Abstract
Abstract Sustainable development becomes a necessary practice in every country. Real estate has always been an essential need for humans to survive, almost all human activities are related to real estate. Due to that, as well as due to the growth of population, real estate has grown in numbers in the world for our basic need fulfilment. Major studies have shown that real estate objects are one of the major contributors negatively affecting our environment. Sustainable real estate development is a crucial practice implemented by successful countries and other countries are following them, adopting good practice in this field. Sustainable real estate development analysis not only helps to solve climate change issues, but also increases asset value. The aim of the research is to analyze two northern region capitals: Riga (Latvia) and Stockholm (Sweden) and their major steps being taken to promote sustainable real estate development. The comparative, historical, logical and statistical data analysis methods have been used in the research.
Highlights
Sustainable real estate is the type of real estate, which has low or no negative effect on the environment
Environmental responsiveness, resource efficiency, community and cultural sensitivity have a great impact on the green development of real estate
According to the analysis of various sources, Latvia is progressing towards a sustainable future but is still very much behind Sweden
Summary
Sustainable real estate is the type of real estate, which has low or no negative effect on the environment. Green development of real estate is the concept that focuses on both social and environmental impacts of the overall development. Environmental responsiveness, resource efficiency, community and cultural sensitivity have a great impact on the green development of real estate. The aim of the research is to analyze two northern capitals – Riga (Latvia) and Stockholm (Sweden) and the major steps they take to promote sustainable real estate development. The tasks of the research are the following:. - to analyze government involvement in promoting sustainable real estate development in both cities;. - to analyze examples from the existing projects implemented in the cities; - to make conclusions and develop recommendations. To achieve the aim of the research, comparative, historical, logical and statistical data analysis methods have been used
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