Fear of high costs and uncertainty about the heating law are pushing down prices for houses with high energy consumption. The discount on properties with the best energy efficiency has recently increased again, according to new data from real estate specialist Jones Lang LaSalle (JLL).
In the second quarter, the price difference between apartment buildings with the best energy efficiency classes A/A+ and those with the worst classes G/H was on average a good 27 percent. In the first quarter, it was still around 25 percent.
On average across all energy efficiency classes, the price discount compared to buildings with the best energy efficiency was 20 percent – after 16.7 percent in the previous quarter. The price discount was calculated in the analysis, which is exclusively attributable to energy-relevant features.
High costs for renovation
Buyers of properties that have not been renovated to improve energy efficiency often face high maintenance costs. Although these have eased recently, they are still well above inflation and construction cost trends, JLL explained.
The rapid decline in the value of houses with high energy consumption began in the second half of 2021. With the rise in electricity and gas prices, the energy efficiency of properties became increasingly important for buyers, and the Heating Act is also causing uncertainty.
Gap opened with energy price inflation
As a result, the price gap between energy-efficient, often new residential properties and existing buildings with a poor energy balance has widened. In the summer of 2021 – before the start of the Ukraine war and the skyrocketing energy prices – the price difference between the best and worst energy efficiency was around 11 percent, according to JLL. Over the past few quarters, the discount has stabilized at a high level.
For the analysis, JLL regularly evaluates around 5,000 data sets from apartment buildings. They are usually rented out by professional investors, some are owned by private landlords. According to JLL, the price reductions for single- and two-family houses tend to be somewhat higher, as owner-occupiers have to bear the higher energy costs directly, whereas in a rented apartment building these can be passed on to the tenants.
© dpa-infocom, dpa:240908-930-226287/1
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