Navigate the article:
- Green premium and brown discount: the new market polarisation
- The Case Green directive and historic properties: what the regulation actually says
- The listed property paradox: exemption or opportunity?
- Masserie, trulli and historic palazzi: how to intervene without altering identity
- Incentives available in 2026 for the requalification of historic heritage
- Raro Realty and the energy valorisation of Apulian heritage
The real estate market is changing, and energy-inefficient properties are progressively losing value compared to retrofitted ones. This is not an opinion: it is a structural reality that in 2026 directly affects anyone who owns, purchases or sells a historic property in Italy.
For those who are in possession of masserie, trulli, noble palazzi or rural farmhouses, this shift is not an abstract threat. It is a concrete variable already affecting sale prices, time on market and the property’s capacity to generate income.
Green premium and brown discount: the new market polarisation
The Italian real estate market is polarising around a precise axis: on one side, energy-efficient properties that command a green premium, on the other, those with poor energy performance that suffer a brown discount.
The figures are precise and verified. A class A property can be worth on average 40% more than a class G equivalent, and in Milan and Rome the premium for green properties exceeds 30% of value. The OMI study by the Italian Revenue Agency confirms a 22.7% increase in property value for class A certification.
Conversely class G properties are already suffering an estimated devaluation of between 15% and 30% compared to equivalent but more efficient properties. Banks are beginning to factor energy class into mortgage lending conditions, offering more favourable rates for energy-efficient properties.
This is not only a question of price. In 2026, a class A or B property sells on average within 60 to 90 days, while a class G property can take up to 180 days. For an investor who wants to liquidate an asset, this difference has a real and measurable cost in months of management and fixed charges that accumulate during the wait.
This polarization is not limited to standard residential property. It affects above all Italy’s historic heritage: masserie, trulli, noble palazzi, rural farmhouses. Properties that are inherently historic, systems to replace and building envelopes not designed according to current thermal efficiency criteria.
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The “Case Green” directive and historic properties: what the regulation actually says
The EPBD IV directive (EU Directive 2024/1275, known as the Case Green directive) entered into force on the 28th of May 2024, and from 29 May 2026 the new APE (Energy Performance Certificate) rules came into force, while from June 3rd 2026 the new minimum requirements apply, with a new energy classification scale that describes property consumption with greater precision.
The schedule of objectives is precise: from 1 January 2030 all existing buildings must reach at least energy class E, by 2033 they must be brought to at least class D, and by 2050 all buildings in the EU territory must reach climate neutrality.
Two points must be clarified, because a great deal of misinformation is circulating.
The first: there is no ban on selling a property based on its energy class. Even after 2030, it will be legally possible to sell or rent a class G property. The real risk is not legal, but economic.
The second: listed buildings can be exempted from reaching the minimum energy class targets (E by 2030, D by 2033) if the interventions would alter their historic-artistic value. But this exemption is not automatic: it is left to national governments to define the modalities and limits of application, to balance conservation and energy requalification of historic buildings. It is therefore not possible to deduce from the Case Green directive which historic buildings are subject to or exempt from energy efficiency requirements. Each building is evaluated on a case-by-case basis.
The listed property paradox: exemption or opportunity?
Listed historic properties find themselves in a paradoxical position with respect to the directive: they may be exempt from the minimum energy class targets if interventions would alter their historic-artistic value, but this very exemption risks becoming a competitive disadvantage in the market if it is not managed with a conscious strategy.
A noble palazzo in the historic centre of Lecce or a masseria with a landscape protection constraint in the Valle d’Itria may legally not need to reach class E by 2030. But if an international buyer must choose between two properties comparable in location and architectural quality, and one has modern systems, a heat pump, integrated solar panels and class B certification, while the other is class F with a 1990s gas boiler, the choice is predictable.
Regulatory exemption does not protect from the market. It only protects from administrative sanction.
The timeline leaves no room for interpretation: the building sector is entering a phase of structurally higher energy standards. Those who intervene on a property today are positioning it for tomorrow’s market.
For owners of prestigious historic properties, the correct strategy is not to wait for regulatory clarity. It is to act now, with clear planning, taking advantage of available incentives and technologies that make it possible to improve energy performance without compromising the architectural identity of the property.
