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The EU-Energy Directive and Real Estate Appraisal: The Case of Austria
Johann Sebastian Kann, Philipp Kaufmann, Gunther Maier
Overview
European Energy Performance of Buildings Directive
Implementation in Austria („Energieausweis“ [EA]) First results and issues Energy Directive and real estate appraisal Summary and conclusions
FUßZEILESEITE 2
EU Energy Directive
Adopted Dec. 16th, 2002, entered into force Jan 4th, 2003
Aims: protection of climate and reliable information reduction of energy use in buildings (minus 20%
through cost efficient measures) improving the total energy efficiency of buildings market transparancy energy a factor in real estate appraisal
EU Energy Directive
Content determines method of calculation (based on structural
analysis and building services) for existing and new buildings
minimum requirements for new buildings minimum requirements for large renovations inspections of heating and cooling systems at regular
intervals certification of energy efficiency
EU Energy Directive
Requirements to be implemented by member states by Jan 4th, 2006 energy performance certificate (article 7) made available at construction, sale or renting validity of max. 10 years accompanied by recommendations for the cost-
effective improvement of the energy performance „placed in a prominent place clearly visible to the
public“ in buildings with more than 1000 sqm occupied by public authorities
Implementation in Austria
Energy performance certificate = Energieausweis
Federal structure implementation at different levels
Federal level: Energieausweis-Vorlage-Gesetz (2006, in effect Jan 1st, 2008, sale and change of use)
Technical standards (methods of computation, minimum requirements, design of document)
9 federal states: building codes (construction, renovation)
Example: Residential Buildings
10kWh/m2a
15kWh/m2a
25kWh/m2a
50kWh/m2a
100kWh/m2a
150kWh/m2a
200kWh/m2a
250kWh/m2a
> 250kWh/m2a
Example: Non-residential buildings
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10kWh/m2a
15kWh/m2a
25kWh/m2a
50kWh/m2a
100kWh/m2a
150kWh/m2a
200kWh/m2a
250kWh/m2a
> 250kWh/m2a
Implementation in Austria
Issued for the building Different zones of use (living, office, restaurant)
Theoretical value with respect to a reference climate and a target temperature (20°C) Computed from shape and structure of the building,
materials, level of maintainance, etc. NOT based on actual energy use (as in Germany and
other countries) In transactions the EA has to be made available
No penalty In case of non-compliance: Energy efficiency
corresponding to age and type of building assumed
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Implementation in Austria
Necessary information: Detailed maps of the building and its parts Information about the structure (materials, walls,
insulation of walls, top and bottom floor) Information about the quality of windows and outside
doors (have they been renewed) Information about heating system (structure of
installation, type of heating) Information about water heating system (type of boiler) Information about ventilation and air conditioning
systems (non-res. buildings) Information about lighting system (non-res. buildings)
First results and issues
Missing penalty – selective incentive for non-compliance Avoid the costs Owners of buildings below average standards have no
interest to make this transparent
One size fits all instrument Value for the building does not necessarily
reflect the results for individual appartments
HWB = 68kWh/m2a
HWB = 68kWh/m2a
94kWh/m2a+38.24%
HWB = 68kWh/m2a
142kWh/m2a+108.82%
HWB = 68kWh/m2a
41kWh/m2a-39.71%
First results and issues
Quality of the available documents Depends on the age of the building Improvements often not adequately documented Does the documentation reflect the current standard? Can the qualities be investigated without damage? Technical specifications are typically missing
Important locations in the buildings are often not accessible Heating centres, technical installations Individual appartments
First results and issues
Interesting legal issue: liabilities Issuer of EA: wrong value and category; appartment vs.
building Owner for not initiating and buying an EA (use of
default) Appraiser
How to take result of the EA into account in an appraisal How to deal with non-availability of EA? Can the appraiser accept the non-availability of an EA?
All these issues will have to be resolved by court cases in the future
First results and issues
Can the EA lead to (requests for) changes in price or rent? Higher energy demand than calculated Appartment vs. building Deviation from the implicit standards of Austrian rent
regulations
Interesting case of asymmetry Requests for reduction seem more likely than requests
for increases
First results and issues
Impression from the industry Not all owners comply with the regulation Reluctance in acceptance Appraisers rarely use the EA as a source of information
in their appraisals Uncertainty in the industry
EA and sustainability The EA does not identify reasons for energy waste The EA does not provide any guidance for
improvements
Incentive structure
Energy directive and real estate appraisal
In theory, energy efficiency influences value and should therefore be a topic in appraisals.
The EA provides standardized information that should be taken into account in appraisals.
Is this the case? Empirical investigation of real estate appraisals
that are provided for order/edict court cases (available at http://www.edikte.justiz.gv.at/)
Energy directive and real estate appraisal
Results Only 12% / 22% mention
„Energie“ Most of them (49%, 69%)
for stating „EA not available“
No case where EA was available, in 1 case (June) it was a by product of the appraisal
Only 1 / 7 cases where energy was taken into account in the valuation
January June
appraisals 361 326
"Energie" mentioned 45 72
"EA not available" 22 50
INFO-A 12 8
INFO-T 6 1
Evaluation 1 7
EA generated 0 1
Energy directive and real estate appraisal
Results Energy efficiency is rarely an issue in appraisals; most
appraisals don‘t even use the term „energy“. Increase between January and June 2009 is solely
attributable to „EA not available“ Appraisers became more aware that they need to
mention the non-availability of an EA (risk of liability) In no one case an EA was mentioned as being available
for the appraisal.
Summary and conclusions
EU energy directive: ambituous initiative to save energy and improve the
transparency of the market Leaves (necessary) room for variations between
countries
Austrian implementation: Based on building characteristics Lacks penalty for non-compliance Difficult information requirements Problematic incentives and design characteristics
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Summary and conclusions
Although the EA is an issue for real estate appraisal EA not used in appraisal „Non-availability“ mentioned in few cases (not yet
standard) Energy efficiency is not a topic in insolvency related
real estate appraisal in Austria
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FORSCHUNGSINSTITUT FÜR RAUM- UND IMMOBILIENWIRTSCHAFTRESEARCH INSTITUTE FOR SPATIAL AND REAL ESTATE ECONOMICSAugasse 2-6, 1090 Vienna, Austria
a.o.UNIV.PROF. DR. GUNTHER MAIER
T +43-1-313 36-4780F +43-1-313 [email protected]
Thank you for your attention
