journal of European Real Estate Research56Publication Status:57Published (in print/issue): 05/11/201858DOI:5910.1108/JERER-01-2018-000860Document Version61Author Accepted version62Document Licence:63CC BY-NC64For Author Accepted Manuscripts (AAM) published under Ulster University's Rights Retention Policy for Scholarly Works65(RRPSW)66When citing an AAM published under Ulster University's RRPSW please use the following citation structure:67Author, A. A. (Year). Title of article. Journal Name, [Accepted Author Manuscript]. PURE Portal URL. Licensed under CC BY 4.0.68General rights69The copyright and moral rights to the output are retained by the output author(s), unless otherwise stated by the document licence.70Unless otherwise stated, users are permitted to download a copy of the output for personal study or non-commercial research and are71permitted to freely distribute the URL of the output. They are not permitted to alter, reproduce, distribute or make any commercial use of the72output without obtaining the permission of the author(s).73If the document is licenced under Creative Commons, the rights of users of the documents can be found at74https://creativecommons.org/share-your-work/cclicenses/.75Take down policy76The Research Portal is Ulster University's institutional repository that provides access to Ulster's research outputs. Every effort has been77made to ensure that content in the Research Portal does not infringe any person's rights, or applicable UK laws. If you discover content in78the Research Portal that you believe breaches copyright or violates any law, please contact pure-support@ulster.ac.uk79Download date: 20/10/2026808182===== PAGE 45 (score 39, numeric-paren 36, table-words 0, var-words 3) =====8384Journal of European Real Estate Research85Linear 86Log-linear 87β 88t 89β 90t 91%effect 92(Constant) 9364520.655 947.651*** 9511.208 96152.631*** 73716.83 97AREA 98984.173 9940.962*** 100.008 10136.788*** 1020.80% 103APP 10426783.922 10511.888*** 106.232 10711.815*** 10826.11% 109DET 11044882.795 11120.154*** 112.349 11318.017*** 11441.76% 115SDT 11612213.843 1179.105*** 118.165 11914.084*** 12017.94% 121PRE1919 122-12068.371 123-8.082*** 124-.082 125-6.332*** 126-7.87% 127POST1980 1284313.548 1291.910* 130.092 1314.663*** 1329.64% 133POSTWAR 134-5143.561 135-3.402*** 136.000 137.033 1380.00% 139EARLYMODER 140-5168.802 141-2.731*** 142.008 143.470 1440.80% 145ELECHEAT 146-1801.579 147-.956 148-.024 149-1.453 150-2.37% 151GASHEAT 152-235.123 153-.224 154-.004 155-.485 156-0.40% 157SOLIDHEAT 158-20.006 159-.012 160.002 161.144 1620.20% 163SOC 164-11022.089 165-6.185*** 166-.138 167-8.920*** 168-12.89% 169NOGAR 170-1338.239 171-1.198 172-.018 173-1.837* 174-1.78% 175Air Q Low 176-5459.501 177-2.477** 178-.066 179-3.425*** 180-6.39% 181Air Q High 1824677.732 1831.957** 184.050 1852.424** 1865.13% 187Air Q Very High 18829829.619 1894.988*** 190.349 1916.704*** 19241.76% 193PM8_9 1946568.690 1952.602*** 196.061 1972.769*** 1986.29% 199PM10_11 200-2325.647 201-1.243 202-.023 203-1.419 204-2.27% 205PM11_12 206-11669.558 207-4.199*** 208-.098 209-4.061*** 210-9.34% 211PM12_13 212-11885.036 213-1.452 214-.101 215-1.982** 216-9.67% 217PM13_14 218-13055.665 