Millions of Greek property owners could face the ominous prospect of witnessing the value of their assets completely wiped out due to a mandatory transition to almost zero energy consumption buildings until 2050, according to the president of the Hellenic Property Federation (POMIDA), Stratos Paradias.
Talking to Ta Nea, Paradias, who heads Greece’s national organization of immovable private property and building owners, warned that millions of property owners are at risk of facing depreciation of their assets in the coming years due to the inability to finance the mandatory energy upgrades of their buildings.
At least 4.5 million residences should be converted into nearly Zero Energy Buildings (NZEB) by 2050 (out of the existing total of 4.6 million residences/Long-Term Renovation Strategy/Government Gazette B 974/2021), according to the Campaign Manager for Climate and Energy at the Greek office of the environmental organization Greenpeace, Kostis Grimanis.
“For this reason, the implementation of ambitious and forward-looking targets for improving the energy efficiency of homes by 2030 is required. Specifically, the conversion of at least 1.5 million residences to NZEB by 2030,” he added.
Grimanis points out, however, that this goal seems unattainable at this phase, even if the long-term benefits for both the financial gains and the environment are evident.
Paradias is sounding the alarm of an “impending social tragedy,” as he claims, adding that this practically means the housing shortage will intensify, as millions of buildings would be legally removed from transactions (primarily leasing/rentals) despite the increasing demand for housing, especially from young couples.
According to the POMIDA president, apart from the high tax rates that make renting unprofitable and the high cost of renovating properties to re-enter the market, the dominant problem will soon be the mandatory energy upgrades imposed by a new EU directive. National governments will enforce these upgrades, making it a challenge for property owners to rent them out again.
According to the revised Energy Performance of Buildings Directive (EPBD), each EU member-state should adopt its national roadmap to cut the average use of primary energy building consumption by 16% in 20230 and 20-22% by 2050.
Furthermore, according to the directive, national measures should ensure that at least 55% of the reduction in average primary energy use is achieved through the renovation of buildings with the worst performance.
Member states will develop national renovation plans to determine the national strategy for decarbonizing the building stock and addressing remaining barriers, such as financing, training, and attracting more specialized workers.
Source: tovima.com
Latest News
Athens Int’l Airport: 16.2% EBITDA Increase and 16.5% Passenger Growth in Q1 2024
Following the strong performance in the first quarter, the company revised its annual passenger traffic forecast for 2024 to 29.9 million passengers, a 6.3% increase (or roughly 1.8 million passengers) from 2023 levels.
Oxford Economics Report: Greek Economy is Just Below Risk Zone
However, the report points to a persistent challenge in the form of commercial credit risk, which remains high at 8 out of 10, ranking Greece 104th internationally
Deadline for Postal Vote Registration Expires on Mon.
More than 157,000 Greek citizens had registered on the relevant online platform so far
Orthodox Palm Sunday Today; Shops Open in Greater Athens-Piraeus Area
Orthodox Holy Week begins on Monday, April 29, and ends on Sunday, Easter Sunday or Great and Holy Pascha (May 5)
Greek Retailers Remain Optimistic About Easter Shoppers’ Turnout
While stores are expected to be open on Sunday, April 28, the majority of Easter shoppers will likely do their shopping during the Holy Week, following the deposit of Easter bonuses
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022