The economic viability and investment cost of the energy retrofit of apartment buildings are analysed through different energy efficiency levels. To analyse retrofit policy cost-optimal energy efficiency levels and investment costs, a baseline of measured actual energy usage of apartment buildings was created and then individual energy-saving measures and retrofit packages were composed. The cost-optimal level over a 20-year period for apartment building retrofit was a low-energy-building energy performance level, with an investment cost of €150–170/m2. Retrofit to low energy building level would be economically viable but the investment capability of apartment owner associations is found to be insufficient for the necessary investments to achieve low-energy-building energy performance. Therefore, it is necessary to determine what levels of financial support can encourage retrofit to occur. The analysis of the current retrofit shows that subsides will increase investment by apartment owner associations in...