219-1.386 220-.118 221-2.434** 222-11.13% 223AQMA Within300 224-773.144 225-.192 226.013 227.372 2281.31% 229AQMA Inside 2302624.339 2311.527 232.037 2332.489** 2343.77% 235Road Noise V Low 236-128.152 237-.096 238-.012 239-1.043 240-1.19% 241Road Noise Low 2422914.370 2431.394 244.026 2451.456 2462.63% 247Road Noise Moderate 248-1833.483 249-.621 250-.002 251-.066 252-0.20% 253Road Noise High 2543667.620 255.900 256.002 257.050 2580.20% 259Road Noise V High 260918.180 261.187 262.037 263.863 2643.77% 265Road Noise Extreme 2661290.596 267.204 268.008 269.151 2700.80% 271Road_25 272-4728.319 273-1.285 274-.023 275-.711 276-2.27% 277Road_50 278-2478.698 279-.923 280-.021 281-.886 282-2.08% 283Road_75 284-2109.971 285-.913 286-.021 287-1.029 288-2.08% 289Road_100 2901617.957 291.846 292.017 2931.025 2941.71% 295Road_125 296-1048.081 297-.575 298.005 299.289 3000.50% 301Road_150 3022384.342 3031.316 304.017 3051.074 3061.71% 307Road_175 308970.000 309.423 310.004 311.204 3120.40% 313Road_200 314-2612.830 315-1.313 316-.007 317-.407 318-0.70% 319Road_225 3207514.066 3213.218*** 322.055 3232.685*** 3245.65% 325Road_250 3264800.880 3272.338** 328.037 3292.082** 3303.77% 331Page 43 of 47332Journal of European Real Estate Reserach333133423353336433753386339734083419342103431134412345133461434715348163491735018351193522035321354223552335624357253582635927360283612936230363313643236533366343673536836369373703837139372403734137442375433764437745378463794738048381493825038351384523855338654387553885638957390583915939260393394395===== PAGE 46 (score 34, numeric-paren 24, table-words 3, var-words 4) =====396397Journal of European Real Estate Research398Rail_25 399915.277 400.197 401.073 4021.795* 4037.57% 404Rail Noise Low 405-27487.45 406-2.415*** 407-0.441 408-4.160*** 409-35.63% 410Rail Noise Mod 411-5678.95 412-0.460 4130.004 4140.032 4150.37% 416Rail Noise High 417-24811.37 418-2.179** 419-0.365 420-3.445*** 421-30.58% 422Rail Noise V high 42319069.76 4241.670* 4250.151 4261.425 42716.35% 428Rail_50 429-11206.596 430-3.087*** 431-.041 432-1.302 433-4.02% 434Rail_75 435-5504.543 436-1.718* 437-.013 438-.452 439-1.29% 440Rail_100 441-17789.479 442-3.683*** 443-.103 444-2.459** 445-9.79% 446Rail_125 447-12567.617 448-1.939** 449-.045 450-.801 451-4.40% 452Rail_150 4533099.302 454.584 455.065 4561.400 4576.72% 458Rail_175 459-373.185 460-.075 461.011 462.243 4631.11% 464Rail_200 465-7930.388 466-1.569 467-.103 468-2.330** 469-9.79% 470Rail_225 471-7541.898 472-1.668 473-.036 474-.925 475-3.54% 476Rail_250 477-5447.877 478-1.121 479-.027 480-.635 481-2.66% 482Airport Noise Low 483-3105.489 484-1.517 485-.010 486-.557 487-1.00% 488Airport Noise Mod 489-4698.304 490-1.221 491-.032 492-.959 493-3.15% 494Airport Noise High 495-6349.414 496-1.024 497-.079 498-1.454 499-7.60% 500Airport400_1000 501-16552.490 502-2.385** 503-.056 504-.931 505-5.45% 506Airport1001_1500 507-10388.389 508-1.807* 509-.026 510-.527 511-2.57% 512Airport1501_2000 513-9955.022 514-2.219** 515-.086 516-2.196** 517-8.24% 518Airport2001_2500 519-10345.695 520-3.125*** 521-.076 522-2.637*** 523-7.32% 524Industry Noise Base 525-12765.213 526-1.786* 527-.149 528-2.389** 529-13.84% 530Industry Distance400 531-7160.737 532-3.119*** 533-.084 534-4.216*** 535-8.06% 536Industry Distance200 5373415.499 538.851 539.006 540.166 5410.60% 542R2 5430.809 544 5450.815 546 547 548Adjusted R2 5490.800 550 5510.807 552 553 554AIC 55558347.98 556 55757201.67 558 559 560F 56191.10*** 562 56395.09*** 564 565 566n 5672,501 568 5692,501 570 571 572NB: Spatial wards available in Appendices. Time variable available on request. 