DeutschKey statements at a glance
- Price discount for poor energy efficiency: 20-30% of the sales price - not negotiable, but market practice
- 70-80% of sellers did not give any specific thought to energy efficiency before selling
- The problem only becomes apparent late: when interested parties ask about electricity and heating bills and the high numbers become a bargaining chip
- Payback runs through two channels: lower operating costs PLUS higher sales price
- Since 2022, the valuation logic has changed fundamentally: CO2 emissions have become a direct price factor (each kg of CO2/m²/year reduces the price by 36 cents)
In Styria, 45 percent say energy costs are the biggest challenge. In Lower Austria 43 percent. In Carinthia around 40 percent.
The worry is there. Massively so.
But there is a gap between concern and action. An expensive loophole.
Why owners underestimate the impact on the sales price
I accompany real estate sales. At the same time, I invest in real estate myself. This double perspective shows me a recurring pattern: owners systematically underestimate how much energy efficiency influences the sales price.
Of the ten owners who come to us, seven to eight have not given energy efficiency any thought beforehand. Not really. Not specifically.
You know that heating is expensive. You are annoyed about the electricity bill. But they don't calculate what that means when it comes to selling.
The problem only becomes apparent late in the process. When interested parties ask about previous electricity or heating bills. When these numbers are on the table. High. Unadorned.
Then a negotiation detail becomes a massive lever.
_The pattern:_ 70-80% of owners do not calculate what energy efficiency means when selling. The problem only becomes apparent when interested parties ask about electricity and heating bills - then a detail becomes massive negotiating leverage.
How energy efficiency is reflected in the sales price
The numbers are brutally clear.
The average price reduction for apartment buildings with the worst energy efficiency classes G and H is nowrund 27 Prozentcompared to buildings with top grades A or A+.
27 percent. Not 5. Not 10.
For Austria, the numbers are similarly dramatic: the price reduction for class B compared to the top efficiency class A is on average 11 percent. Compared to classes C and D there areup to 30 percent.
This is not a theory. This is market practice.
As an investor, I calculate differently than as a sales representative. I see both sides. When I buy a property, I factor the energy costs directly into my asking price. Not as a nice detail. As a hard factor.
An old building with a heating requirement of 100-200 kWh/m² per year costs me massively more annually than a new building with less than 50 kWh/m².I capitalize this difference backwards into the purchase price.That's exactly what all buyers do. Consciously or unconsciously.
_Key point:_ The price discount for inefficient properties is 20-30% - not as a scope for negotiation, but as a market practice. Buyers capitalize energy costs directly into their asking price.
Why the payback calculation “It never pays off” is wrong
Owners often say: "A renovation never pays off. It will take 20 years until I recoup the costs through energy savings."
This calculation is incomplete.
It only takes running costs into account. Not the resale value.
Since 2021, when energy prices rose sharply for the first time, the value of properties with poor energy performance has been falling continuously. The price difference in summer 2021 was still around 11 percent. It has now stabilized at over 20 percent.
This is not a short-term phenomenon. This is a structural market shift.
When you invest in energy efficiency, you don't just save on heating costs. You secure the value of your property. You make them sellable. At a realistic price.
The payback runs through two channels: lower operating costs plus higher selling price. Together, the payback period is significantly shortened.
_The insight:_ Payback runs through two channels – lower operating costs PLUS higher selling price. If you only calculate energy savings, you are missing half of the equation.
How buyers evaluate energy efficiency today
The Austrian population is sensitized to energy efficiency. When buying a condominium, the topic has moved up.
Markus Dejmek, Austrian head of ImmoScout24, confirms: Increased energy costs and climate change are leading to a rethink among buyers.
A study by Wüest Partner Germany shows the mechanics behind it. Between 2022 and 2025, 766 apartment buildings in Berlin were examined. The correlation coefficient between CO2 emissions and sales price was -0.36 in 2024.
Each additional kilogram of CO2 per square meter per year reduces the price by 36 cents.In 2022, this connection was barely measurable. The correlation coefficient was -0.08.
In just two years, buyers' valuation logic has fundamentally changed.
I see this in viewings. Interested parties used to ask for the energy certificate. Today they exclude properties with poor values from the outset.
The energy certificate has gone from a negotiation detail to an exclusion criterion.
_The shift:_ In just two years (2022-2024), CO2 emissions became a direct price factor. The energy certificate has gone from a negotiation detail to an exclusion criterion.
Why funding remains unused
Austrians see the most urgent need for renovation in measures to increase energy efficiency (28 percent) and to replace heating systems (23 percent).
The knowledge is there. The funding is there.
But there is a structural hurdle between awareness and implementation: the complexity of the decision.
Owners don't know where to start. Which measure brings what. Which funding fits which project. How long does implementation take?
This uncertainty leads to passivity.
As an investor, I have learned: You need a clear decision-making framework. Not a perfect solution. A feasible first step.
The funding is complex. But usable. You just have to translate them into your specific situation.
_The obstacle:_ It is not a lack of awareness that blocks implementation, but rather the complexity of the decision. Owners don’t need a perfect plan, just a doable first step.
Which measures pay off and when?
Not every energy efficiency measure pays off equally well.