Also read: Selling a luxury property without exposing it: how a qualified advisor turns discretion into value
Masserie, trulli and historic buildings: how to intervene without altering identity
The technical challenge of historic properties is real but not insurmountable. The key is knowing which interventions produce the maximum energy improvement with the minimum impact on architectural identity, and which technologies are compatible with landscape and historic-artistic constraints.
The guidelines for energy efficiency in historic buildings prioritise non-invasive and documented interventions, with systems and management improvements rather than irreversible structural modifications.
In the specific context of Apulian heritage (masserie, trulli, lamie, historic residences), the most effective interventions compatible with existing constraints are:
- Geothermal or air-to-water heat pumps: they replace the gas boiler without altering the building envelope. They can be installed even in listed buildings and produce a significant energy class improvement, typically of two or three energy performance tiers
- Integrated or coloured-panel photovoltaics: the energy yield of coloured modules is slightly lower than standard panels, but the gain in visual integration and planning compliance is decisive. In many historic contexts, this difference is not a compromise: it is the condition that makes the intervention possible
- Recovery and requalification of historic cisterns: by favouring autonomous water solutions such as the recovery of old rainwater cisterns, it is possible to comply with regulations while achieving modern, functional spaces
- Internal insulation with natural materials: wood fibre, cork and natural hydraulic lime panels make it possible to improve the thermal transmittance of tufo or lecce stone walls without modifying external surfaces
- High-performance natural wood window frames: compatible with the aesthetic constraints of most historic Apulian properties, they produce a significant improvement in thermal dispersions
The installation of efficient technologies such as heat pumps and low-consumption systems makes it possible to render the masseria fully energy-efficient while maintaining traditional materials such as lime wash, tufo and local stone.
Incentives available in 2026 for the requalification of historic heritage
The incentive framework for the energy requalification of historic properties in 2026 is structured across multiple levels, some structural and others still evolving normatively.
The Bonus Ristrutturazione is the most accessible tool: 50% for the primary residence and 36% for second homes, up to 96,000 euros of expenditure per property. The scheme covers the majority of renovation interventions: extraordinary maintenance, building renovation, restoration, energy improvements, systems upgrades and structural consolidation. It is possible to recover works on masserie, trulli and ancient residences, often in need of conservation and energy efficiency interventions.
The Renovation Passport is the structural innovation introduced by EPBD IV: a dynamic digital dossier that goes beyond the current simple certification, offering a clear roadmap for reaching zero emissions by 2050 and the sequential planning of technical interventions to optimise energy and economic savings. For owners of historic properties, this tool is particularly useful because it makes it possible to plan interventions progressively, distributing costs over time.
Green mortgages represent a further competitive advantage: banks that offer them apply more favourable conditions (reduced spread, higher LTV) for the purchase or renovation of properties that reach or improve certain energy classes. For an international investor who finances part of the purchase, this difference translates into a lower cost of capital for the entire duration of the mortgage.
One important element to keep in mind: before making significant expenditure decisions, it is advisable to verify the current state of play with a qualified technician and consult the Official Gazette, as the detailed technical rules are still evolving.
Raro Realty and the energy valorisation of Apulian heritage
Raro Realty accompanies its clients in the energy assessment of portfolio properties, with an approach that integrates technical due diligence into the property selection phase, not as an additional element in the post-purchase phase.
Every property in the portfolio is also assessed in relation to its energy requalification potential: estimated cost of necessary interventions, compatibility with existing constraints, expected impact on energy class and on the valorisation of the asset over the medium term.
For those purchasing a masseria, a trullo or a historic residence in Puglia with the aim of enhancing its value, the energy efficiency path is an integral part of the investment strategy, not a cost to minimise. A historic Apulian property that moves from class G to class B through a well-designed intervention not only increases its market value, but becomes more attractive for high-profile rental and for management through Raro Villas.
Energy efficiency in historic properties is not merely a compliance obligation. It is an investment with a measurable return, in a market that is already rewarding those who have moved first.
Contact Raro Realty for an energy and asset valuation of your historic property in Puglia or across Italy’s prime luxury destinations.
