Nuremberg/Vienna (ots) – The current survey “Living and Living” by immowelt.at shows:
- 40 percent of Austrian owners are planning to carry out energy-saving renovations in the coming year or have already carried out one
- The most common reasons are rising energy costs (31 percent) and climate and environmental protection (24 percent).
- However, 6 out of 10 property owners are not planning to renovate – in around half of them the apartment already has a high energy standard
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 Especially in older buildings with poor insulation or outdated heating, additional costs have exploded and remain at a high level. 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.
Detailed result graphics for the “Living and Living” survey are available for download here: https://ots.de/dGWKkp
For the representative study “Living and Living” commissioned by immowelt.at, 502 people (online users) aged 18 and over were surveyed across Austria in November 2023.
You can find this and other press information from immowelt.at at https://www.immowelt.de/ueberuns/presse.
About immowelt:
immowelt is part of the AVIV Group, one of the largest digital real estate tech companies in the world.
The immowelt mission is to digitize all steps of the real estate transaction in the future in order to make it as uncomplicated and easy as possible for everyone involved. The basis for this is provided by the wide-reaching immowelt portals, which are among the leading real estate platforms in Germany and Austria and already successfully bring owners, real estate professionals and searchers together. With data-supported services, immowelt supports the uncomplicated search for a rental apartment, the effective marketing of a property and tailor-made financing of your own four walls. Thanks to decades of experience and broad real estate know-how, immowelt creates the perfect success experience for tenants and landlords, real estate professionals, property owners and buyers.
In addition to immowelt, other leading real estate online marketplaces in France, Belgium and Israel belong to the AVIV Group, which is part of Axel Springer SE.
Questions & Contact:
immowelt GmbH
Northeast Park 3-5
D-90411 Nuremberg
Press contact:
Barbara Schmid
+49 911 520 25-808
presse@immowelt.at
Contact person Austria:
Chapter Four Communications
Boris Becker
Long Lane 65/16
1080 Wien
+43 1 353 24 24 12
b.cup@chapter4.at