Intelligent

Energy Europe

2016

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RICS Red Book (2014)

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: Royal Institution of Chartered Surveyors (RICS), 2014,

RICS Valuation Professional Standards January 2014, Valuation
Practice Statement 4, p. 59

1.

2. &

3.
4.
5. &

6.

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( )

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(CSR)

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IPCC,
:

~ 32 %

~ 19 %

~ 33 %

,
2050!

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,
&

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,
&

(..)

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...
!
: Bio Intelligence Service, Ronan Lyons and
IEEP, 2013, Energy performance certificates in
buildings and their impact on transaction prices
and rents in selected EU countries, Final report
prepared for European Commission (DG
Energy), p. 15.

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&

:
green premiums
brown discounts

:

MINERGIE
, /

,
.
,

,

(brown discounts)
!

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&

:
green premiums
brown discounts

:

MINERGIE

: Salvi, et. al, 2010,

Center for Corporate
Universitt Zrich

Der Minergie-Boom unter der Lupe,

Responsibility and Sustainability,

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TEGoVA

4 :
(, )



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2. &

3.

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5. &

6.

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(...)

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()

...,



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&

2%

5%

6%

15%

72%

[PERCENTAG
E]

[PERCENTAG
E]

[PERCENTAG
E]

[PERCENTAG
E]

[PERCENTAG
E]

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(.. 20%
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(kWh/ma or l/ma)



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()

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1.
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3.

4.

5. &
6.

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: RICS, 2013, Sustainability and
commercial property valuation, RICS
Professional guidance, global, Royal
Institution of Chartered Surveyors,
London, p. 5

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RICS Sustainability Checklist:

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CO2

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Market Rent

Risk Premium

Risk Premium

Risk-free rate

Risk-free rate

RISK PREMIUM

: Ito, M., 2009, Embodiment of added value for green real estate, paper presented at
Tokyo Workshop 2009 on Urban Cap and Trade Towards a Low Carbon Metropolis

 &

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CO2

: NUWEL, 2011, Nachhaltigkiet und Wertemittlung von Immobilien Leitfaden fr Deutschland, sterreich und de Schweiz , Published by: CCRS, Center for Corporate Responsibility and Sustainability , Universitt Zrich

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:

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: Lorenz, D. and Ltzkendorf, T., 2011, Sustainability and Property Valuation

Systematisation of existing approaches and recommendations for future action,
Journal of Property Investment & Finance, Vol. 29, No. 6, pp. 644676

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studies, , ..

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Real Estate
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.

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:
GI:
OCT:

ri - risk free rate

rp Risk premium
g Growth rate
d
(ri + rp - g + d) All Risks Yield (ARY)

: Lorenz, D. and Ltzkendorf, T., 2011,

Sustainability and Property Valuation Systematisation
of existing approaches and recommendations for future
action, Journal of Property Investment & Finance, Vol.
29, No. 6, pp. 644676

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(,
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green/sustainable premiums /
brown discounts
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Risk Premium Growth Rate
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RC:
= ( )

D: , ,
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LV:
: (

: Lorenz, D. and Ltzkendorf, T., 2011, Sustainability and Property Valuation Systematisation of existing
approaches and recommendations for future action, Journal of Property Investment & Finance, Vol. 29, No. 6, pp.
644676

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-


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Green lease
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(

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n:
GIe:
OETz:
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ME:
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OI: (.. )
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:
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: Risk free rate
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g: Growth rate
d:
( )
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( + +)

Discounted Cash
Flow (DCF)

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DCF (
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Flow (DCF)

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(
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 &

RICS

 &

RICS best practice

-
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,
/
,

: Royal Institutions of Chartered Surveyors (RICS), 2014, RICS Valuation Professional Standards January 2014 Valuation Practice Statement 4, p. 59-60

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(

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1.
2.
3.
4.
5.

&


&

6.

CONCLUSION

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,
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(


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(.. RICS)
(.. )

 RENOVALUE

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:




.
RenoValue


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(EASME)

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