Climate change has marked all sectors of the economy, from investments to user purchasing methods. It is a line that calls more and more to Spaniards and they take it into account when making purchases, and the same happens when deciding to buy a home. Now more than half of the citizens who are looking for a new home would pay more to acquire a home that has more sustainable characteristics, specifically due to the energy savings that this investment will bring in the future.
Specifically, 53.3% of users who want to buy would be willing to pay an extra cost for a property that has more ‘green’ conditions. This has been reflected in a study carried out by the Fotocasa portal and the real estate company Solvia, called ‘Sustainability in the demand for housing in Spain’. On the other hand, in people looking to buy, only 10.2% say they would not accept putting more money on the table to get a home. The rest, 36.3%, assures that it came from the price at which it can be bought.
According to the spokesperson and director of studies at Fotocasa, María Matos, ESG criteria and energy efficiency are now one of the main factors that users choose when deciding on a home. “He’s still very conscious about sustainability,” she says. The study indicates that 44% of Spaniards choose a more ‘green’ house because it brings greater savings on bills. 29% of them say that they stress the importance of caring for the environment; while 34% do so because it saves on supplies and only 4% do not consider that sustainability criteria are important when buying.
In the case of purchase, 37.2% of citizens would be willing to pay up to 10% more than the value of the home to have a new home with sustainable conditions. While 29% could pay 5% more and only 13% of Spaniards would say they would pay up to 15% more of the total value of the home to make it greener. 1.7% would cede to pay more than 25% of the value, increasing from 0.3% of the data from the 2022 survey.
In the case of renting the situation is different. Spaniards who would be willing to pay a higher rent for having a more sustainable apartment is 42.7%, a figure that will decrease according to last year’s data. Those who are not willing to have more conditions and pay more are 13.9%, and 43.4% indicate that the total rental price and its conditions have arisen. In general, between rent and purchase, 45.9% of Spaniards looking for a home would pay more for a sustainable home. This figure represents a drop of 3 points compared to last year, when 49% of those surveyed were favourable.
One of the main reasons people think of putting more money toward buying a home is because buyers or renters see it as a “good investment for the future” and believe it will lower their bills in the long run. 63.4% of those surveyed think so. Just as there are others who believe that they would not pay for this type of home because sustainable materials greatly increase the total value of the home (62.8%). Even 18.4% say they do not understand the concept of sustainable housing.
“The real estate sector is responsible for 36% of CO2 emissions and 40% of energy consumption at a European level, according to data from the European Commission,” says Matos. It is for this reason that the expert believes that the sector’s mission is to begin to decarbonize and join processes that help climate change. For his part, Solvia’s brand and communication director, Víctor González, stated that in Spain, the challenge “represents a great opportunity for the development of our industry, strengthening our present commitment to improve the society of the future”.