Energy Performance Certificate: Understanding your property's energy class

Who needs an EPC and when

The EPC is the official document classifying your property on an energy scale from A+ to H. It is legally required for any sale, long-term lease (over three months), every new property listing, and any application to the "Exoikonomo" (Energy Efficiency) subsidy program.

It is issued by a certified energy inspector who visits the property, records technical characteristics—such as insulation, window frames, heating, and cooling systems—and performs calculations using approved software.

The inspector will request the property's documents (floor plans, building permit) and verify the type, quality, and dimensions of the frames and the building's structural elements.

How long is the energy certificate valid?

The EPC is valid for 10 years from its date of issue. If substantial interventions occur in the meantime -such as replacing windows, adding insulation, or upgrading the boiler—a new certificate is required, as the energy class will likely have improved. This presents a strategic opportunity: the certificate is not a piece of paper you obtain once and forget about; it is a tool for capturing the property's value at every stage of its lifecycle.

Factors determining the cost of an EPC

The price of an EPC is not a fixed statutory fee; rather, it is the remuneration for a specialized engineering service.

It depends on the property type (apartment, detached house, commercial space), year of construction, surface area, and location.

Indicatively, market prices range between €80 and €150 for small apartments and €150 to €300 for larger residences, while costs for commercial spaces can be higher. In all cases, the fee is verified on an individual basis. Always request a specific quote before committing.

What the A+ to H scale actually means

What is the energy class?

The energy class is derived by comparing the property's estimated annual energy consumption against a baseline reference property. The scale starts at A+, representing the lowest energy consumption, and goes down to H, representing the highest.

More specifically, older buildings with permits issued prior to 1980 - before the implementation of the Greek Thermal Insulation Regulation - fall predominantly into the bottom two categories: Z and H. Classes C, D, and E generally correspond to buildings constructed after 1979 that adhere to foundational thermal insulation standards. Classes A+, A, B+, and B typically apply to buildings designed to modern specifications, featuring robust thermal insulation and highly efficient heating systems.

What does this mean in practice?

A typical apartment built in 1975, lacking insulation and featuring old window frames, will usually be classified as H - indicating severely low energy efficiency.

A residence in class E, Z, or H entails higher utility bills, a larger carbon footprint, and, frequently, a reduced market value. In practical terms, an 80 sq.m. apartment with an H rating might cost double the annual amount in heating and cooling compared to a similar class C property. This financial difference appears on the utility bill every winter, and prospective buyers meticulously factor it in.

Energy class as a pricing factor

The EPC is not a bureaucratic formality; it is a tangible pricing variable. The energy performance of a property is undeniably reflected in its commercial value.

Based on the experience of Engel & Völkers advisors, when a buyer sees "energy class Z" or "H" on a listing, they do not just think abstractly about insulation - they immediately calculate renovation costs and deduct them from their offering price. For high-value, premium properties, a low energy class may not act as a dealbreaker, but it certainly serves as strong negotiation leverage. In the mid-market segment, however -where buyers operate on strict budgets - it can lead to severe delays in the sale or a substantial reduction in the final transaction price.

An energy upgrade can contribute to an additional premium of 10% to 20%, particularly in markets acutely aware of energy costs. High energy class residences in the Southern Suburbs of Athens command an average price of €4,636/sq.m., while the lowest average price is recorded in the Eastern Suburbs (€2,800/sq.m.) - data demonstrating clearly that the energy class does not operate in a vacuum, but actively enhances or limits the momentum of a given location.

The strategy proposed by Engel & Völkers advisors is strictly pragmatic: executing an energy upgrade prior to listing is worthwhile when the investment yields a direct return on the asking price. It is not advisable when the property is being sold in a lower price bracket or to an investor who plans a complete, radical renovation regardless.

What changes with the new European EPBD Directive

The revised EPBD Directive (2024/1275) entered into force on May 28, 2024, mandating integration into national law by May 29, 2026. On July 15, 2026, the European Commission launched infringement proceedings against all 27 Member States for incomplete transposition.

Greece's position

The country has partially integrated the Directive through Law 5215/2025, which, among other measures, prohibits financial incentives for the installation of fossil fuel boilers as of January 1, 2025.

However, the complete revision of the Regulation on the Energy Performance of Buildings (KENAK) and the finalization of the National Building Renovation Plan remain pending. Member States must also submit their final National Building Renovation Plans by December 31, 2026.

As of August 2026, full integration has not been completed, meaning no new strict obligations under the EPBD are fully applicable to property owners in Greece just yet. However, the trajectory is unmistakable. The energy class is rapidly shifting from a "nice-to-have" feature to a metric that definitively "determines what you can do with your property."

Exoikonomo Program: the EPC as a prerequisite

An EPC is required for every application to the "Exoikonomo" program, the primary state subsidy tool for residential energy interventions. Without a valid certificate, an application cannot be initiated. For more information regarding navigating energy upgrade programs, consult your real estate advisor.

Practical mistakes we see daily

Three common errors frequently cost property owners both time and money:

• Issuing the EPC at the last minute: The notary requests the certificate for the contract, the owner does not have it, and the signing is inevitably postponed. In a market where qualified buyers move quickly, a delay of even a week can result in a lost transaction.

• An expired EPC that goes unnoticed: A ten-year validity period seems extensive, but for properties that were issued an EPC during the initial years of the regulation (2011–2013), that time has either already expired or is rapidly approaching.

• Discrepancies in square footage: During the mandatory inspection, a discrepancy is often found between the declared square footage (on the E9 tax form) and the actual physical dimensions. This not only halts the issuance of the EPC but also triggers a zoning regularization process that can delay a sale for months.

The decision is not whether to issue an EPC or not

The real strategic question is whether to upgrade the property before selling or to price it accurately according to its current energy class. This is determined on a per-property, per-location, and per-audience basis. This is precisely the critical conversation an Engel & Völkers advisor initiates prior to listing - and why it pays to have it early.

If you are preparing to sell or lease, start with a complimentary property valuation. Together, we will assess whether the energy class needs to be optimized before the property is introduced to the market.