Energy upgrading of empty houses drags market value up to 45 per cent

It's not just the energy savings. The energy upgrading of empty homes drags the market value up by up to 45%. Not only that, the positive effects, as revealed by an analysis conducted by Enea and Mce Lab, have repercussions on both tourist and residential rents, thanks to lower bills, greater living comfort and more efficient air conditioning systems.

The study assessed the actions needed to valorise and put back on the market around 10 million empty flats in Italia (equal to about 27 30% of the national real estate stock), considering costs, technical interventions and potential return opportunities.

"Most of these properties were built before 1980 and need energy and regulatory adjustments to become attractive on a market that is increasingly oriented towards green and smart homes," emphasises Nicolandrea Calabrese, head of ENEA's Energy Efficiency in Buildings and Urban Development Laboratory. "Despite the improvements recorded between 2018 and 2023, with an increase in class A buildings from 7.8% to 11.3%, about 70% of the real estate stock in Italia remains in the three worst energy classes. However, this is not all because, according to the expert, "tax incentives, Ecobonus, Bonus Casa and Conto Termico 3.0 covering up to 50% of the costs of insulation, window frames, heat pumps and photovoltaics" can make a difference on this front. Moreover, 'in turn, these interventions allow the investment incurred to be recovered through bill savings that can exceed 50%'.

In the study, the researchers examined, among other things, energy efficiency measures for residential buildings and estimated the related investments, using Ecobonus data sent to Enea. It ranges from an average cost of 170 euro per square metre for thermal insulation of upper components to 200 euro per square metre for wall insulation. The cost of replacing window frames is, on average, 900 euro per square metre.

The analysis went on to illustrate three concrete examples that 'show how energy upgrades can increase the market value of real estate by up to 45 per cent, with benefits also on tourist and residential rents, thanks to lower utility bills and greater living comfort'. An example? For a flat in Milan, initially in class G, the initial sale value of 4,000 euro per square metre, after a class B redevelopment, can reach 5,800 euro per square metre, while the rent can reach 220 euro per square metre.