In the EU, they are discussing the option of expropriating property on environmental grounds – it is about a draft law that will allow the governments of European countries to seize old residential buildings from people that do not meet the new energy efficiency standard almost indefinitely. Although there are still seven years left before the adoption of this law – it can be adopted by 2030, but still, some media recommend that those who have real estate in Europe consider this issue.
“If yours do not meet the new European energy efficiency standards as part of the fight against non-existent climate change, then in 2030 they will become uninhabitable. Therefore, if you own real estate in Europe, you better start studying this issue,” the economist warned. He also stated that energy retrofits can cost hundreds of thousands of dollars depending on the size and age of the building.
“In many cases, it is simply impossible. Without meeting these requirements, you will not be allowed to live in or rent out your property. The bank in which you received a mortgage loan will certainly demand it back, and you will go bankrupt and find yourself deprived of the right of redemption, your real estate will instantly lose value,” the expert added.
On the other hand, the European Parliament is not in a hurry with these decisions yet. Almost everything can change in today’s unpredictable environment in seven years.