573 Denotes: ***99% level; **95% level; *90% level 574 575 576<<<Table VI GWR coefficients>>> 577Parameters 578min 5791st Qu. 580Median 5813rd Qu. 582Max 583Intercept 58410.04488 58510.317 58610.50732 58710.75813 58811.4698 589AREA 5900.003709 5910.006883 5920.007629 5930.008845 5940.0125 595APP 5960.044103 5970.195197 5980.302798 5990.398363 6000.6095 601DET 602-0.37527 6030.287017 6040.335969 6050.382142 6060.6255 607SDT 6080.006307 6090.118544 6100.154686 6110.194263 6120.4962 613PRE1919 614-0.29011 615-0.09524 616-0.0422 6170.000211 6180.0791 619POST1980 620-0.16995 6210.034962 6220.088613 6230.144219 6240.3708 625Page 44 of 47626Journal of European Real Estate Reserach627162826293630463156326633763486359636106371163812639136401464115642166431764418645196462064721648226492365024651256522665327654286552965630657316583265933660346613566236663376643866539666406674166842669436704467145672466734767448675496765067751678526795368054681556825668357684586855968660687688689===== PAGE 47 (score 2, numeric-paren 0, table-words 0, var-words 2) =====690691Journal of European Real Estate Research692POSTWAR 693-0.22547 694-0.05829 695-0.01578 6960.033793 6970.1665 698EARLYMODER 699-0.33133 700-0.03715 7010.036268 7020.087848 7030.5864 704ELECHEAT 705-0.17724 706-0.05087 707-0.01808 7080.01086 7090.11 710GASHEAT 711-0.08838 712-0.02672 713-0.00578 7140.015605 7150.066 716SOLIDHEAT 717-0.13769 718-0.01143 7190.013233 7200.035798 7210.1434 722SOC 723-0.45753 724-0.17667 725-0.11152 726-0.03822 7270.1695 728NOGAR 729-0.12862 730-0.0356 731-0.01238 7320.008318 7330.0686 734Air Low 735-0.51179 736-0.1294 737-0.05916 7380.068024 7390.2743 740Air High 741-0.36426 742-0.0184 7430.028329 7440.094529 7450.3003 746Air Very High 747-0.39895 748-0.03821 7490.091154 7500.210515 7510.4235 752Part_mat8_9 753-0.30017 7540.146077 7550.366976 7560.573741 7570.9877 758Part_mat9_10 759-0.30611 7600.073342 7610.244157 7620.406436 7630.6016 764Part_mat10_11 765-0.4055 7660.083145 7670.218267 7680.409633 7690.7065 770Part_mat11_12 771-0.5988 772-0.06218 7730.069224 7740.236632 7750.4633 776Part_mat12_13 777-0.74736 778-0.06276 7790.152049 7800.310833 7811.0128 782AQMA_Within300 783-0.73802 784-0.23896 785-0.065 7860.085322 7870.2262 788AQMA Inside 789-0.41201 790-0.10247 7910.031926 7920.137125 7930.3339 794Road Noise V. Low 795-0.39784 796-0.10161 797-0.05768 798-0.0047 7990.1417 800Road Noise Low 801-0.34726 802-0.13104 803-0.04677 8040.046925 8050.3026 806Road Noise Moderate 807-0.33628 808-0.12076 809-0.05448 8100.004413 8110.2293 812Road Noise High 813-0.93399 814-0.21449 815-0.11814 816-0.04939 8170.1945 818Road Noise V. High 819-0.17279 820-0.01498 8210.055416 8220.11827 8230.3699 824Road Noise Extreme 825-0.55339 826-0.19485 827-0.1067 8280.069955 8290.495 830Road_25 831-0.1841 832-0.08559 833-0.04993 