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Possibilities for Romanian Valuers to Cope With The Realities of Future Real Estate Market in the Context of Sustainable Development

Irina Ana-Maria Bene

The Valuation Journal, 2013, vol. 8, issue 1, 74-91

Abstract: Energy efficiency regulations imposed in the recent years lead, in the real estate valuation field, from "if" to "when" and "how" will real estate sustainable features impact its value. A sustainable building is a building that is placed on the land tract, designed, built, operated, modernized and reused in a way that allows it to be environmentally friendly and to also ensure the efficient use of the natural resources existing onsite or nearby. The sustainable building is also called "green", "passive", "ecological", "natural" or "nearly zero" energy building. In order to facilitate the valuers to cope with the reality of future real estate market - market which must adopt and include, step by step, the above-mentioned regulations, the present article goes into the most recent specialised literature which tackles this topic, presents important elements included in the several valuation guidelines in force (of TEGoVA and RICS) regarding the sustainable buildings and their valuation, presents the contents of the specific Romanian legislation in force and proposes a mean to sample information related to the green features of real estate properties that allow to easily create specific databases which will be very useful to Romanian valuers in the near future.

JEL-codes: Q01 Q27 Q28 R32 R38 (search for similar items in EconPapers)
Date: 2013
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Handle: RePEc:vaj:journl:v:8:y:2013:i:1:p:74-91