PROPERTY NEWS - Environmentally responsible behaviour has never been more important than it is today, with various documentaries and social movements to thank for this.
Historically, one of the biggest obstacles to implementing greener behaviour is cost.
However, when it comes to adopting green building practices within South Africa, this argument is becoming less and less persuasive.
According to a report published by the Green Building Council of South Africa (GBCSA) in 2017, green buildings can be built for a negligible premium of between 1 and 10%. What's more, the report revealed that the green building cost premium is progressively diminishing over time, largely as a result of the growing maturity in the green industry. Findings from the joint MSCI/GBCSA Sustainability Index also revealed that, in South Africa, green buildings yielded a higher return on investment for property developers, owners and corporates.
"The report paints a very positive picture for environmentally responsible building practices in South Africa," says Adrian Goslett, regional director and CEO of RE/MAX of Southern Africa. "I would encourage all property developers to go the route of sustainable building when embarking on any new projects. I would also encourage consumers to support the housing developments that have Green Star SA certification - the certification issued by the GBCSA for buildings that conform to environmentally responsible building practices."
In terms of what this means for the residential housing market, homeowners should watch this trend closely, especially when considering placing their home on the market. "As the demand for greener homes increases alongside the ever-decreasing costs of green building practices, the demand for environmentally responsible additions to the home will increase along with it. Homeowners who embark on this kind of renovation now are therefore likely to protect the long-term investment value of their property," says Goslett.
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