General trends towards sustainability and constantly rising energy prices amplify the need to focus on energy efficiency and a life-cycle perspective of the property in the future. This background given, the project IMMOVALUE aimed at integrating energy efficiency and partly other sustainability aspects into property valuation standards. In a first step, the project team developed solid “modified” valuation approaches. In a second step, the approaches have been checked through a series of pilot project valuations and through a comprehensive expert reviewing process with direct involvement of relevant association for property valuation, such as RICS, the Royal Institute of Chartered Surveyors, and the European Group of Valuers’ Association (TEGoVA). In the third step, the newly developed standards for property valuation have been disseminated to the market.
Project duration: September 2008 – June 2010
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