‘Green’ properties cost more
Houses in the top category of energy certificates boast sale prices up to 125% higher
Houses that classify for a Category A energy certificate are sold for up to 125% more than those in the lowest category – i.e. they have not undergone any upgrade at all over the course of decades – according to a Spitogatos.gr survey.
That research was presented at the this week’s Prodexpo real estate conference by Dimitris Melachrinos, the company’s managing director, and demonstrates the great boost in value that such an investment can provide.
This discrepancy goes hand-in-hand with the price difference between newly built and old apartments, taking into account that all new buildings usually enter the upper category of the energy certificate thanks to the “bonus” in the building factor from the new construction regulations. Still, it also highlights the significant value an energy upgrade gives to a property.
The rise of energy costs in recent years has turned most households toward energy upgrading solutions, such as photovoltaic panels, heat pumps, thermal facades and other options, in order to improve the performance of the property. Such investments are also reflected in the value of each property.
In this context, based on Spitogatos.gr data, the biggest difference is shown by “green” houses in the Aegean islands (mainly the Cyclades), which are 125% more expensive than non-upgraded properties in the same areas. It is typical that a green residence is sold for 2,500 euros per square meter more! Next is the region of Attica, where the discrepancy is 101.5% and €2,213/sq.m.
Based on a recent analysis by Spitogatos.gr, the largest stock of green apartments for sale in the Athens basin is located in the southern suburbs with 44%, followed by the northern suburbs with 25% and the center of Athens with 15%. Medium-energy-class housing is more evenly distributed across the southern and northern suburbs and the city center, with the supply being smaller in the western and eastern suburbs. Half of low-energy-class homes are located in the center of Athens, followed by the southern and western suburbs.
