Financial
As you would expect as a member of the European Union, real estate in Spain will also be affected by the new European legislation regarding energy efficiency, sustainability and sustainability, in short the mandatory energy certificates for real estate, for both houses and apartment complexes.
Further down in this article you will read that there is nothing wrong with new construction. The new construction homes, both apartments and villas on the Spanish Costas, already meet all future European requirements regarding energy consumption and sustainability for the future.
In practice, the existing housing market is confronted with a completely different story. And strangely enough, little attention is paid to this or the item is even completely concealed, or not raised, by the providers of existing homes and apartments for resale. Further down in this article you can read more about the energy certificates of old(er) villas and apartments in Spain. In practice, you can say that there will be no problem at all with a property built after 2007-2010. However, if the property was built before this period, it can be a completely different story.
At Sublicasa, we have been informing our customers for years about this possible problem and the long-term dangers when purchasing older properties. And of course, especially about the financial impact in the long term in connection with the renovation costs, which are often forgotten when purchasing older real estate in Spain.
Research has shown that in Spain 80% of real estate currently does not meet the climate requirements of the European Union and has an energy label lower than E. These properties will have to be renovated to meet the new standards. This means that 4 out of 5 existing buildings will require significant renovations.
In March 2023, the European Commission approved this new law. The energy labels awarded range from A to G.
The aim is to have all homes in the European member states emission-free by 2050.
From 2030, all buildings will have to have an energy label E, and then all residential buildings will have to meet class D. Classes F and G are excluded.
By 2033, all homes, houses and apartments in Spain that are rented or sold must have at least a D energy certificate, or lower.
If the energy class of your Spanish home or residential complex does not meet the established requirements in the future, this does not mean that the building will be demolished. But the necessary renovation work, read expensive investments, will have to be carried out to meet the standards. The installation or improvement of, among other things. insulation, double glazing, installation of heat pumps, solar panels, …
When you are thinking of investing in the purchase of an existing property on the Spanish Costas, it is therefore highly recommended to take into account the new European legislation on energy consumption and sustainability.