Energy costs remain high almost two years after the start of the war in Ukraine. Especially in older buildings with poor insulation or outdated heating, additional costs have exploded and remain at a high level.
The current survey “Living and Living” by immowelt.at shows:
Many owners want to counteract this or have already done so, as the current “Living and Living” study by immowelt.at shows: 17 percent of Austria’s owners have renovated their apartments to make them more energy efficient in the past 12 months. Another 23 percent are also planning an improvement in the coming year. This means that 4 out of 10 owners are ready to improve the energy standard of their own four walls or have already done so.
The majority of property owners finance the renovation costs out of their own pockets. However, 22 percent of those owners who have already renovated had to take out a loan to do so. Borrowed capital is often necessary for expensive renovations, such as replacing the heating system, where the costs can quickly reach five figures. The proportion of borrowers is only slightly higher among those property owners who plan to renovate within the next year. One in four respondents (25 percent) will need a loan for the upcoming modernization.
Rising energy costs as a driver for renovation
The main reason why many owners have already modernized their properties or are planning to do so is the increased energy costs. 31 percent of those surveyed who wanted to renovate stated that they expected the prices for electricity and heat to continue to rise and were therefore modernizing their apartment. In particular, the expiry of the electricity price cap at the end of June next year and the continued tense situation on the natural gas market could be cause for concern.
In addition to the fear of rising prices, climate change is also driving many owners to renovate: almost one in four property owners (24 percent) cited climate and environmental protection as a key reason for investing in better energy efficiency.
A further 19 percent stated that they are renovating or have already renovated so that they can live as self-sufficiently as possible and, conversely, are no longer at the mercy of rising energy costs. 11 percent cited government funding as the main reason. 8 percent want to maintain or even increase the value of their properties by converting them to be as energy efficient as possible.
The majority are not planning any renovations in the short term
Although a significant proportion of Austria’s property owners are in favor of energy-efficient renovations, the majority are not planning to make any changes to their own homes, at least in the short term. 60 percent of the owners have not planned any renovation work to improve the energy balance in the next 12 months. Main reason: Almost half of them (49 percent) are of the opinion that their own property is already in a good energy standard and that further measures are not currently necessary. A further 18 percent have not yet thought about the issue of energy efficiency or have not yet seen the need for it. Only just under one in six (16 percent) do not want a new heating system, better insulation or more insulated windows for financial reasons.
2023-12-02 18:04:23
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