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Christian Riester, Bax & Company, Barcelona, Spain.

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Presentation 4, Session 3
“REVALUE: integrating energy efficiency data in building valuation protocols”

Veröffentlicht in: Technologie
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Christian Riester, Bax & Company, Barcelona, Spain.

  1. 1. REVALUE: Integrating energy efficiency data in Building valuation protocols Christian Michael Riester Bax & Company Barcelona, SPAIN
  2. 2. European Ambition Less than 10% of European dwellings currently meet modern energy efficiency standards. The EU’s aim is to cut emissions from housing by 90% by 2050 – compared to 1990 levels. In order to meet their objectives, the Commission needs to increase the annual refurbishment rate, would require a significant increase of investments, estimated to be between €70-120 billion!
  3. 3. The REVALUE project Is there a link between the energy performance of residential rented stock in Europe and reported values? What is the case for financing energy efficient retrofits? Is a passive house a more appealing asset for a financiers?
  4. 4. The REVALUE project
  5. 5. Project participants ASSET OWNERS Affordable and social housing providers in 4 European countries in ~200.000 dwellings LENDERS Banks and other institutional investors involved in specific case study projects and/or finance sector representatives VALUERS Valuation professional bodies who advise on the value of assets for various purposes including, investment, financial reporting and secured lending
  6. 6. Methodology LENDERS Individual interviews and involvement in the individual investor case study on sustainability VALUERS Expert discussion groups and individual interviews with valuers in 4 different countries ASSET OWNERS Calculation of investment strategies and Regression Analysis on links between EE and Value~120,000 dwellings
  7. 7. Two Approaches 1) Regression analysis The quantitative study was undertaken by experts in Maastricht University, who investigated a limited range of portfolios belonging to housing providers, over a period of seven years (2008-2015). The study covered six portfolios in four different European countries (the Netherlands, the UK, Sweden and Germany). 2) Roundtable discussions Interviews and group discussion with housing providers, valuers, financial institutions were conducted to better understand how EE in buildings is impacting investment/lending decisions and market values. Analytical Approach In total, REVALUE covered a sample of 120,000 dwellings
  8. 8. Energy efficiency is not a dominant factor of value Location Location, size Location, size, hedonics Location, size, hedonics, Energy Efficiency %Explanationoffinal valuation
  9. 9. Energy efficiency is becoming more important In some locations, energy efficiency is increasing in importance. In the Netherlands, over 5 years, green premium and brown discount increased. Avg.ValueDifferentialsinDutch Market
  10. 10. Key Findings (1) Importance of data availability (2) Short/medium term sustainability target is compliance (3) Strategic visions and long/term investment plans are underdeveloped
  11. 11. Key Findings Obstacles • unclear policy (see the EU’s lack of clear definition for nearly zero- energy buildings) • valuers being limited by what the clients ask for • lack of comprehensive data Opportunities • new standards (such as the UK’s Minimum Energy Efficiency Standards) • increasing awareness and interest from banks • changing expectations of clients/tenants
  12. 12. Acknowledgements We would like to thank the REVALUE project partners: The REVALUE project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 649705.
  13. 13. https://timepac2019.blogspot.com/ If you would like to have more information about this presentation, please contact c.riester@baxcompany.com