Abstract
The principles of sustainability have become particularly important in the real estate and construction sector over the past decade. Despite extended efforts to evaluate the sustainability aspects of the real estate development, very few attempts have been exposed in the scientific literature pursuing integrating the investors and real estate developers’ responsibility for the local community, regional economy and environmental problems within their financial expectations. The paper presents methodology enabling evaluating the balance of real estate development sustainability and financial viability issues during the feasibility study process. The Model for Real Estate Investment Evaluation Based on Sustainable Development Aspects proposed by the authors was applied to the case study of Lithuanian sports and entertainment arenas. By using multi-criteria decision analysis sustainability assessment of multi-functional arenas was carried out which disclosed that positive sustainability effects lays down on the owner’s and operator’s monetary liabilities.
Highlights
Sustainable properties are one of the key issues and challenges for today’s construction and real estate (RE) industry over the world
This study revealed that the effectiveness of private partnership (PPP) infrastructure projects from the private partner perspective depends on technical, financial and private partner’s competence factors, and project sustainability metrics as well
Analytic Hierarchy Process (AHP) is one of the most widely used methods in various fields of research that provides means to optimize decision-making from a quantitative analysis and minimize impacts related to the use of purely qualitative methods [50]
Summary
Sustainable properties are one of the key issues and challenges for today’s construction and real estate (RE) industry over the world. The total transaction value amounted to 163 million EUR [3] Real estate development, both in Lithuania and around the world, is facing the twenty-first century urban challenges—responsible use of energy resources, sustainable urban development within existing neighborhoods, comprehensive renovation and construction of new buildings, decreasing social exclusion, public transport development, and reduction of pollution—all of which should be implemented in the real estate development projects. Both in Lithuania and around the world, is facing the twenty-first century urban challenges—responsible use of energy resources, sustainable urban development within existing neighborhoods, comprehensive renovation and construction of new buildings, decreasing social exclusion, public transport development, and reduction of pollution—all of which should be implemented in the real estate development projects These processes have impacts on the real estate business, as sustainable urban development is the backbone of the economy and the future of the real estate market. This approach will enable to raise awareness amongst owners, occupants and investors to carry out the whole life-cycle analysis of the project in order to justify the design, construction and operation solutions while preparing the feasibility study of new real estate development
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