Abstract
The construction of real estate has the potential to advance sustainability in terms of meeting economic and social criteria—the Business Case and the Societal Case. This is a crucial aspect in the stated visions and plans in many developing countries. Hence, it is important to understand how real estate can best contribute. Semi-structured interviews with a number of decision-makers involved in the real estate sector in the Kingdom of Bahrain were undertaken to explore perceptions of how the sector could best contribute to sustainable development. The decision-makers came from government bodies, investment banks, real estate developers, investors, constructors, project consultants and auditors. The interviews highlight the importance of having a stated vision and strategy which is highly visible and shared by all stakeholders. In the case of Bahrain this is Vision 2030 and the National Economic Strategy. It is important to ensure that any plans that are put in place to achieve the vision/strategy are adaptable to reflect changes in the external environment. The decision-makers identified three areas of focus in terms of the content of policy in order to meet the economic and social-related sustainability criteria as set out in Vision 2030 and the National Economic Strategy. These are: infrastructure, affordable housing and tourism/leisure. Within these three areas, that of infrastructure is also the key enabler for developments in the other two areas to be realized. In terms of a method of governance, the use of public-private-partnerships (PPPs) was identified as being highly appropriate. Such partnerships are not only useful to leverage private sector investment into specific development projects but also to ensure that such development harnesses innovative and efficient methods.
Highlights
This paper sets out to explore how the construction of real estate can contribute to the achievement of sustainable development
The context of developing countries is worthy of study as many such countries, as part of their policies for sustainable development, are seeking strategies that enable economic growth and development, whilst at the same time ensuring the needs of their societies are met
To explore how the construction of real estate can contribute to the achievement of sustainable development in a developing country that achieves economic goals whilst meeting societal needs qualitative data were collected from semi-structured interviews
Summary
This paper sets out to explore how the construction of real estate can contribute to the achievement of sustainable development. What is lacking is empirical study of how such strategies can be contextualized to specific countries and industries It is through such contextualization that vehicles for achieving sustainable development objectives are identified and such identification can inform the content of policy and provide the necessary pre-conditions for effective policy implication. The context of developing countries is worthy of study as many such countries, as part of their policies for sustainable development, are seeking strategies that enable economic growth and development, whilst at the same time ensuring the needs of their societies are met In such countries the construction of its real estate has a profound impact on both the economy and society, for example through the process of urbanization. One such country faced with such challenges is the Kingdom of Bahrain, which is the focus of this paper
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