The Effects of Tangible and Intangible Green Elements on Green Residential Value from Professional Perspectives

Abstract

In 2020, the world's 7.8 billion inhabitants grappled with the novel coronavirus and the disease it causes, COVID-19, and gained new insight into the contributions of population density in urban areas, household size, and population aging to our vulnerability to pandemics. The restriction movement and lockdown has cause less global economic activity thus resulting less demand for some energy sources. However, some of the studies found an increase in household energy consumption up to 95% and negatively impact the occupant's expenditure since the restriction of COVID-19. Green building can be introduced as a response to this alarming situation. Green buildings have been proven to conveyed benefits in terms of energy and water saving and reduce negative impacts on the environment. Over decades, numerous studies have been conducted to investigate the relationship between green and property value. Past research has identified tangible elements of green building that is green envelope components that have effect on residential property value. However, to present, no research has been conducted to determine the effect of both tangible and intangible green elements on residential property value. Hence, this study aims to identify the effect of tangible and intangible green elements of green residential building on property value. 96 questionnaires were distributed among the professionals and were analyzed using frequency analysis. Tangible green envelope components including green roof, solar water heating, light pipe, solar photovoltaics, green wall, light shelf, and sustainable timber have positive effect on property value. Meanwhile, intangible green elements namely proximity of green residential building to basic amenities and public transportation which less than 500m and 750m are proven to increased property value. This research significantly explores the valuation field and contributes to new knowledge in valuing green properties.