WORK ON IMPACT ASSESSMENT ON SCREENING AND REGISTRATION OF ASBESTOS IN BUILDINGS
Following the original EPF letter to the Commission, further EPF/TEGOVA input to Commission Impact Assessment consultants on market value of buildings with a screening informed the consultants that if a screening reveals asbestos to the extent of requiring a renovation, valuers will take account of the overall cost of renovation (not the specific asbestos-related cost) in their determination of market value. But the only thing valuers isolate from the general cost of renovation is energy efficiency renovation: Since the latest edition of European Valuation Standards, they must under certain circumstances “estimate the cost of a renovation deep enough to meet the required new level of energy efficiency or future requirements that are sufficiently close to coming into force and consider the extent to which these costs affect the Market Value at the date of valuation” (EVS 6, Valuation and Energy Efficiency, page 91). But the mere fact that a building was subjected to a screening that didn’t find a renovation-triggering problem won’t impact market value. Valuers may just possibly mention such screening in their reports as a positive factor, but they won’t compute it into their determination of market value.
Full EPF Secretariat report under epf23-01 of 18.01.2023