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The problem of potential loss of liquidity of properties in the Spanish market is associated with new EU legislation, which requires anyone selling or renting out a home from 2033 to ensure the property has an energy certification of D or higher.
Similar restrictions have already been introduced in many European countries. For example, in France it is prohibited to increase rental rates for housing with the lowest class of energy certificate from 2022, and from 2023 it is completely prohibited to rent out such properties. And the requirements are only becoming more stringent.
Another study from smart thermostat company Tado has found that Spain has the fifth-highest rate of heat loss in homes in Europe, behind the UK, Belgium, France and the Netherlands.
The key factor here is the age of the housing stock: older houses are much less energy efficient than new buildings. And in Spain there is plenty of old housing: 67.6% of houses in Spain are at least 23 years old, and 36.2% are over 43 years old.
The case is also relevant for foreign buyers. In the third quarter of 2023, the share of transactions with foreigners in Spain amounted to 15.4% of all sales, which was the second highest result after the absolute record in the third quarter of 2022 (15.9%).
The most obvious option is to purchase real estate in new buildings. Or, at least, check the building's energy certificate when choosing a property.
And in Spain you can get subsidies for repairs and energy efficiency improvements from the European Commission. You can apply for assistance at the rehabilitation bureau of your autonomous community; details are on the official website of the initiative.
Source: Realty+
Photo by Joseph Gilbey on Unsplash
