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Low-income housing plays an important, but frequently overlooked, role in energy use reduction. Barriers persist for low-income households to participate in energy efficiency programs and adopt efficient lifestyles. However, there has been only limited research into energy efficiency barriers faced by low-income households. Existing energy research studies primarily focus on homeowners whose demographic and socio-economic profiles are likely to be very different from low-income households or renters—limiting the applicability of previous findings to low-income households. This study aims to identify and evaluate the importance of the energy efficiency barriers faced by low-income households. A questionnaire survey was conducted with 212 low-income households in Australia. After randomly dividing the data into calibration and validation samples, an exploratory factor analysis (EFA) of the calibration sample identifies four energy efficiency barrier factors of financial, decision-making, information, and split incentives. These four factors are then validated by confirmatory factor analysis (CFA) of the validation sample in terms of goodness-of-fit, reliability, and validity to confirm financial as the most highly rated energy efficiency barrier. This research contributes to bridging the knowledge gap of the energy efficiency barriers of low-income households and providing a validated CFA model as a tool for assessment. The results provide a better understanding of the barriers involved and research evidence to facilitate the formulation of policies to overcome them.

There is an increasing evidence in the literature that the average household size is declining in many western countries with people living alone more often and maintaining a single or solo household. This trend can affect the housing market in many ways including an increase in demand for housing and property prices. However, little knowledge exists on what effects singles can have on property values. This study, using a two stage least square (2SLS) regression model, estimates the impact of young (aged 34 years or less), single person households on apartment prices in Helsinki, Finland. Results show that a 1% increase of young, single person household in a neighbourhood leads to a 0.51% increase of apartment prices. This means, for example, that if young, single person household increases by 10% in an area, the average value (Є196,348.10) of an apartment increases by Є10,061. The finding implies, ceteris paribus, that the apartment market will continue to experience an upsurge if the current trend of decline in household sizes continue.

Purpose The purpose of this paper is to explore the levels and determinants of net asset value (NAV) premiums/discounts for publicly traded Australian Real Estate Investment Trust (A-REIT) market during the last decade. A-REITs were severely affected by the global financial crisis as S&P/ASX 200 A-REIT index-listed property stocks experienced 47 per cent discount to NAV, on average, in 2008–2009 crisis. Since 2013, A-REIT sector has exhibited a strong recovery from the financial crisis and traded at high premiums to date. Understanding the relationship between pricing in the public and private real estate markets has taken on great importance as A-REITs continue to trade at significant premium to NAV unlike their counterparts in the USA and Europe. Design/methodology/approach This paper follows a rational approach to explain variations in NAV premiums and explores the company-specific factors such as liquidity, financial leverage, size, stock price volatility and portfolio diversification behind the A-REIT NAV premiums/discounts. The study specifies and estimates a model of cross-sectional and time variation in premiums/discounts to NAV using semi-annual data for a sample of 40 A-REITs over the 2008–2018 period. Findings The results reveal that A-REIT premiums to NAV can be explained not only by the liquidity benefit of listed property stocks but also positive financial leverage effect. During the past decade, A-REITs have followed an aggressive approach in financing their growth by using borrowed funds to purchase assets as the income from the property offsets the cost of borrowing and the risk that accompanies it. Debt-to-equity ratio has to be considered as an important source of NAV premiums as highly geared A-REITs that favoured debt financing over equity financing traded at significant premiums to NAV of their underlying real estate assets. Practical implications The paper includes implications for the REIT market investors. The regression analysis shows that specialty A-REITs with a focus on creative market niches traded at higher premiums compared with other property stocks, especially in the post-GFC recovery period. Specialty REITs are more highly valued by the market than their traditional specialised counterparts (e.g. office and retail REITs), and those pursuing a diversified strategy. Originality/value This paper presents an Australian case study as the A-REIT market provides a suitable environment for testing the effect of financial gearing on the REIT premium to NAV. The study provides empirical evidence supporting the importance of debt-to-equity ratio in explaining the variation in A-REIT NAV premiums.

PurposeThe purpose of this paper is to evaluate the impact of beneficial externality generated by the World Heritage List (WHL) on residential property values in order to offer new insights into heritage discourses.Design/methodology/approachThe study uses the hedonic price model to estimate empirically the difference in prices for residential properties located in the Old Rauma World Heritage. The study uses residential sales transaction data from the City of Rauma from January 2005 to September 2012 drawn from an online database called KVKL Hintaseurantapalvelu managed by the Central Federation of Finnish Real Estate Agencies.FindingsThe research results indicate a positive, but insignificant, relationship between the property sale prices (euros/sqm) and heritage designation. However, the total sale prices are higher in Old Rauma as the properties are significantly larger in Old Rauma compared to other properties in Rauma.Originality/valueStudies in heritage economics have assessed the influence of the property market on heritage listing and designation at either the national level, the local level or a mix of national/local levels. This paper contributes to the literature by analysing the impact of a United Nations Educational, Scientific and Cultural Organisation (UNESCO) world heritage designation on residential property values. UNESCO is the leading global institution which deals with the protection of heritage sites that transcend national and local boundaries.

