Energy Performance Certificates (EPC) in Cyprus real estate
Energy is fundamental to our lives. And especially for the proper functioning of our homes. Today, Cyprus real estate industry considers the importance of reducing energy consumption based on a wide range of measures. Among them, we find the use of renewable energy when constructing a building, a house, or a villa. In this context, the real estate market is increasingly committed to measures that allow the reduction of greenhouse gases. And there is the fact that we must consider: in the European Union, the energy consumption of buildings represents more than 40% of the total energy consumption.
Today, an excellent real estate agent is trained and informed about everything related to efficient energy management. And this is how the Cyprus marketplace evolves at the rate of investment opportunities, offering those interested in properties for sale the best information.
The law is evident and has an established classification for buildings. This classification shows the efficiency of electricity consumption on a scale. And it is related to the environmental impact. So, what is that is being measured? The environmental impact and its rating regarding the release of carbon dioxide into the environment.
Since 2010 it is mandatory in Cyprus to present Energy Performance Certificates (EPC). This regulation grants different qualifications, depending on the year in which the properties were built. The owners of a property in Cyprus are responsible for the place where they live (or rent) and at the same time subject to a penalty if they do not present the certificate above.
In this context, it is the responsibility of the licensed estate agents to verify that these regulations are respected. If they do not, they can be fined up to € 30,000. In any case, it is essential to know what year each property is from and how it must comply with the requirements mentioned above. This is how it is promoted that licensed real estate obtain the corresponding EPC when selling a property. It is worth noting that houses, villas, or apartments with a covered area of less than 50m2 are exempt from paying this tax.
To comply with the proposed regulations, you must send relevant information about the property: plans, maps, and other similar details. The process includes a hundred controls that later allow us to arrive at a final evaluation. The equation is so complex that it provides data that has to do with the age of the home, type of construction, enclosure system, lighting, cooling, heating, and several more. The procedure lasts several days; it can even reach a week.
As we said, the energy performance of a property is key to conserving the environment. Perhaps in the short term, progress is not seen, but it is all about a long-term projection. At the same time, it is crucial to carry out the corresponding supervision and maintenance, which allows maintaining the standards set by government authorities.
All actions are summarized in a document called an energy performance certificate. Either for an entire building or just for an apartment. The same happens with a house, with a villa, or with commercial properties. For now, the goal is that from 2021 all buildings will be practically zero energy. Through a subsidy scheme, it is sought that the new developers of significant investment contemplate all the established regulations.
In short, the recommendations consist of making the necessary improvements. Keep in mind that old properties or luxurious properties will need special attention. But all at the end of the road must comply with only one thing: current regulations.
The EPC is valid for ten years and costs 2.50 euros per square meter. In any case, the technician's evaluation may influence the final consideration of the value of the certificate. The important thing is to know that for the times, we need to build from this approval. It is not just about complying with the law; it is about having the awareness that we all want to conserve the planet and live in a better world.