Is energy certification really impacting real estate value?

Energy performance certificates are now a regulatory requirement in many markets and an increasingly visible factor in residential decision-making. The key question is whether they are translating into tangible value for owners, investors and lenders.

At Accumin, we analysed data from several of the markets where we operate to understand how energy certification is influencing residential value in practice. The findings show clear differences across countries.

In Spain, a recent study conducted by Tinsa España, Accumin Intelligence and IESE Business School confirms the existence of a measurable green premium. On average, each improvement of one energy efficiency letter is associated with a 1.3% increase in property value, consistent across market segments. This is the first study to objectively demonstrate this relationship in Spain. The analysis also highlights remaining challenges related to the technical quality and consistency of issued certificates.

In Germany, the regulatory framework is among the most advanced in Europe. Even so, the rate of energy-efficient refurbishment remains below target, at 0.69% per year, and adoption of efficient technologies has slowed. Market evidence points to administrative complexity and uncertainty around incentives as factors influencing renovation decisions, despite the potential for value uplift.

In Chile, the Energy Efficiency Law (Law 21.305) requires energy certification for all new residential buildings from 2025 onwards. More than 170,000 certificates have already been issued, supported by the development of green mortgage products that link financing conditions to energy performance.

In Mexico, there is still no mandatory energy certification system. Some developers and financial institutions apply voluntary standards such as LEED or EDGE, but fewer than 5% of new residential units currently fall under any recognised sustainability scheme.

Across markets, one conclusion stands out. Energy certification can influence asset value when it is robust, credible and consistently applied. Its impact depends less on regulation alone and more on technical soundness, traceable data and market confidence.