Residential buildings account for a significant proportion of all emissions of greenhouse gases. It is the aim of EU policy to reduce emissions by up to 95% by 2050. This means that the energy efficiency of the stock of residential property will need to improve dramatically. But will such improvements be rewarded in the property market?Using a dataset of Belgian property listings from 2012, this research explores the extent to which energy efficiency is rewarded in the various sales and lettings segments of the Belgian property market. The study further investigates whether the premium to energy efficiency varies across Flanders, Wallonia and Brussels. Lastly, the detailed natured of the CPEB energy efficiency rating and large dataset allow an investigation of non-linearities in the energy efficiency premium, a heretofore unexplored aspect of the relationship between energy efficiency and accommodation costs.