This article presents issues related to the processes and procedures in multi--family building renovation in Poland. For a thermal-modernization process must be understood as an activity to raise energy efficiency by reducing the building heat loss and heat buildings, installations and increase the use of energy. The paper seeks to answer the question. Are savings from thermal-modernization into an increase in the market value of the dwelling, apartaments? As part of detailed studies, for example of dwellings, housing stock cooperatives “Pojezierze” in Olsztyn, Province Warmia and Mazury conducted an analysis of the impact of thermal-modernization the market value of real estates. We used analytical methods such as analysis of the market using the correlation matrix, and using multiple regression.

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