From an investor's perspective, there are measures that are worthwhile even if the timing of the sale is unclear:
Insulation of the top floor ceiling.Relatively cheap. Can be implemented quickly. Immediate effect on heating costs.Replacing the heating system from oil or old gas to modern systems.High funding. Significant improvement in energy class. Strong effect on buyer perception.Window replacement with single glazing.Massive improvement in the quality of living. Noticeable reduction in heating costs. Good payback.Other measures are more complex:
Complete facade insulation.High costs. Long payback. Only makes sense for long-term personal benefit or if the sales price increases significantly as a result.Photovoltaik-Anlagen.Calculate the savings in electricity costs. But: Be careful when evaluating sales. Buyers often calculate differently than sellers.The decision depends on your situation. Are you selling in two years? Or will you stay for ten years?
It depends on. But there is a logic behind it.
_The logic:_ Measures with low costs and a quick effect (floor ceiling insulation, heating replacement, window replacement) almost always pay off. Comprehensive renovations only with a long-term horizon.
Why waiting becomes more expensive
Buildings are responsible for around 16 percent of CO2 emissions in Austria.
The legal requirements are continually being tightened.
If you wait, you lose twice. Firstly, the requirements are increasing. Second, the longer you wait, the lower the value of the property will be.
I see this as an investor: the gap between efficient and inefficient real estate is widening. Not slower.
Owners who want to “wait” are putting themselves in a worse position.
The market punishes inaction. Not immediately. But continuously.
_The dynamics:_ The gap between efficient and inefficient real estate is widening. If you wait, you lose twice – increasing requirements plus decreasing value.
When sich Investitionen in Energieeffizienz lohnen
Selling in 2-3 years
No blanket promises. But understandable logic.
Invest in measures that improve the energy class and are immediately visible. Heating replacement. Window replacement for old windows. Insulation of the top floor ceiling.
Avoid expensive complete renovations, the costs of which you will not recoup in the sales price.
Own use for 5-10 years
Calculate the amortization based on energy cost savings plus an increase in value. More comprehensive measures will be interesting. Facade insulation. Photovoltaics.
Langfristige Vermietung
Energy efficiency becomes a competitive advantage. Tenants now count the operating costs like a 13th month’s rent.
A study by real estateScout24 from 2024 shows: Houses and apartments with high energy efficiency achieve an average of 23 percent higher prices than comparable, non-renovated properties.
23 percent. That's no small bonus. This is a massive market advantage.
_The calculation:_ Energy-efficient properties achieve 23% higher prices - not a bonus, but a massive market advantage because tenants treat operating costs like a 13th month's rent.
Frequently asked questions
When does poor energy efficiency become a problem in the sales process?
The problem only becomes apparent late - when interested parties ask about previous electricity or heating bills. When the high numbers are on the table, this becomes massive negotiating leverage.
How much does energy efficiency actually influence the sales price?
The price discount for properties with poor energy efficiency (classes G/H) is 27%. In Austria the discount compared to class A is up to 30%. This is market practice, not a bargaining chip.
Is an energy renovation actually worth it?
Yes, because the payback runs through two channels: lower operating costs PLUS higher selling price. If you only calculate energy savings, you are missing half of it. The combined payback period is significantly shorter than expected.
Which measures are worthwhile even if the sales date is unclear?
Insulating the top floor ceiling (cheap, quick, immediate effect), replacing the heating system with oil/old gas (high funding, better energy class), replacing windows with single glazing (noticeable cost reduction, better quality of living).
What has changed among buyers in recent years?
Since 2022, CO2 emissions have become a direct price factor. Every kg of CO2/m²/year reduces the price by 36 cents. The correlation coefficient increased from -0.08 (2022) to -0.36 (2024). Buyers today rule out inefficient properties from the outset.
Why do so few owners take advantage of the available funding?
The problem is not a lack of awareness, but rather the complexity of the decision. Owners don't know where to start, which measure brings what, which funding is right. This uncertainty leads to passivity.
What happens if I wait to renovate?
If you wait, you lose twice: Firstly, the legal requirements are constantly increasing. Second, the longer you wait, the lower the value of the property will be. The gap between efficient and inefficient real estate is widening.
How do investors factor energy efficiency into the purchase price?
As an investor, I calculate the energy costs directly into my price expectations. An old building with 100-200 kWh/m²/year costs massively more than a new building with less than 50 kWh/m². I capitalize this difference backwards into the purchase price - as a hard factor, not as a detail.
Summary: What you need to know now
Concerns about energy costs are justified. But it doesn't automatically lead to the right action.
Seven to eight out of ten owners underestimate how much energy efficiency influences the sales price.
The hidden bill is not in the running costs. It sits in the sales price. In the negotiating position. In the saleability of the property.
As an investor and sales representative, I see both sides. The math is clear: energy efficiency is not a luxury. It is a hard value factor.
You don't have to fix everything right away. But you have to understand the mechanics.
Buyers today expect things differently than they did three years ago. CO2 has become a price factor. Energy certificates are exclusion criteria.
The decision as to whether and when to invest depends on your situation. But ignoring the decision costs you money.
The market punishes inaction. Continuously. Measurable.
Key Takeaways
- Price discount is massive:20-30% for energy-inefficient properties – this is market practice, not a matter of negotiation
- 70-80% underestimate the effect:Most homeowners don't calculate what energy efficiency means when selling
- Doppelte Amortisation:Investments pay off through lower operating costs PLUS higher sales prices
- CO2 is a price factor:Buyers' perspectives have changed fundamentally since 2022 - every kg of CO2/m²/year reduces the price by 36 cents
- Energy certificate as an exclusion criterion:Buyers today exclude inefficient properties from the outset, not just after negotiations
- Waiting becomes more expensive:The gap between efficient and inefficient real estate is widening - if you wait, you lose twice as much
- Machbare erste Schritte existieren:Ceiling insulation, heating replacement, window replacement are worthwhile even if the sales date is unclear