RenoValue is a 2-year project funded by the Intelligent Energy Europe Programme of the European Union.
The project has developed a training toolkit for property valuation professionals on how to factor energy efficiency and renewable energy issues into valuation practices, understand the impact of building performance and property values and advise their clients accordingly.
Empirical studies consistently show that within several markets around the globe property pricing differs between buildings with “green features” and buildings without them.
Evidence shows that these features are translating into higher value in the form of:
- increased rental rates
- higher sale prices
- increased occupancy rates
- lower operating expenses
- faster marketing-times
- higher net operating income
- lower capitalization rates
- in case of commercial building, increased workers’ productivity
The Project consisted of two closely interrelated phases to reach one goal: to provide practising valuation professionals with the necessary knowledge and skills to appropriately factor sustainability into their work and advise their clients accordingly.
- PHASE 1
Assessment of stakeholders’ expectations and needs regarding the quality and content of valuation reports. This assessment was done through national roundtables in 7 countries (United Kingdom, Germany, Poland, Italy, Belgium, the Netherlands and Sweden)
Assessment of availability, quality and reliability of information sources for valuation professionals in each of the 7 target countries (EPCs, transaction data and information on building qualities and performance)
Creation of a European Valuation Steering Group (EU VSG)
- PHASE 2
Development of the training material based on the findings of phase 1
Piloting of the training material among practising valuation professionals and, in the long term, permanent inclusion into the RICS’ Online Academy.
- Bundestministerium fur Verkehr, Bau und Stadtentwicklung (Germany)
- Tecnoborsa and PSRWN
- Gleeds, Colliers and TÜV SÜD ImmoWert GmbH
- Thomas Daily
- Building Research and Information (BRI)
- Honest Buildings (HB)
- Buildings Performance Institute Europe (BPIE)
- Hermes Real Estate