This master's thesis delves into the intricate relationship between green certificates and the cost of debt within the realm of real estate investment. Through a comprehensive review of existing literature and meticulous empirical analysis, this research project sheds light on the financial implications of embracing sustainability in the real estate sector. The key findings of this study through the data analysis not only underscore the significance of green certificates but also reveal direct and indirect benefits for real estate investors and property owners. Properties with green certifications are empirically proven to enjoy decreased costs of debt, presenting an appealing prospect for the investors. Along with green certificates Interviews conducted proves that, while there is a direct influence of green certificates or ESG as a whole, on then financial pricing models employed by banks and financial institutions remains limited, the negotiation power of the borrowers or real estate investors with sustainable properties having green certificates remains a valuable lever. This research contributes significantly to the fields of real estate finance and sustainability, offering actionable insights for stakeholders and real estate investors. It emphasizes the need to integrate green certificates and energy-efficient retrofitting into contemporary real estate investment practices, aligning profit motives with environmental responsibility. Looking forward, further studies are encouraged to explore the opportunity how financial institutions can structure pricing models to consider green certificates and sustainability, potentially reshaping the landscape of real estate finance. This research illuminates the intersection of sustainability and finance in the real estate sector, presenting valuable insights for investors, policymakers, and industry professionals. Looking forward, further studies are encouraged to explore the opportunity to consider green certificates and how financial institutions can structure pricing models to consider green certificates and sustainability, potentially reshaping the landscape of real estate finance. This research illuminates the intersection of sustainability and finance in the real estate sector, presenting valuable insights for investors, policymakers, and industry professionals.     «

This master's thesis delves into the intricate relationship between green certificates and the cost of debt within the realm of real estate investment. Through a comprehensive review of existing literature and meticulous empirical analysis, this research project sheds light on the financial implications of embracing sustainability in the real estate sector. The key findings of this study through the data analysis not only underscore the significance of green certificates but also reveal dir...     »