DI Martina Hoffmann
FHWien University of Applied Sciences of WKW
Institute for Real Estate Management
REDESIGN OF THE REAL ESTATE
MARKET BY LEGAL REGULATION:
Impacts on the condominium
market by EAVG and EAVG 2012
Research associate of the Institute for Real Estate
Management
►
REDESIGN OF THE REAL ESTATE
MARKET BY LEGAL REGULATION:



Is it really possible to make the real estate market
energy driven by legal regulation?
What kind of results can be observed (focused on the
Viennese condominium market)?
Started in October 2012
 Still running
Energy Performance Certificate Template-law – EAVG
edited in August 3rd 2006 according to Directive
2002/91/EG

Idea: if the energy demand of buildings is transparent, the
demand for objects with good energy performance will
increase

For buildings with an issued building permit after December
31th,2005, the deadline was January 1st, 2008.
 For buildings with an issued building permit before January, 1st,
2006, the deadline was January 1st, 2009.

Consequences were weak: if no energy certificate was
submitted until the buyer or tenant has given a contractual
notice, appropriate energy performance was agreed
 As a result very few EC were available on the market and the
original idea “that buildings with good energy performance will
have a better marketing position” failed.
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FHWIEN UNIVERSITY OF APPLIED SCIENCES OF WKW
Legal Situation in Austria according to Directive 2010/31/EU
edited May19th , 2010 on the energy performance of buildings

The new Directive 2010/31/EU brought up the Energy
Certificate law 2012 (edited on April, 20th 2012 and valid since
December 1st , 2012)

in printed and electronic media
► the demand of heating [HWB]
► the total energy performance factor

penal provisions up to 1,450 EUR

obligation to submit and delivery the Energy Certificate
 right of compensation of the costs for the creation of an EC
 legal consequences of the submission: EC creator is liable for
the agreed correctness
 short list of exemptions
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FHWIEN UNIVERSITY OF APPLIED SCIENCES OF WKW
PRIVATE VIENNESE CONDOMINIUM MARKET
Situation in Vienna
According to the housing census 2001 there are
168,167 buildings
910,475 apartments and
475,423 apartments are private owned
(Statistik Austria, 2007)
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FHWIEN UNIVERSITY OF APPLIED SCIENCES OF WKW
PRIVATE VIENNESE CONDOMINIUM MARKET
► Electronic media
 Advantage of electronic media is that a large amount of

advertisements is available (more than 6000 advertisements)
Disadvantage is the high work impact, as the websites are always
changing
► Printed media
 Advantage : Fixed delivery dates and more solidity
 Disadvantage: less advertisements (about 300 advertisements)

7
week)
IMMO Kurier, which is a supplement of a well known Austrian daily
newspaper. It appears every Saturday.
FHWIEN UNIVERSITY OF APPLIED SCIENCES OF WKW
PRIVATE VIENNESE CONDOMINIUM MARKET
Before starting with the evaluation of advertisement:
What is a real estate advertisement in the context of the EAVG 2012?
Explanation in the pre- paper „Vorblatt“ EAVG 2012
(parlament.gv.at,13.04.2012)
“Addressed to concrete persons with contractual interests (e.g. prices)”
Own definition:
As soon as the advertisement shows one parameter, which is referring to a
specific object, it was counted as a real estate advertisement
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FHWIEN UNIVERSITY OF APPLIED SCIENCES OF WKW
PRIVATE VIENNESE CONDOMINIUM MARKET
not counted
counted
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FHWIEN UNIVERSITY OF APPLIED SCIENCES OF WKW
Methodology

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In order to identify the changes on the real estate market:

print media

focus on private condominium market in Vienna

definition of real estate advertisements

took three samples of the IMMO Kurier
 every sample covered a period of 6 weeks

5210 advertisements listed in the IMMO Kurier
were evaluated
FHWIEN UNIVERSITY OF APPLIED SCIENCES OF WKW
RESULTS:
PRIVATE VIENNESE CONDOMINIUM MARKET
1) November 17th,2012 to December 22nd ,2012
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FHWIEN UNIVERSITY OF APPLIED SCIENCES OF WKW
RESULTS:
PRIVATE VIENNESE CONDOMINIUM MARKET
2) February 16th ,2013 to March 23rd,2013
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FHWIEN UNIVERSITY OF APPLIED SCIENCES OF WKW
RESULTS:
PRIVATE VIENNESE CONDOMINIUM MARKET
3) May 18th,2013 to June 22nd ,2013
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FHWIEN UNIVERSITY OF APPLIED SCIENCES OF WKW
RESULTS:
PRIVATE VIENNESE CONDOMINIUM MARKET
1)
There were hardly any advertisements available that included a
positive energy marketing !!
2)
From nearly zero to more than 75%
1)
2)
3)
The last 20% – 25% belong to the
1)
2)
3)
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Market transparency is given to a certain extent
There is a need for further explanation
Definition of an advertisement
Private advertisements
Real estate agents and property developers, who just ignore the new
legal situation
FHWIEN UNIVERSITY OF APPLIED SCIENCES OF WKW
RESULTS:
PRIVATE VIENNESE CONDOMINIUM MARKET
1) Now it’s the turn of the customer to react:
Energy efficiency is seen as a social responsibility and
customers
2) The energy parameters are taken as an indicator for the
condition of the building stock.
3) Customers pay more attention to additional parameters
1)
2) Further investigations have to be done
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FHWIEN UNIVERSITY OF APPLIED SCIENCES OF WKW
Institute for Real Estate Management
Währinger Gürtel 97, 1180 Vienna
Telephone +43 (1) 476 77-5825 Fax -5704
martina.hoffmann@fh-wien.ac.at