THE IMPORTANCE OF GREEN FEATURES IN DETERMINING PROPERTY VALUES

Abstract

As the growing adoption of green buildings on a global scale has resulted in a surge in awareness of green building features and activities, the literature and research are also expanding to learn more about the economics of green development, in the line that, the valuers should perceive the green aspect as a component that influences the property values. Literature found that, the impact of green features on the market value of a property should be acknowledged by the property valuers. Investors may not be encouraged to include green elements into property development unless and until valuers begin to reflect and account for green characteristics in property valuations. Also it would require different may be more advanced valuation techniques to fully determine the impact of green value on valuation elements and subsequently the overall value of a property. This paper explored the concept of green value and its relation with the property values which is a part of the literature review carried out by the researcher who currently conducts a research on the “Importance of “Valuer’s Perception on Green Features -in Determining Property Values” as a Partial Fulfillment for the of the M.Sc. in Real Estate Management and Valuation Degree in the University of Sri Jayewardenepura.

Keywords: Green Features, Property Values, Valuers, Green Value