Increasing the adoption of energy-efficiency measures (EEM) by households is one of the practical strategies to increase energy efficiency and reduce greenhouse gas emissions. For the 3.24 million low-income households in Australia, partly due to their potentially disproportionately large waste of usable energy, there is a gap between the potential for energy efficiency through existing EEM and the actual energy-efficiency level. Many measures increase energy efficiency in buildings; however, barriers persist for such households to adopt these measures, of which limited research has yet to be conducted. In response, this study examines the relationships involved by a questionnaire survey of 212 low-income households in Australia, showing that financial barriers have the greatest influence followed by split incentive barriers, with the provision of information having no significant role to play. This paper contributes to filling the gap of limited energy-efficiency research involving low-income households, revealing the effect of energy-efficiency barriers on their adoption of EEM.

Purpose - The purpose of this paper is to discuss residents' views of social and physical environments in a co-housing and in a senior housing setting in Finland. Also, the study aims to point out important connections between well-being and built environment.Design methodology approach - The data include interviews and survey responses gathered in the cases. The results and analysis are presented at different case study levels, with the discussion and conclusions following this.Findings - The findings show that the physical environment and common areas have an important role to activate residents. When well-designed common areas exist, a higher level of engagement can be achieved by getting residents involved in the planning and running of activities.Research limitations implications - This paper discusses residents' experiences in two Finnish housing settings and it focuses on the housing market in Finland.Practical implications - The findings encourage investors and housing operators to design and invest common areas which could activate residents and create social contacts. Also, investors have to pay attention to the way these developments are managed.Originality value - This study is the first to investigate the Finnish co-housing setting and compare social and physical environments in a co-housing and a senior house.

Purpose Even as many countries are facing changes in demographic profile and new types of senior housing developments are becoming more important, there is limited evidence for the development impact of a senior house on surrounding residential property values. The purpose of this paper is to address the void in knowledge, investigating the impact of senior house developments on apartment values in Tampere, Finland. Design/methodology/approach To specify valuation effects of proximate senior house development projects, advanced research design combining propensity score matching procedure and hedonic pricing models is used. Findings The results show that a senior house development has a significant positive impact on proximate residential property values within a 500 metre radius. The impact is found to be the highest in underdeveloped neighbourhoods. Nevertheless, in neighbourhoods where property values and demand for housing units are higher and senior house developments fall into the criteria of infill development, a premium is lower, but still statistically significant and notable in magnitude. Research limitations/implications This paper studies apartment values only in Tampere, Finland, and it is important to notice that local regulations and market conditions may have a notable impact on the outcomes from senior house developments. Originality/value This study is the first of its kind to address a number of empirical issues and provide with statistically significant evidence for positive impacts from senior house developments – encouraging investors and developers to build senior houses.

This article examines whether cluster analysis can be used to identify groups of Finnish residents with similar housing preferences. Because homebuilders in Finland have been providing relatively homogeneous products to an increasingly diverse population, current housing may not represent the occupiers' preferences so a segmentation approach relying on socioeconomic characteristics and expressed preferences may not be sufficient. We use data collected via questionnaire in a principal component analysis followed by a hierarchical cluster analysis to determine whether different combinations of housing attributes are important to groups of residents. We can identify four clusters of housing residents based on important characteristics when looking for a house. The clusters describe Finnish people in different phases of the life cycle and with different preferences based on their recreational activities and financial expenditures. Mass customization of housing could be used to better appeal to these different clusters of consumers who share similar preferences, increasing consumer satisfaction and improving profitability.

One imperfection in housing markets is imperfect knowledge about legal interests such as ground leases. Both actual reduced legal interest as well as uncertainty surrounding rights and future lease payments for houses constructed on leased land may affect prices relative to houses built on freehold land. We use regression analysis of sales prices of condominium transactions in Helsinki to examine the effect ground leases have on house prices. We find that prices on condominiums constructed on leased lots are discounted at least 5 %, on average. In addition, we see that the announcement of potentially large increases in base rents upon renewal contributes to the discount.

Purpose – The purpose of this paper is to discuss the relation between dissatisfaction with housing conditions and considering moving among residents of Finnish rental multifamily buildings. The paper examines physical attributes, socioeconomic factors, and subjective opinions related to housing conditions and satisfaction with housing. Design/methodology/approach – Logistic regression analysis is used to examine survey data to analyse which factors contribute to dissatisfaction with the housing unit and the apartment building and whether dissatisfaction is related to consideration of moving. Findings – The findings indicate that dissatisfaction with the building and individual housing unit are associated with greater probability of considering moving. Satisfaction with kitchen, living room, storage, and building age are the most important indicators of satisfaction with the housing unit, and satisfaction with living room, bathroom, storage, and building age are associated with satisfaction with the apartment building. These are the areas in which landlords could invest in renovations to increase satisfaction in an attempt to reduce turnover. Research limitations/implications – The study is conducted with Finnish data only. The sample is not a representative sample of the Finnish population. A longitudinal study would be needed to determine whether dissatisfied residents indending to move actually change residence. Originality/value – This study is the first of its kind in the Finnish housing market. It tests a general model that has been suggested to be customized to local conditions. In addition, much of the research on this topic is more than 20 years old. Examination of the model under current housing and socioeconomic conditions is necessary to determine if relationships have changed over time.