The EU taxonomy was set up to make the financial sector more sustainable, to steer investments into more climate-friendly assets and to EU climate targets. This also has a direct impact on the valuation of real estate. With the aim of combating climate change, green real estate is green properties are valued positively - and are ultimately more valuable more valuable than properties that do not meet the ESG criteria.
The criteria of the EU taxonomy thus have a direct impact on the monitoring and risk assessment of real estate, and the announcement of forthcoming of upcoming measures is already influencing market behaviour today. In 2021, 12.4 billion billion euros were invested in buildings certified as green buildings. Insurance companies, open-ended funds and closed-end funds already invested more than already invested more than half of their investment volume in certified green buildings.
Taxonomy + EU climate targets
When valuing real estate from a climate protection perspective, different criteria depending on the life cycle of the property.
For new buildings the primary energy demand must now be at least 10 % below the national NZEB standard (NZEB = nearly zero-energy buildings). lowest-energy buildings). For new buildings over 5,000 m2 sind zusätzlich Luftdichtigkeitstests, Wärmebrückennachweise und eine Lebenszyklusbetrachtung über den Treibhausgasausstoß erforderlich.
For refurbishment/renovation EU climate targets call for a saving of at least 30 % in relation to the primary energy demand or the fulfilment of legal requirements for comprehensive renovations and major refurbishments.
For acquisition existing real estate (built before 31.12.2020), energy efficiency class energy efficiency class A otherwise the building must be included in the group of the top 15 % in terms of primary energy demand of the national/regional building stock.
In addition for the assessment of the taxonomy eligibility, the DNSH-Principle (do no significant harm), according to which a property is only deemed to be taxonomy-compliant if it does not cause significant damage to environmental objectives For example, every new building project must take into account water and species protection. be taken into account. Adherence to the principles of the circular economy also plays an important role.
Valuation risk over time
The EU climate targets are ambitious, therefore the ESG criteria for the valuation of real estate are dynamic. With regard to CO2 emissions per square metre, a continuous increase in CO2 savings is planned until 2050. For the valuation of real estate, this means in concrete terms: a property that meets the criteria for CO2 emissions in 2022 and is therefore considered "green" may no longer meet these criteria as early as 2028. The building values, with regard to CO2 emissions, remain relatively stable, but the values for permissible CO2 emissions decrease annually. Those who do not take this into account when valuing real estate run the risk of miscalculation. As investors increasingly base their purchasing profiles on ESG compliance, properties that do not meet these criteria will be difficult to place on the market in the future. "Non-green" properties bear the risk of becoming stranded assets and therefore have a higher exit risk.
Natural hazard analysis
The risk from natural hazards is fortunately low in this country. Nevertheless, factors factors such as flooding, storms and heavy rainfall should be included in a holistic risk assessment of real estate. In order to correctly price these natural hazards, insurance insurance companies have developed tools that are based on available geological, geographic and geological, geographical and meteorological data sets for each location meteorological data sets for each location. With the tool K.A.R.L. Online of Köln Assekuranz, for example, risk classifications can be created using natural scientific principles and include them in the overall risk and include them in the overall risk assessment.
EU taxonomy and real estate valuation
The EU taxonomy has already permanently changed real estate valuation. The market has already reacted, the investor behaviour in 2021 cited above is a a clear signal and no reversal is to be expected here. In addition the dynamic ESG criteria for achieving the EU climate targets will further requirements for green real estate. For the monitoring and risk and risk assessment of real estate, these criteria must be taken into account for monitoring and risk assessment of real estate in order to arrive at correct and reliable valuations.
Author
Franz Muschler
Head of Property Analysis & Valuation Quality Assurance
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