INTRODUCTION AND BACKGROUND
Introduction
Sustainable development has become increasingly urgent worldwide as human activities put growing pressure on the environment and natural resources. The concept of sustainable development emphasizes meeting the needs of the present without compromising the ability of future generations to meet their own needs (Falkenbach et al., 2020). Within efforts undertaken by the global community to achieve more sustainable development, the property and construction sector has an especially crucial role (Lorenz & Lützkendorf, 2018). The built environment accounts for 24% to 40% of total energy use in OECD countries, 30% of raw materials, and 30% to 40% of solid waste generation (Lampropoulos et al., 2020). Thus, property and construction represent the largest contributor to environmental degradation and global impairment of human well-being.
Despite this outsized impact, actors within real estate markets have been slow to respond to the sustainability imperative (Lorenz & Lützkendorf, 2018). In particular, valuers and analysts have yet to integrate sustainability factors into property assessment and pricing fully. Addae-Dapaah et al. (2019) argue that progress toward sustainable development in the property sector depends significantly on incorporating sustainability into property valuation theory and practice. Unless valuers systematically account for sustainability attributes when determining property values, real estate investors and developers will lack incentives to invest in green design and construction. Robinson and McAllister (2015) indicate that properly pricing environmental externalities can shape consumer behavior and environmental improvement.
Nigeria faces immense sustainability challenges due to rapid urbanization, climate change, and energy poverty (Aghimien et al., 2018). At the same time, the country’s adoption of green building design and renewable energy remains limited. As Africa’s largest economy and most populous nation, Nigeria’s real estate sector has expanded rapidly amidst massive unmet housing demand in cities like Abuja (Oladokun & Shiyanbola, 2021). Understanding whether and how the sustainability of residential properties affects their values can support the mainstreaming of green buildings in Nigerian urban development. The findings also have implications for catalyzing policy reforms and investments towards sustainable cities in Nigeria.
Background
A growing body of evidence from developed property markets in the U.S. and Europe demonstrates financial benefits to sustainable real estate investments. Studies have found positive relationships between energy efficiency, green certifications, and sale prices of residential properties (Walls et al., 2017; Fuerst et al., 2016). However, little needs to be done on how sustainability attributes affect property values in emerging real estate markets such as Nigeria.
Nigeria is Africa’s largest economy and most populous nation. Its property sector has expanded rapidly amidst a massive and growing housing deficit, especially in megacities like Lagos and the capital, Abuja (Oladokun & Shiyanbola, 2021). Abuja is the focus of this study due to its unique history, composition, and development patterns. As the first purpose-built capital in modern Africa, Abuja was designed to be a model of urban sustainability. Its master plan emphasized green spaces and strategic zoning to prevent congestion (Ahmed et al., 2019). An analysis by Adeyeri et al. (2017) found increases in vegetative cover across Abuja from 1986 to 2020 due to the preservation of open areas during development. Abuja also stands out for its socioeconomic makeup. As the capital, it has grown rapidly and has a higher concentration of wealthy residents (Obiadi et al., 2019). In Abuja, expatriates and skilled workers in government, finance, oil/gas, and diplomacy also cluster (Obiadi et al., 2019). This elite population may be more receptive to global sustainability concepts and willing to pay for green housing. By examining Abuja, this study can reveal sustainability perceptions among Nigeria’s emerging middle and upper classes. Their preferences help shape markets and incentives for sustainable property development. The findings also affect investments and policies to advance green urbanization nationally.
While research on valuing sustainability has expanded worldwide, only some studies have addressed the Nigerian context. Evaluating Nigerian valuers’ treatment of green features is essential to mainstreaming sustainability in the country’s real estate sector. In the global movement toward sustainable development, it is critical that Nigerian valuers, like their international peers, learn to account for sustainability in property assessments (Lorenz & Lützkendorf, 2018). This study contributes empirical evidence on Nigerian valuers’ current capabilities in this area.
Research Aim
This research investigates the impact of environmental sustainability on the market values of residential properties in Abuja, Nigeria.
Objectives
- To quantify the impact of critical environmental sustainability features on market values across diverse locations and property segments in Nigeria.
- To analyze the influence of socio-economic factors and market perceptions on potential homeowners’ valuation of sustainability features.
- To identify and assess potential barriers and challenges to adopting environmental sustainability features in Nigerian residential construction.
- To develop evidence-based recommendations for stakeholders, including real estate developers, policymakers, and homeowners, to promote the effective adoption of sustainability features in the Nigerian housing market.
LITERATURE REVIEW
Real estate constitutes a major component of global wealth, with approximately half of the world’s $48 trillion assets being property assets (Zucman, 2019). Land accounts for 50-75% of national wealth in most countries (Klimova et al., 2021). Beyond housing, real estate provides space for recreation, commercial activities, and production. Property is also a significant portion of corporate balance sheets and is commonly used as collateral for debt. Real estate is a major component of Nigeria’s economy, with land and housing accounting for a significant portion of national wealth (Echekoba & Ananwude, 2016). The built environment also poses sustainability challenges through energy and resource consumption. However, research on sustainability integration in Nigeria’s real estate sector is limited, especially regarding implications for property valuation. This literature review analyzes existing studies on the impacts of environmental sustainability features on residential property values.
