The European Union is now also focusing on the real estate sector when it comes to climate change. With the Energy Performance of Buildings Directive, it has adopted new legislation that will have a significant impact on the real estate market.
The aim of the new regulation is to reduce the energy consumption of buildings. The directive now provides for stricter measures to achieve this. Previously, it was sufficient to have an energy performance certificate to sell or rent a property. This describes the energy standard of a residential building and provides for a rating from A (very low energy consumption) to G (very high energy consumption).
From 2030, the existence of an energy certificate will no longer be sufficient. The property must now achieve at least energy efficiency class "E" if it is to be Sold or rented out. This will set a new minimum standard from 2030. The energy requirements will continue to be gradually tightened after 2030. By 2033, the energy rating of a property should be at least class "D".
According to the real estate portal Idealista, 51.2% of the building stock is more than 40 years old, so the majority of owners need to take action: Properties that do not meet minimum standards must be renovated accordingly before they can be sold or rented out. This means that owners may have to make significant investments to bring their properties up to date. In many cases, this will result in costs that are not easy to manage. Financial support is available in the form of subsidies for replacing windows, heating systems or installing solar panels.
Author:
Dr. Dominic John Patrick Porta, LL.M.
Attorney at Law (Düsseldorf Bar Association n° 52954)
Abogado (ICAIB n° 6645)
dominic.porta@anwaltmallorca.eu
www.anwaltmallorca.eu
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