This study analyzes the actual transaction prices of apartments with and without green building certification located in the Seoul Metropolitan Area over a three-year period from 2021 to 2023. Employing an independent samples t-test and hedonic price models, we quantitatively assessed the effect of green building certification on apartment prices and examined annual variations. The results indicate that in general green building certification has a statistically significant positive impact, Our findings suggest that certification can influence how market participants perceive and evaluate property value, although its impact may be attenuated under conditions of heightened market uncertainty. This study offers empirical evidence of the market value of green building certification and underscores the need for policy measures to sustain its effectiveness across market cycles.
Bae et al. (Mon,) studied this question.