How Sustainable Design and Awareness May Affect the Real Estate Market

Martha Katafygiotou (), Pavlos Protopapas and Thomas Dimopoulos
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Martha Katafygiotou: Department of Real Estate, School of Architecture, Engineering, Land & Environmental Sciences, Neapolis University Pafos, 2 Danais Avenue, Paphos 8042, Cyprus
Pavlos Protopapas: Department of Real Estate, School of Architecture, Engineering, Land & Environmental Sciences, Neapolis University Pafos, 2 Danais Avenue, Paphos 8042, Cyprus
Thomas Dimopoulos: Department of Real Estate, School of Architecture, Engineering, Land & Environmental Sciences, Neapolis University Pafos, 2 Danais Avenue, Paphos 8042, Cyprus

Sustainability, 2023, vol. 15, issue 23, 1-27

Abstract: In recent years, the desire and requirement for green buildings have increased. The aim of this research is to determine and confirm the increased request for green properties and to investigate whether this is related to a new need or simply a desire of buyers. Moreover, the paper examines people’s knowledge of greenness and sustainability and their wish to live and work in sustainable buildings. The methodology used for this research is based on quantitative research methods with the use of questionnaires to better understand the residents’ awareness, needs, and desires related to sustainability. The research was based on the hypothesis that increased knowledge and awareness of sustainable design can affect the real estate market. Secondly, this research examined whether the increased desire and need for sustainable buildings may increase the market value of sustainable buildings and if people with higher incomes desire green buildings more. Finally, the last hypothesis examined regarded the differences between residential and commercial buildings in terms of sustainable design. The study explored whether buyers will pay extra to purchase a sustainable property and how sustainability can affect the market value and the construction industry. The participants who took part in the research study were living and working in Cyprus. One of the significant outcomes was the fact that people who have knowledge and awareness related to sustainability are willing to pay extra to purchase green properties. Another interesting outcome was that most people have knowledge of sustainable building design. This awareness is crucial as people’s desire is the strongest driver, which can influence them to invest more in green real estate.

Keywords: green buildings; sustainable buildings; valuation; real estate (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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