||Sustainable and energy efficient building is becoming increasingly important for the building and real estate economy. Especially in light of the currently emerging long-term developments such as the global climate change and the change of the demographic trend of society or energy prices. However, these developments are not, or only insufficiently, taken into account in common property valuation methods used today, although they can significantly effect the long-term value of a property. In this context, it can be assumed that sustainable properties tend to be undervalued. Sustainable properties which can deal with the long-term changes of ecological, economic, political and social framework conditions will be marketable in the future and maintain their value as well. But at present, a method for measuring sustainability characteristics in real estate is absent. Against this background, it seems necessary to define sustainability characteristics of properties from a financial point of view and to quantify the financial value of sustainability characteristics. The basis constitutes a holistic view of the three pillars of sustainability covering environment, economy and society. In a financial point of view, the economic dimension is at the foreground; thus the focus is on the long-term economic success of a property which is the long-term performance. By the means of this study, it is possible to quantify the financial value of sustainability characteristics in real estate. Uncertainties in property valuation such as estimation errors due to incomplete information, especially on future developments, can be minimized. Most common property valuation methods used today neglect long-term developments, which are not or only insufficiently taken into account. Estimates are mostly based on data and experience from the past or present. This inaccuracy can be reduced as well. Within the scope of the study, a Sustainability Indicator shall be developed which identifies value-related sustainability characteristics of a property and extends the assessment with the discounted cash flow method (DCF method) and the German income approach relating to these data. The value-related sustainability characteristics are derived from long-term changes in exogenous framework conditions that could effect the long-term property value. The Sustainability Indicator, which is expected to be specified for office buildings, retail properties and residential properties, measures the risk of a property declining value or the opportunity of gaining value due to these long-term developments. Thus, the long-term value of a property can be measured and assessed more accurately and transparently by taking into account and integrating value-related sustainability characteristics of a property.