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Forecasting residential real estate prices and energy usage in Flanders Vrije Universiteit Brussel

Alesia Gerassimenko, Lieven De Moor, Laurens Defau
Purpose – Currently, residential forecasting literature is limited with few to no forecasting papers that consider residential prices and energy consumption for the selling and rental market within a single study. The purpose of this paper is to study the prices and energy usage for both markets by combining an explanatory model with the predictions of a predictive model, which will lead to a better understanding of the forecasting results. ...

Do energy performance certificates influence time on market? An exploratory research of the residential housing market in Flanders Vrije Universiteit Brussel

Alesia Gerassimenko, Lieven De Moor, Laurens Defau
Purpose – Literature has already analysed the relation between a property’s time on market (TOM) and other housing characteristics, but few to none include the property’s energy performance certificates (EPC) and none make a comparison between the selling and rental market. This paper addresses these gaps by studying the relationship between TOM, price, and EPC in both markets.

Design/methodology/approach - By introducing a ...

The impact of energy certificates on sales and rental prices: a comparative analysis Vrije Universiteit Brussel

Alesia Gerassimenko, Laurens Defau, Lieven De Moor

Purpose: The current literature on energy certificates shows that Energy Performance Certificate labels have an important effect on real estate prices. However, interestingly, the limited studies that address the rental market find significantly lower price premiums than the sales market. The purpose of this paper is to add to this literature, by doing a comparative analysis of price premiums in the sales and rental market in Flanders ...

Influence of a Mortgage Interest Deduction on Homeownership Attainment of European Households Vrije Universiteit Brussel

Wouter Vangeel, Laurens Defau, Lieven De Moor
This article provides new European evidence about the relation between the much discussed mortgage interest deduction (MID) and homeownership. We also examine which household-group, based on income or marital status, is (mainly) encouraged via this fiscal relief to own a home. To do so, we estimate multilevel mixed-effects logistic regressions by using Eurostat EU-statistics on income and living conditions data in twelve countries over ...

Does the market value energy efficiency within EPC-labels? An analysis of the residential real estate market in Flanders Vrije Universiteit Brussel

Alesia Gerassimenko, Lieven De Moor, Laurens Defau
Purpose – The current literature has not investigated the perceived value of energy efficiency by households, regardless of financial benefits. Furthermore, there is a severe lack of research that investigates the effectiveness of the current format of EPC-labels. Therefore, our purpose is twofold: (1) to study how households value energy efficiency in the housing market, regardless of price effects and (2) to analyse the effectiveness of the ...

Exploring XAI techniques for enhancing model transparency and interpretability in real estate rent prediction: a comparative study   Vrije Universiteit Brussel

Ian Lenaers, Lieven De Moor
Black-box artificial intelligence (AI) models are popular in real estate research, but their lack of interpretability raises concerns. To address this, explainable AI (XAI) techniques have been applied to shed light on these models. This paper presents a comparative study of six global XAI techniques on a CatBoost model for Belgian residential rent prediction. Results show that while some techniques offer substitute insights, others provide ...

Credit risk downgrades and the CDS market: A wavelet analysis Vrije Universiteit Brussel

Olivier Nataf, Lieven De Moor

Purpose: This paper aims to assess the consequences of credit risk downgrades on credit default swaps (hereafter CDS) written on financial companies from two different perspectives, namely the overall stress level observed on the market and the rating agency performing the downgrade. Design/methodology/approach: The authors' study relies on several wavelet analyses performed on different subsamples of data coming from the iTraxx index, the ...

Young households’ diminishing access to homeownership attainment in Europe Vrije Universiteit Brussel

Wouter Vangeel, Laurens Defau, Lieven De Moor
This multi-country article focuses particularly on homeownership among the young. After all, relying on European Union Statistics on Income and Living Conditions (EU-SILC) data in twelve European countries, we can see that in contrast to the aggregate homeownership rate of ‘all’ households (i.e., no matter what age the households’ heads are) that has remained relatively stable, the aggregate homeownership rate of young households (with heads ...

Asset pricing dynamics in sustainable equity portfolios: Evidence from the Pakistan Stock Exchange Vrije Universiteit Brussel

Abdul Qadeer, Lieven De Moor, Ashfaq Ahmad

Financial markets are an important segment of the economy that can play a critical role in facilitating the attainment of sustainable development goals (SDGs). The equity aligned to these objectives is designed on the principles of Shariah, which are consistent with SDGs In this study, we explore the dynamics of asset pricing in equity, listed on the newly born Pakistan Stock Exchange–Karachi Meezan Index (PSX–KMI) All Share Index as ...

The influence of a mortgage interest deduction on house prices: evidence across tax systems in Europe Vrije Universiteit Brussel

Wouter Vangeel, Laurens Defau, Lieven De Moor

In a large majority of European countries, a tax relief on mortgage interest payments is granted in order to enhance homeownership. Although there is a common belief stating that a mortgage interest deduction (MID) is capitalized into house prices, empirical evidence remains scarce. Therefore, our paper is about the influence of this fiscal relief on house prices. The scope of our analysis includes fourteen European countries, for which an ...