How Energy Retrofit Maintenance Affects Residential Buildings Market Value?

Umberto Mecca, Giuseppe Moglia, Paolo Piantanida, Francesco Prizzon, Manuela Rebaudengo and Antonio Vottari
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Umberto Mecca: Department of Structural, Geotechnical and Building Engineering, Responsible Risk Resilience Centre, Politecnico di Torino, Corso Duca degli Abruzzi 24, 10129 Torino, Italy
Giuseppe Moglia: Department of Structural, Geotechnical and Building Engineering, Responsible Risk Resilience Centre, Politecnico di Torino, Corso Duca degli Abruzzi 24, 10129 Torino, Italy
Paolo Piantanida: Department of Structural, Geotechnical and Building Engineering, Responsible Risk Resilience Centre, Politecnico di Torino, Corso Duca degli Abruzzi 24, 10129 Torino, Italy
Francesco Prizzon: Interuniversity Department of Regional and Urban Studies and Planning, Responsible Risk Resilience Centre, Politecnico di Torino, Viale Mattioli 39, 10125 Torino, Italy
Manuela Rebaudengo: Interuniversity Department of Regional and Urban Studies and Planning, Responsible Risk Resilience Centre, Politecnico di Torino, Viale Mattioli 39, 10125 Torino, Italy
Antonio Vottari: Department of Structural, Geotechnical and Building Engineering, Responsible Risk Resilience Centre, Politecnico di Torino, Corso Duca degli Abruzzi 24, 10129 Torino, Italy

Sustainability, 2020, vol. 12, issue 12, 1-18

Abstract: By now, it is clear the built environment could play an important role in fighting climate change, since it accounts for around 39% of global energy-related carbon emissions. Generally speaking, Italian residential stock is over 50 years old and around 16% of that needs large interventions due to its poor maintenance condition. So, the maintenance in this context can play a pivotal role in acheiving both energy efficiency and asset valorization. Introduced by a reference framework for the question in the title, this paper presents the case study: a portion of a working-class neighborhoods near the metropolitan city of Turin, marked by very recurrent typologies for the period (early seventies). The local real estate market is discussed to investigate the extraordinary maintenance impact on the property values: the paper considers the market value increase due to the energy class upgrade and the external look improvement. Individual owners putting money on this group of works get a very cost-effective investment and take advantage of Italian legislation supporting these kinds of interventions: the whole is greater than the sum of its parts and in turn greater than the cost assumed for the renovation work.

Keywords: energy efficiency; existing buildings; maintenance; real estate appraisal; market premium price; façade recladding; envelope retrofitting (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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