In today’s business of real estate, eco-friendly buildings have become more popular. With the increasing rate of environmental pollution, there is a paradigm shift to eco-friendly buildings.
The focus of green real estate is to ensure that there is a decreasing impact on environmental and human health through reduction of pollution and efficient use of water energy to sustain the environment.
Green buildings are constructed with the use of eco friendly materials as well as a process of preserving materials on the site. The process of constructing a green building is to enforce a healthy environment through a resource-efficient cycle. In a nutshell, a green building is a building that cares for the environment.
In this part of the world, eco-friendly real estate is a new innovation and has sparked little interest compared to developed countries. However, some construction firms have taken the initiative to construct noteworthy estates. A few of them include:
- Heritage Place, Ikoyi
- TA Gardens, Ojodu Berger (Ongoing project)
- American University of Nigeria (Block of offices)
In developed countries, the real estate industry is getting more interested in investing in eco-friendly projects in order to promote sustainability. According to US reports, green buildings are fast growing in the real estate market.
However, the price of eco-friendly buildings is averagely higher than traditional buildings. The report highlights that green houses sold for more than 23% compared to traditional houses between 2008 and 2013.
As an investor, what are the benefits that can come from investing in eco friendly buildings despite the huge costs involved? With use of materials like energy-efficient windows, solar panels, high performing appliances, recycled materials, passive solar design and energy star cooling and heating system, the value of such properties is significantly high. Truth is, while it may be more expensive to invest in a green estate, the benefits far outweigh the losses.
Though the initial cost might seem overbearing, the long term savings are quite significant. Sustainability ambassadors’ advice going green would reduce your cost in maintaining the facility with use of solar power in place of electricity, energy saving bulbs, recycled waste materials and others.
Some of the benefits of Eco- friendly buildings include
- Environmental Advantage: This includes reduction in water wastage, conservation of natural resources, protection of biodiversity and ecosystems and improving quality of air and water.
- Economic Advantage: Including reduction in operational cost, improvement in the productivity level of occupants and market creation of green products and services.
- Social Advantage: Improvement in quality of life, reduced level of strain on local infrastructure and improvement in health and comfort of occupant.
Evidently, the future of real estate is in going green as it amounts to an investment not just in today but in tomorrow as well.