834-0.01087 8350.2707 836Road_50 837-0.3119 838-0.04885 839-0.00306 8400.03743 8410.239 842Road_75 843-0.3353 844-0.07272 845-0.02958 8460.01605 8470.3162 848Road_100 849-0.1128 850-0.03881 851-0.00493 8520.06042 8530.3409 854Road_125 855-0.1767 856-0.05847 857-0.01031 8580.06016 8590.1858 860Road_150 861-0.0998 862-0.01556 8630.02136 8640.06593 8650.2071 866Road_175 867-0.1526 868-0.01055 8690.04263 8700.08869 8710.2883 872Road_200 873-0.1705 874-0.07126 875-0.0403 876-0.01196 8770.1788 878Road_225 879-0.1429 880-0.03221 8810.02923 8820.1596 8830.3939 884Road_250 885-0.09446 886-0.02659 8870.01818 8880.05744 8890.1492 890Rail Noise Low 891-0.6667 892-0.34071 893-0.21947 894-0.11381 8950.1385 896Rail Noise Moderate 897-3.42566 898-0.04185 8990.04535 9000.153624 9018.9443 902Rail Noise High 903-0.78497 904-0.49088 905-0.29307 906-0.23933 9070.423 908Rail Noise V. High 909-0.28753 9100.080428 9110.154869 9120.235694 9130.7482 914Rail_25 9150.003949 9160.1248 9170.1808 9180.2556 9190.4809 920Rail_50 921-0.3125 922-0.03044 9230.07784 9240.2147 9250.5109 926Rail_75 927-0.1334 928-0.01932 9290.07497 9300.2035 9310.3566 932Rail_100 933-0.206 9340.006768 9350.07622 9360.189 9370.3428 938Rail_125 939-0.2445 9400.0732 9410.1344 9420.2063 9430.4515 944Page 45 of 47945Journal of European Real Estate Reserach946194729483949495059516952795389549955109561195712958139591496015961169621796318964199652096621967229682396924970259712697227973289742997530976319773297833979349803598136982379833898439985409864198742988439894499045991469924799348994499955099651997529985399954100055100156100257100358100459100560100610071008===== PAGE 48 (score 31, numeric-paren 16, table-words 5, var-words 5) =====10091010Journal of European Real Estate Research1011Rail_150 1012-0.1155 10130.02697 10140.1178 10150.2083 10160.3777 1017Rail_175 1018-0.1372 10190.04042 10200.1331 10210.2068 10220.4379 1023Rail_200 1024-0.2876 1025-0.1492 1026-0.08597 1027-0.00163 10280.1592 1029Rail_225 1030-0.3425 1031-0.1442 1032-0.00627 10330.0814 10340.1989 1035Rail_250 1036-0.2802 1037-0.01162 10380.0412 10390.1152 10400.229 1041Airport Noise Low 1042-0.19238 1043-0.06323 10440.04587 10450.172265 10460.5697 1047Airport Noise Mod. 1048-0.53043 1049-0.34411 1050-0.20467 1051-0.09965 10520.2168 1053Airport Noise High 1054-0.67079 1055-0.42741 1056-0.28136 1057-0.10115 10580.4266 1059Airport400_1000 1060-0.2111 1061-0.1073 1062-0.0475 10630.04688 10640.1988 1065Airport1100_1500 1066-0.1007 1067-0.01716 10680.0502 10690.09886 10700.7588 1071Airport1600_2000 1072-0.4609 1073-0.2464 1074-0.1051 1075-0.02342 10760.0312 1077Airport2100_2500 1078-0.3426 1079-0.2032 1080-0.125 1081-0.05381 10820.0099 1083Industry Noise Base 1084-0.30042 1085-0.13967 1086-0.01387 10870.089622 10880.4612 1089Industry Distance400 1090-0.2464 1091-0.1052 1092-0.05878 1093-0.01716 10940.0796 1095Industry Distance200 1096-0.2371 1097-0.128 1098-0.08142 1099-0.00702 11000.1248 1101Linear 1102Log-linear 1103R2 11040.9026 1105.8993 1106Adjusted. R2 11070.8553 1108.8447 1109AIC 111056574.29 1111-2367.07 1112AICc 111356573.29 1114-1451.03 1115RSS 111653.24 111745.05 1118n 11192,501 11202,501 1121 Kernel function: exponential. Adaptive bandwidth: 40 (number of nearest