Green Economy: The Role of Estate Surveyors and Valuer

Abstract

The continuous existence of man is dependent on the free goods and services (e.g. water, air purification, fisheries, timber production and nutrient cycling) provided by his natural environment. Due to the public nature of these goods and services, they are not traded in the open markets hence, they are regarded as not having market prices. As a result, the current economic system fails to capture their losses and this may continue for long if care is not taken. Unless economic decisions (and the associated implications of development options) are made based on valuing the invisible aspects of ecosystems, unfriendly environmental decisions may continue to be taken that will culminate into economic, social and environmental cost which may be unmanageable. It is therefore expedient that a Green Economy with consideration for the immense value of biodiversity and ecosystems be incorporated by both corporate and governmental agencies so as to ensure a sustainable development progression in an economy. In achieving sustainable green economy, the appropriate stakeholders should pay particular attention to the value of natural capital in any policy decision. Hence, this study examined the roles of Estate Surveyors and Valuers (ESVs) in a green economy. Exploratory approach was employed in carrying out the study. Literature review technique was adopted to examine the various aspects of the economy and the roles of ESVs that help in greening the economy. The study identify the roles of ESVs in greening an economy to include: ensuring the use of renewable energy instead of fossil fuel in their management properties, adoption of efficient technology that consumes less energy, advising on waste minimization and appropriate waste management approaches, giving consideration to ecosystem services while carrying out development valuation and finally promoting decent jobs that takes cognisance of employee’s welfare, job security and career prospects. The study therefore recommends that the time has come for Estate Surveyors and Valuers to be actively involved in greening Nigerian economy.

Motivations for Green Real Estate Investments in Residential Properties: A Review

“…Correspondingly, the United Nations Environment Program (UNEP) clarifies the idea of green in real estate as the total commitment to both the social and environmental aspects that will result in low carbon development or sustainable development (UNEP, 2011). Furthermore, the literature has documented that green real estate investment is poised for constant growth in the coming years, supported by the increase in green real estate development projects since 2009 based on the increasing trend of the certified number of green building projects (Ajibola, 2019).…”

“…Environmental Concern. The first motivation bonds to the rising concern of climate change, particularly for environmental degradation (Ajibola et al, 2019;Fan & Zhou, 2019;Xiao et 2017). Recent research by Kim et al (2020) has revealed that investors-owned have tendencies to own certified green buildings, which benefits the environment.…”

“…Economic: Financial Returns. Green buildings lease up faster, at higher rents, and maintain higher occupancy levels than conventional buildings (Ajibola et al, 2019;Deng & Wu, 2014;Duan et al, 2020;Fan & Zhou, 2019;Mangialardo et al, 2019). For instance, Deng and Wu (2014) found that green-certified dwellings are 4.2% more expensive than comparable non-certified dwellings.…”

Enhancing Sustainability of the Niger Delta Environment through the Choice of Techniques for Valuing Contaminated Land

“…Attempts have therefore been made to use some of the contemporary valuation techniques such as the hedonic, contingent, conjoint, multiple regression, and PROBIT to assess the contamination and stigma effects of oil spillage, landfills, nuclear power plants, and hazardous waste sites, among others, on property values, but regrettably with conflicting results (Mundy, 1992;Otegbulu, 2011). Ajibola et al (2019) assert that, even though such are not traded in the open markets and therefore are regarded as having no marketplace prices, the values of natural goods and services still need to be assessed, especially when there is need to compensate affected persons, because man's continuous survival is dependent on the goods and services provided by the natural environment. They further state that future economic growth and development itself is endangered by environmental degradation, especially land contamination by oil spills as is common in the study area.…”

Assessing the Methods of Valuing Contaminated Land in Rivers State, Nigeria

“…Ajibola, Oluwunmi, Kabiamaowei, Owolabi and Akinwale (2019) were of the view that man's continuous existence is hinged on the goods and services provided by the natural environment. Since these natural goods and services are not traded in the open markets they are therefore regarded as having no marketplace prices.…”