TY - Generic T1 - Property and sustainability - identifying the risk gap Y1 - 2014 A1 - van de Wetering, Jorn AB -

Many studies have sought to establish the direct financial impacts of ecolabels on properties, however, it has also been proposed that the impacts of sustainability issues are more likely to manifest themselves through property risk adjustments over time, depending on the sustainability performance of buildings. Accelerated depreciation of buildings with inferior sustainability attributes may lead to new forms of sustainability-related obsolescence.Under the European Energy Performance of Buildings Directive (EPBD), buildings in the UK are assessed using energy labels (EPCs and DECs), thus providing the property market with signals regarding the energy performance of buildings. The Energy Act 2011 will make it unlawful for private landlords to rent out residential or business premises that do not achieve minimum energy efficiency standards and these will most likely include those that achieve EPC F and G ratings. This legislation is likely to impact on a significant number of buildings.Building on existing theories that investigate the impacts of ecolabels on property values, this study investigates sustainability-related risks that properties in the UK are exposed to. The study will provide a theoretical basis for the impacts that key sustainability drivers are likely to have on the property industry. It will then assess various types of building sustainability risks. Finally, the study will explore which types of properties will be most strongly affected by these risks.The results of this study provide further insights into the scope of sustainability risk-related challenges that properties may face in the future and how such risks can be identified and managed.

JA - 21st Annual European Real Estate Society Conference T3 - ERES: Conference CY - Bucharest, Romania UR - http://library.eres.org/cgi-bin/rsa98.pl?conf=ERES2014&type=session&theme=C &slot=2810 U3 - RePEc:arz:wpaper:eres2014_209 J1 - Conference 2014 ID - oai-eres.id-eres2014_209 M3 - 10.15396/eres2014_209 ER -