neighbours) 1122 Regression points: the same locations as observations are used. 1123 Distance metric: Great Circle distance metric is used 1124<<<Table VII Flight Path effect on house prices>>> 1125 1126(1) 1127Linear 1128(2) 1129Log-linear 1130(3) 1131GWR 1132 1133β 1134β 1135%effect 1136min 11371st Qu. 1138Median 11393rd Qu. 1140Max 1141Mod. flight noise 1142-1215.8** 1143-.040** 1144-3.95% 1145-0.3615 -0.1945 1146-0.1331 1147-0.0683 11480.0413 1149High flight noise 1150-3854.2** 1151-.075** 1152-7.26% 1153-0.9453 -0.3511 1154-0.1426 1155-0.0195 11560.0903 1157Under flight path 1158-6560.8** 1159-.056** 1160-5.45% 1161-0.1837 -0.0572 1162-0.0168 11630.0248 11640.1344 1165 Denotes: ***99% level; **95% level; *90% level 1166 1167<<<Table VIII Spatial Lag Models>>> 1168 1169 1170 1171Air Pollution Models 1172Noise Pollution 1173 1174(1) 1175(Base No Lag) 1176(2) 1177(Base +Lag) 1178(3) 1179(NO2) 1180(4) 1181(PM2.5) 1182(5) 1183Rail 1184(6) 1185Airport 1186(7) 1187Road 1188C 118910.408 1190(204.587)*** 11910.1259 1192(0.967) 11932.8883 1194(5.814)*** 11956.8997 1196(6.247)*** 11971.5883 1198(4.930)*** 11990.0142 1200(0.041) 12010.0862 1202(0.398) 1203 W, = 1/ 1204 , 1205NA 12060.958673 1207(80.659)*** 12080.706914 1209(16.211)*** 12100.331722 1211(3.414)*** 12120.827571 1213(29.155)*** 12140.967677 1215(31.560)*** 12160.9621 1217(50.103)*** 1218Page 46 of 471219Journal of European Real Estate Reserach122011221212223122341224512256122671227812289122910123011123112123213123314123415123516123617123718123819123920124021124122124223124324124425124526124627124728124829124930125031125132125233125334125435125536125637125738125839125940126041126142126243126344126445126546126647126748126849126950127051127152127253127354127455127556127657127758127859127960128012811282===== PAGE 49 (score 117, numeric-paren 107, table-words 3, var-words 4) =====12831284Journal of European Real Estate Research1285
P ∗NO 1286NA 1287NA 12880.017422 1289(6.439)*** 1290NA 1291NA 1292NA 1293NA 1294NO2 1295NA 1296NA 1297-0.19054 1298(-6.170)*** 1299NA 1300NA 1301NA 1302NA 1303
∗ 2.5 / 1304NA 1305NA 1306NA 13070.064866 1308(6.812)*** 1309NA 1310NA 1311NA 13122.5 / 1313NA 1314NA 1315NA 1316-0.70096 1317(-6.478)*** 1318NA 1319NA 1320NA 1321
∗ !"# 1322NA 1323NA 1324NA 1325NA 13260.081707 1327(5.131)*** 1328NA 1329NA 1330Rail Noise 1331NA 1332NA 1333NA 1334NA 1335-0.9084 1336(-4.973)*** 1337NA 1338NA 1339
∗ $"%&'%( 1340NA 1341NA 1342NA 1343NA 1344NA 1345-0.0033 1346(-0.2737) 1347NA 1348Airport Noise 1349NA 1350NA 1351NA 1352NA 1353NA 13540.04471 1355(0.326) 1356NA 1357
∗ '!) 1358NA 1359NA 1360NA 1361NA 1362NA 1363NA 1364-0.002 1365(0.233) 1366Road Noise 1367NA 1368NA 1369NA 1370NA 1371NA 1372NA 13730.02389 1374(0.234) 1375AREA 13760.01009 1377(34.729)*** 13780.003986 1379(23.380)*** 13800.003905 1381(23.431)*** 13820.003931 1383(23.758)*** 13840.004007 1385(23.735)*** 13860.003974 1387(23.299)*** 13880.00398 1389(23.342)*** 1390APP 13910.366772 1392(15.078)*** 13930.051301 1394(3.835)*** 1395-0.00555 1396(-0.392) 1397-0.00617 1398(-0.447) 13990.037728 1400(2.796)*** 14010.04626 1402(3.387)*** 14030.05144 1404(3.784)*** 1405TER 1406-0.10434 1407(-6.728)*** 1408-0.025474 1409(-3.101)*** 1410-0.03527 