(Finance) – Today I would like to talk about the contested one European directive on energy efficiency of real estate. This proposal for a directive will arrive on 9 February at the Industry and Energy Commission of the European Parliament. And as always, let’s go by points:
1 – The CASA GREEN legislation
Given that currently the energy classes of the properties are ten: let’s go from Gthe least efficient, to arrive to A4the most efficient, the directive in question in fact provides that the buildings reach at least the class And by 2030 and then the class D by 2033. The aim is to push the owners to carry out energy efficiency interventions on their homes, intervening on boilers, thermal coats, fixtures and so on.
2 – The problem of the value of real estate
It is quite clear that the expected obligations by the directive they are perfectly capable of depleting the value of real estate in the lower energy classes. And this, probably, not since 2033, but immediately. It is clear that the purchase price of a class G property will already discount the need to intervene with an energy requalification of the property.
3 – The Italian situation
Definitely more the Italian scenario is worrying as part of our residential stock is quite aged and therefore not particularly energy efficient. More specifically the 35% of homes in Italy are in coffers G and 26% are in class F. ANCE, the association of builders, reminds us that out of 12 million of real estate residential well 9 million should be restructured to be in line with the directive in question.
4 – Banks and guarantees
The value of the property is not the only problem and, in fact, the directive in question affects a real estate market already stressed by the increase in interest rates, also in terms of mortgage and land loans disbursed by banks. It is clear that the directive could force the bank to adopt a very cautious attitude in acquiring a property in the low energy range as a guarantee, precisely because of the risk of a depreciation of its value. And it cannot be ruled out either that the ECBworried by the possible fluctuation in the value of the guarantees acquired by the bank, intervene directly on the Institutesat best with one moral suasion aimed at limiting the purchase as collateral of buildings that are not energy efficient, in the worst case scenario with specific provisions in the face of guarantees considered more dancers.
Conclusions
In the current multiple crisis scenario it appears essential that the government continue to make every effort to prevent this directive from hitting our real estate sector in the throat and the savings of Italians, also because the ecological transition must be absolutely supported, but Taliban environmentalism can leave very deep wounds, it will be necessary to recall in this regard that in a first draft the directive in question provided for the insane ban on renting or selling homes that were not in line with the energy classes of the directive.