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Redesign of Real Estate Market by Legal Regulation

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  • Martina Hoffmann

Abstract

This paper shows how the real estate market is influenced by the new Energy Performance Certificate Template-law 2012, focused on condominium market in Vienna. The purpose of the following study was to analyze the changed role of real estate agents and to show their reactions towards the new market situation. Therefore it was decided to observe the advertisement market carefully. The observation concentrated on the following two questions: 1. Changed role of the real estate agent 2. Changes on the condominium advertisement market until December, 1st, 2012?Since November 17th, 2012 until December 22nd 2012, 1474 advertisements of the Viennese condominium market, listed in the IMMO Kurier were analyzed. The IMMO Kurier is a supplement of a well-known Austrian daily newspaper, which appears every Saturday. Due to the investigations it could be identified, that the total amount of advertisements decreased whereas the quantity of advertisements including the calculated heating demand increased. Therefore real estate agents are fulfilling the legal requirements of EAVG 2012 and do not risk penal provisions. In conclusion the real estate market was redesigned by EAVG 2012 and the impacts have to be observed and analyzed.

Suggested Citation

  • Martina Hoffmann, 2013. "Redesign of Real Estate Market by Legal Regulation," ERES eres2013_126, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2013_126
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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