With the aim of achieving the goals of sustainable development globally, the 2030 Agenda sets forth a series of purposes to address the economic, social, and environmental challenges we face. Specifically in the real estate sector, these regulatory changes play a fundamental role in achieving these objectives, aligning the industry with the ESG criteria and decarbonization standards established by European regulations.
At Renta Corporación, we are fully aware of the importance of these policies. We are characterized by our commitment to developing behavior that allows us to improve the quality of life of our employees, their families, the local community, and society in general. That’s why we adopt measures that promote good practices in our daily operations.
Next, we will explore the main regulatory changes in the real estate sector and how these regulations have affected the sector in the cities of Barcelona and Madrid. Keep reading to find out!
What are the objectives of the 2030 Agenda?
The 2030 Agenda is a roadmap developed by the United Nations with the main goal of promoting sustainable development worldwide. To achieve this, they have established 17 Sustainable Development Goals (SDGs), covering areas such as poverty eradication, gender equality, access to decent housing, and environmental protection.
These SDGs provide guidance to facilitate responsible decision-making in various sectors, including real estate. Specifically, the most relevant ones in this sector are as follows:
- SDG 6 – Clean water and sanitation: The real estate sector has the responsibility to ensure access to clean water and adequate sanitation in buildings. This includes implementing efficient water management systems, responsible use of water resources, and promoting proper sanitation practices.
- SDG 7 – Affordable and clean energy: In this regard, the sector is responsible for contributing to the transition to clean and efficient energy sources. This involves promoting energy efficiency in buildings, encouraging the use of renewable energies, and reducing greenhouse gas emissions associated with energy consumption.
- SDG 9 – Industry, innovation, and infrastructure: This objective is related to the promotion of sustainable infrastructure, technological innovation, and the promotion of sustainable industrialization. In our sector, this implies adopting sustainable construction practices, using innovative materials and technologies, and promoting resource efficiency.
- SDG 11 – Sustainable cities and communities: This objective seeks to make cities inclusive, safe, resilient, and sustainable. The real estate sector plays a fundamental role in the planning and construction of sustainable infrastructure and buildings, promoting affordable housing, and improving access to basic services in urban areas.
- SDG 13 – Climate action: Since the real estate sector is responsible for around 40% of greenhouse gas emissions released annually, it is essential to take measures to reduce the carbon footprint of buildings. This includes implementing sustainable construction practices, adapting to climate change, and promoting resilience to extreme events.
ESG criteria
In addition to these SDGs, the integration of environmental, social, and governance (ESG) criteria in the real estate sector has become a priority. These criteria establish standards to promote good practices in the construction and management of real estate assets.
European regulations for decarbonizing the sector
In line with international commitments to reduce greenhouse gas emissions, the European Union has established a series of regulations to drive the decarbonization of the real estate sector. These regulatory changes are designed to improve the quality of life of citizens, reduce dependence on fossil fuels, and mitigate the environmental impact of buildings.
Impact of real estate regulatory changes in the cities of Barcelona and Madrid
The cities of Barcelona and Madrid are notable examples of how real estate regulatory changes are influencing them. Both cities have implemented policies and regulations that promote energy efficiency, the use of renewable energy, and the rehabilitation of existing buildings. Additionally, energy certification requirements have been established to ensure that new real estate developments comply with sustainable standards.
In Barcelona, for example, the “Superilla” program has been implemented, which restricts vehicle traffic in certain areas of the city to promote sustainable mobility. Urban regeneration projects are also underway, aiming to revitalize public spaces, promote biodiversity, and improve air quality.
A clear example in the city of Madrid is the implementation of the Air Quality and Climate Change Plan, which establishes measures to reduce emissions of air pollutants and improve the energy efficiency of buildings. The promotion of renewable energies, such as the installation of solar panels in public and private buildings, is also encouraged.
These regulations and policies have a significant impact on the real estate market. Real estate developers must adapt to the energy efficiency and sustainability requirements set by regulations, which involves incorporating more environmentally friendly technologies and materials into their projects.
Furthermore, buyers and tenants are increasingly showing a preference for properties that meet sustainable standards, which drives the demand for properties that align with these criteria.