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The study of the relevance of energy efficiency attributes on residential choices is usually based on stated preferences, using performance indicators. However, this issue has not been researched in developing countries, where energy certification schemes have a low adoption rate. This article paper uses a methodology based on a Kansei Engineering and Kano Model to identify home buyers’ energy performance perceptions in three real estate developments in Santiago de Chile. Surprisingly, energy ratings negatively affected the survey respondents’ willingness to buy. On the other hand, the ratings indicated that the most relevant attribute for influencing the purchasing is the perception of the home as a good investment. This finding contradicts most of the studies on energy certification and shows the relevance given to the profit of purchasing new housing units. Therefore, the analyses suggest that this situation represents a decoupling of consumer perception from both the items measured by energy labels and their contribution to consumer choices.

When Residential Energy Labeling Becomes Irrelevant: Sustainability vs. Profitability in the Liberalized Chilean Property Market