Is there a Price Premium in Electrically Zoned Houses?Evidence from Microhousing Transactions
With the accelerated construction of public charging facilities around neighbourhood residential areas,this has generated a large number of electrically zoned houses with public charging facilities located less than 2km away.For this reason,it is worth exploring whether these electrically zoned houses experience a price premium effect compared to non-electrically zoned houses.Based on 312,631 microhousing transactions conducted in Beijing between 2012 and 2020,this paper investigates the impact of public charging facilities on house prices using a hedonic price model and the generalised cohort difference in differences technique.The results indicate that access to public charging facilities can be capitalised on in real estate value,thus increasing local house prices.Compared to non-electrically zoned houses,the premium of electrically zoned houses is about 3.0％-4.4％.The premium peaks at 12.0％when the distance to public charging facilities is between 1.2 and 1.6km.This paper thoroughly examines the price premium effect of electrically zoned houses,including the improvement in air quality and traffic flow.The air quality index in the immediate vicinity of electrically zoned houses decreases by approximately 13.5％,while the traffic volume in such vicinity increases by approximately 29.2％.The results of the heterogeneity analysis reveal that in Beijing the premium effect is most significant in the districts of Mentougou,Fangshan and Shunyi(and minimal in the districts of Dongcheng and Chaoyang),in the presence of nearby subway stations and in areas with a higher population density located in the vicinity of electrically zoned houses.Among the six cities sampled,the premium effect of electrically zoned houses is most pronounced in Shanghai,followed by Beijing,and the least impact is in Tangshan.
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