Affordability and sustainability, the long-awaited harmony
Sustainable buildings not only provide advantages for tenants but landlords and other stakeholders as well
Based on an article in Biofriendly Planet, sustainable buildings tend to provide an immediate ROI for stakeholders and offer various advantages for tenants and landlords in the affordable residential sector. Going green doesn’t necessarily call for new structures, since existing buildings can be upgraded to fit current green building codes, removing contractors’ and landlords’ stress of the upfront expenses. Green construction will depend on each city, community, and the building itself, but it is without a doubt that environmentally-friendly housing sees improvements in water conservation, energy usage, quality of life, and more.
It is often a misconception that only high-end buildings can go green, as sustainability comes with a high cost. Nevertheless, with the constantly-changing construction industry, affordable housing and green building will keep on finding new ways to harmonise. Additionally, due to the benefits that residents living in low-income housing receive from energy-efficient structures, developers have been keener to combine affordability and sustainability.
However, investors and developers in emerging markets may still be hesitant about the idea of affordable green housing for multiple reasons. According to a statement by Prashant Kapoor of IFC in the ARES digital White Paper Vol. 1, emerging markets need simple, quick, and affordable rating systems to showcase their green credentials because existing ones are too intimidating and expensive. This led to the coming of EDGE – an app developed by IFC that is both a universal standard and a certification system. As green developments continue to extend across Asia Pacific and the rest of the world, the processes and resources to go green will eventually become more accessible and affordable over time.
Read more about how affordable residential developments can go green at asiarealestatesummit.com/ares-digital-white-paper-vol-1/
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