Christian Riester, Bax & Company, Barcelona, Spain.
Integrating energy efficiency data in
Building valuation protocols
Christian Michael Riester
Bax & Company
Less than 10% of European dwellings currently meet modern energy efficiency
The EU’s aim is to cut emissions from housing by 90% by 2050 – compared to 1990
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!
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?
Affordable and social
housing providers in 4
European countries in
Banks and other
involved in specific case
study projects and/or
Valuation professional bodies who advise on the value of
assets for various purposes including, investment,
financial reporting and secured lending
Individual interviews and
involvement in the individual
investor case study on
Expert discussion groups and
individual interviews with
valuers in 4 different countries
Calculation of investment
strategies and Regression
Analysis on links between EE
and Value~120,000 dwellings
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
decisions and market values.
In total, REVALUE covered a sample of 120,000 dwellings
Energy efficiency is not a dominant
factor of value
Energy efficiency is becoming more
In some locations, energy efficiency is increasing in importance. In the Netherlands,
over 5 years, green premium and brown discount increased.
(1) Importance of data availability
(2) Short/medium term sustainability target is compliance
(3) Strategic visions and long/term investment plans are underdeveloped
• unclear policy (see the
EU’s lack of clear
definition for nearly zero-
• valuers being limited by
what the clients ask for
• lack of comprehensive
• new standards (such as
the UK’s Minimum Energy
• increasing awareness and
interest from banks
• changing expectations of
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.
If you would like to have more information about this
presentation, please contact
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