Investment In Sustainable Buildings:
The Role Of Green Building Assessment Systems
In Real Estate Valuation
Author(s)
S. Geissler & M. Groß
Abstract
In Austria, the building sector accounts for more than one-third of energy
consumption and material flows. There are several instruments to improve
building quality in terms of environmental performance, such as building codes,
subsidies, and voluntary building assessment schemes. In this paper, the focus is
on mandatory and voluntary building assessment schemes and their role in real
estate valuation. Real estate valuation is based on calculation methods and on the
assessment of market demand. Therefore, if there is a demand for energy
efficient and sustainable buildings on the market, high performance buildings
will be better valued than average buildings. Building assessment schemes serve
to create awareness for the benefits of high performance buildings, thus
increasing the market demand. However, work is also done on further
developing real estate valuation calculation methods, in order to identify risks for
future valuations that might be connected with, for example, the energy
consumption and material properties of the respective building. This paper
presents the findings of a project on further developing real estate valuation
methods by taking environmental performance into account. It describes the
voluntary building assessment schemes and the mandatory energy certification
scheme applied in Austria, and then puts focus on the guideline for appraisers
developed in the project. The guideline provides support on how to consider
energy aspects and other sustainability aspects in building valuation.
Keywords: Austrian green building assessment scheme, TQB assessment, real
estate valuation.
Keywords
Austrian green building assessment scheme, TQB assessment, real
estate valuation
Related Book
Other papers in this volume
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