Integrating Climate Risk into Property Valuation: Awareness, Practices, and Barriers Among Greek Valuers

Climate change creates physical and transition risks that may affect property value. Yet, these risks can remain weakly reflected in real estate markets when professional valuations rely on historical evidence and incomplete information. This study examines whether valuers’ awareness of climate change acts as a mechanism through which climate risk is transmitted to property valuation practice and market prices. An online survey of 117 professional valuers in Greece provides exploratory evidence. The empirical analysis shows that valuers are generally aware of climate change, but awareness is only partially translated into practice. Flooding and extreme weather are considered more frequently than sea-level rise or temperature increase. Lack of data, methodology and regulation are the main reported barriers. Cluster analysis, acting as a heuristic classification, identifies three valuer profiles: experienced climate-aware anticipators, practice-oriented climate integrators, and low-engagement traditionalists. Awareness is positively associated with climate-change consideration in practice, but perceived barriers do not significantly moderate this relationship. The findings suggest that closing the valuation gap requires professional guidance, localised climate-risk data, training and clearer standards. A theoretical microeconomic model, not tested by the empirical analysis, shows the pathways through which valuers’ awareness can affect real estate demand, supply and sustainable equilibrium.