GREEN REAL ESTATE DEVELOPMENT IN TANZANIA: CHALLENGES, OPPORTUNITIES AND THE NEED

Leonard Emmanuel Mwassa

AfRES from African Real Estate Society (AfRES)

Abstract: The study presents on the aspect of environmental sustainability in real estate developments. Like many others, real estate sector is subject to disruptions from green developments. According to Sustainable Development Goal No. 11 of the 2030 Development Agenda, 2015, development of green, sustainable cities is one of the ways to protect planet earth against environmental degradation. Therefore, this paper envisages unveiling challenges, opportunities, and the need for green real estate development in Tanzania. Literature was extensively reviewed to facilitate gathering, analyzing, and drawing extrapolations on collected data. The case of Ardhi University was investigated to support the study. The findings revealed that green real estate development in Tanzania is hindered by high initial capital outlay, lack of enough research on benefits of green real estates, hindering regulations, project financing difficulties, and luke-warmness of some building and real estate professionals. It was also revealed that green real estate development provides opportunities for development and growth of solar manufacturing/installation industry, development of integrated design services, building automation, on-site water treatment, and development of sectional construction and prefabrication. On the other hand, it was revealed that, financial, environmental, and social importance of green real estate include; reduction in capital expenditure, lowering operating and building maintenance expenses, diminished risks and liability, reduced environmental impacts, healthier working/living environment that enhances productivity, and nurturing of social connectedness. It has generally been recommended and concluded that, more research on financial and other benefits of green real estate development to be conducted, remains inevitable to enhance the sector’s new promising developments.

Keywords: Green Real Estate; Green Real Estate Development; Sustainable Development (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2019-09-01
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Persistent link: https://EconPapers.repec.org/RePEc:afr:wpaper:2019-097

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