# The Influence of Energy Certification on Housing Sales Prices in the Province of Alicante (Spain)
## 1 Introduction  
High energy consumption by buildings is a global issue, and the implementation of policies promoting energy performance improvement measures is challenging. According to [PERSON], et al. [1], the European Union (EU) has taken a leadership role in this area, implementing directives [2; 3; 4; 5] and financing various energy efficiency research and innovation projects (Project SP-0165/CEENEREPC [6], EPLABEL [7], ENPER EXIST [8], SHARE [9], ASIEPI [10], RentalCal [11], RESPOND [12], CRREM [13], among others). The European directives [2; 3] establish a mandatory certification system, the so-called \"ABCDEFG qualification\", which rates buildings based on their energy efficiency, similar to the classification used for household appliances. In addition, these directives require the publication of an energy performance certificate (EPC), to be included in the documentation supplied by owners to purchasers or renters. These policies are an attempt to offer increased transparency and information to consumers, to assist in decision-making related to property purchase or rental. In Spain, these directives result from the enforcement of a series of decrees [14; 15] requiring energy certification and the presentation of an energy efficiency label in properties placed on the rental or sales market. On the other hand, the level of compliance with the directive varies depending on the specific case. In the case of real estate sales, compliance is significant, given that certification documentation is required by the notary public when formalizing a deed of sale. In the case of publishing energycertification in advertisements for sales or rentals, there is a high level of non-compliance with the directive [16]. With regard to the financed projects, studies [6; 17] have analyzed the relationship between the certification system and the property's value, in an attempt to determine whether or not properties with higher sales or rental prices correspond to those that are more energy efficient. [PERSON], et al. [6] confirmed a positive relationship between the information published on energy performance and the property's value. [PERSON], et al. [17] obtained contrary results, that is, homes that were more energy efficient did not have higher sales prices than other homes with poorer energy qualifications. However, these are not the only studies that have been conducted with this objective and that have obtained contradictory results. In studies carried out in Denmark [18], France [19; 20], the Netherlands [21; 22], Ireland [23], Italy [24], the United Kingdom [25; 26; 27] or Spain [16; 28], it has been found that homes having better ratings (letters A, B or C) have higher market prices than less efficient homes (letters D, E, F or G). On the other hand, studies conducted in Ireland [29], Norway [30] and Spain [16; 31] have obtained unexpected results. A thorough review of the literature on EPC and housing prices was carried out by [PERSON], et al. [32]. This study has two main objectives. The first is to consider the interest by real estate sellers in not publishing energy qualifications. The second is to determine the economic impact of energy qualifications on the asking prices of homes sold on the real estate market in the province of Alicante (Spain), so that it is possible to compare the results of this study with past works. The first hypothesis proposed in the study (H\({}_{1}\)), is that housing that do not publish the energy qualification are sold at prices that are similar to housing having high energy qualifications. The second hypothesis (H\({}_{2}\)) states that housing that published their energy qualifications have higher sales prices than those that do not publish them. The third hypothesis (H\({}_{3}\)) is that housing with high energy qualifications will be offered at higher prices than less efficient homes. The housing market serves major economic and social functions. Firstly, this sector is very significant in the economy of developed countries.