The cost‐effectiveness of refurbishing Polish housing stock

Abstract

PurposeClimatic conditions in Poland vary tremendously each year with temperatures exceeding 25°C in the summer and sub‐zero in the winter. Therefore the provision of adequate heating and cooling in residential, public and industrial buildings is essential. Poland has recently embarked on a refurbishment process known as “thermomodernisation”, which focuses on improving buildings' thermal and energy efficiency. This paper aims to present the results from a case study of refurbished apartments in Olsztyn, Poland, to determine whether this process increases market value.Design/methodology/approachThe research focuses on property in Olsztyn, Poland where residential property is typically situated in apartments within high‐rise and low‐rise buildings.FindingsThe majority of housing stock in Poland was built during the 1970s to 1990s when the thermal properties of building materials were not considered in the construction process, the thermal performance in most residential buildings is very low and heating costs unacceptably high. The results suggest both occupiers and professionals consider thermomodernisation benefits the occupiers by reducing energy and maintenance costs and improving the amenity value of a home. However, whilst both thought that property value was increased this increase was not significant.Practical implicationsThis paper provides information on the financial benefits to the occupier from “thermodernistion”, and encourages professionals to highlight these benefits when marketing property.Originality/valueNo published research has explored this issue. This paper addresses this situation.