PROPERTY VALUATION AND ENERGY PERFORMANCE OF BUILDINGS – APPROACHES FOR INTEGRATING ENERGY PERFORMANCE INTO VALUATION PRACTICE

With the Europe-wide introduction of the energy certification for buildings (Energy Performance of Buildings Directive, EPBD, 2002) the accurate assessment of the energy performance of buildings becomes increasingly important for property valuation. The energy certification is a means to predict the energy efficiency of a building and hence energy costs and the overall long-term investment quality of the building. With respect to rising and volatile energy costs and the fact that energy performance measurements such as energy certificates or life cycle costing (LCC) are a means to predict the energy efficiency of a building the impact of energy performance will potentially influence the market behaviour of investors, tenants and property owners. This paradigm shift and sensitizing for energy efficiency potentially will lead as well to have an effect on the property value. Therefore common ways and approaches for integrating energy performances of buildings into property valuation process will be the task for appraisers in the upcoming times. To find possibilities for integrating these issues into property valuation practice the “Intelligent Europe programme ” supports the IMMOVALUE project which was initiative by KPMG, Dr. Sven Bienert. Moreover the project aims to identify and integrate common energy performance and life cycle cos