1411(-4264)*** 1412-0.0378 1413(-4.617)*** 1414-0.03192 1415(-3.809)*** 1416-0.02886 1417(-3.441)*** 1418-0.0255 1419(-3.110)*** 1420DET 14210.204127 1422(8.315)*** 14230.034670 1424(2.650)*** 14250.048884 1426(3.767)*** 14270.058726 1428(4.497)*** 14290.03604 1430(2.777)*** 14310.033414 1432(2.542)** 14330.0344 1434(2.629)*** 1435PRE1919 1436-0.06371 1437(-2.222)** 1438-0.065664 1439(-4.356)*** 1440-0.08027 1441(-5.421)*** 1442-0.08606 1443(-5.841)*** 1444-0.06855 1445(-4.579)*** 1446-0.06753 1447(-4.472)*** 1448-0.0655 1449(-4.341)*** 1450INTERWAR 1451-0.03624 1452(-1.355) 1453-0.041892 1454(-2.978)*** 1455-0.05072 1456(-3.683)*** 1457-0.05496 1458(-4.013)*** 1459-0.03979 1460(-2.854)*** 1461-0.04325 1462(-3.071)*** 1463-0.0419 1464(-2.981)*** 1465POSTWAR 1466-0.03179 1467(-1.099) 1468-0.078489 1469(-5.157)*** 1470-0.07516 1471(-5.055)*** 1472-0.07323 1473(-4.956)*** 1474-0.07922 1475(-5.257)*** 1476-0.07649 1477(-5.004)*** 1478-0.0785 1479(-5.154)*** 1480EARLYMODER 1481-0.00802 1482(-0.249) 1483-0.068598 1484(-4.054)*** 1485-0.06558 1486(-3.967)*** 1487-0.06552 1488(-3.990)*** 1489-0.0695 1490(-4.149)*** 1491-0.06687 1492(-3.934)*** 1493-0.0685 1494(-4.051)*** 1495ELECHEAT 14960.00069 1497(0.022) 1498-0.012883 1499(-0.794) 1500-0.01024 1501(-0.646) 1502-0.00894 1503(-0.567) 1504-0.01371 1505(-0.854) 1506-0.01285 1507(-0.792) 1508-0.0129 1509(-0.778) 1510GASHEAT 1511-0.01906 1512(-0.811) 1513-0.002525 1514(-0.204) 1515-0.00191 1516(-0.157) 1517-0.00047 1518(-0.039) 1519-0.00419 1520(-0.342) 1521-0.0023 1522(-0.185) 1523-0.0026 1524(-0.215) 1525OILHEAT 1526-0.01857 1527(-0.858) 1528-0.002954 1529(-0.259) 1530-0.00241 1531(-0.217) 1532-0.00062 1533(-0.056) 1534-0.0038 1535(-0.337) 1536-0.00291 1537(-0.256) 1538-0.0029 1539(-0.258) 1540PRIV 15410.186685 1542(8.525)*** 15430.056389 1544(4.849)*** 15450.057544 1546(5.054)*** 15470.055683 1548(4.920)*** 15490.05453 1550(4.721)*** 15510.052528 1552(4.445)*** 15530.0564 1554(4.836)*** 1555GAR 15560.003206 1557(0.219) 15580.010816 1559(1.409) 15600.012548 1561(1.673)* 15620.012156 1563(1.632) 15640.009612 1565(1.264) 15660.011042 1567(1.439) 15680.0105 1569(1.378) 1570R2 15710.5460 15720.8744 15730.8804 15740.8819 15750.8771 15760.8746 15770.8745 1578Adjusted R2 15790.5436 15800.8737 15810.8796 15820.8812 15830.8763 15840.8738 15850.8736 1586F-statistic 1587230.11 1588*** 15891237.26 1590*** 15911143.09 1592*** 15931160.20 1594*** 15951108.03 1596*** 15971083.68 1598*** 15991081.40 1600*** 1601AIC 16020.297 1603-0.987 1604-1.034 1605-1.047 1606-1.006 1607-0.987 1608-0.986 1609Log-likelihood 1610-357.83 16111249.87 16121310.42 16131326.78 16141276.18 16151251.84 16161249.06 1617Observations 16182,501 16192,501 16202,501 16212,501 16222,501 16232,501 16242,501 1625 Denotes: ***p<.001; **p<.05; *p<.10. 1626 1627 1628 1629 1630Page 47 of 471631Journal of European Real Estate Reserach1632116332163431635416365163761638716398164091641101642111643121644131645141646151647161648171649181650191651201652211653221654231655241656251657261658271659281660291661301662311663321664331665341666351667361668371669381670391671401672411673421674431675441676451677461678471679481680491681501682511683521684531685541686551687561688571689581690591691601692