International evidence demonstrates links between sustainability attributes and higher property values, primarily in developed markets. A survey by Ciaramella (2019) found limited appreciation for sustainability investment value among UK institutions and lenders. Property appraisers were also unsure how environmental benefits affect building value and excluded sustainability factors from valuations. This undervaluation of sustainable real estate disincentivizes sustainability integration in design and construction (Durica et al., 2018). The mismatch between sustainability returns and short-term investor focus further hinders the adoption of sustainability practices (Robinson, 2005). Properly accounting for sustainability attributes in property valuation is thus essential for motivating sustainable real estate investment and development (Mulliner et al., 2016).
Several studies have demonstrated financial benefits to sustainable and energy-efficient buildings, using evidence from developed country real estate markets. For example, Suh et al. (2019) analyzed green-certified office buildings in the United States. They found a rental premium of 2.8% and a sales price premium of 16% for buildings with Energy Star and LEED certifications compared to non-certified buildings. Another study by Bruegge et al. (2016) focused on the apartment market, finding evidence of a 20% rental premium for ENERGY STAR-rated units compared to otherwise identical units without the rating. The financial outperformance indicates that occupiers and investors value sustainability features in these markets.
However, there needs to be more examination of whether such sustainability valuation effects apply in emerging real estate markets. Some initial studies have been conducted recently in developing country contexts. For instance, Hoffman et al. (2020) analyzed office buildings in South Africa, finding that buildings with a 4-star Green Star SA rating achieved windfall gains of 6.9% compared to buildings without the certification. Ma et al. (2019) found that green building labels and modeled energy efficiency levels increased sale prices by 5.9% and 8.1% in China’s residential market, respectively. However, evidence from sub-Saharan Africa still needs to be provided so far. Addae-Dapaah et al. (2019) argue that research is needed on sustainability preferences and willingness to pay among Africa’s growing middle- and upper-income populations. The ability to capture premiums for sustainable real estate in developing countries has important implications for motivating increased green investment.
Some studies in developing countries highlight the importance of reliable electricity access alongside typical green features. For example, Bui (2020) analyzed the residential rental market in Vietnam and found households were willing to pay 2-5% higher rent for properties with more reliable electricity from the grid. Similarly, Dankwah (2018) found that apartments in Accra, Ghana, with backup generators or solar panels to compensate for unreliable grid power, commanded 8-10% rental premiums. Unstable electricity access is a major issue in many emerging economies, so sustainability features that improve reliability are valued alongside more traditional aspects like energy and water efficiency.
Willingness to pay for green attributes is also shaped by consumer perceptions, which are influenced by socioeconomic status and cultural attitudes. For instance, Chan et al. (2017) argue that culture affects how readily populations adopt innovations like green building. Green housing is initially embraced by higher education and higher status groups who are more environmentally aware. Van-Noorloos and Kloosterboer (2018) hypothesize similar drivers will shape green housing demand across Africa’s middle and upper classes. However, empirical evidence validating these relationships in African real estate markets needs improvement.
There are also barriers to mainstreaming sustainability in developing country-built environments. High upfront costs of green design and technology integration pose a key obstacle. Though life cycle benefits may outweigh added initial investments over time, developers focus on minimizing construction costs (Ratcliffe et al., 2021). Less local experience with green building further constrains the supply side. According to Kastner and Matthies (2016), homeowners may also distrust promised savings from efficiency investments. Finally, financial incentives for sustainability remain rare in African real estate (Ampratwum et al., 2021). More research is needed on how to overcome these barriers.
The issue of sustainable development in the built environment in Nigeria is a critical concern despite the country’s growing policy commitment to such practices (Atanda, 2019). This discourse highlights the challenges and opportunities within the Nigerian real estate sector, particularly focusing on Abuja as a case study. Nigeria faces a pressing housing shortage, exacerbated by the rapid urban population growth. It has led to prioritizing affordable housing over sustainability measures (Ezennia & Hoskara, 2019). Even existing buildings rarely incorporate green features, showcasing a significant gap in sustainable practices within the built environment. However, the rise in incomes has driven the construction of high-end residential properties, especially in Abuja, the capital, since 1991 (Onwuanyi, 2018). Abuja, planned with sustainability principles, presents an interesting case for understanding the valuation of sustainability features in the real estate market. Despite being Nigeria’s wealthiest population center, there is a lack of studies examining how sustainability impacts property values in this context.
Potrawa and Tetereva (2022) use hedonic pricing models to value green housing attributes. Meanwhile, Ling and Archer (2018) that traditional valuation methods are still applicable in markets lacking sustainability data. This literature review indicates that sustainability features have positively affected property performance in various contexts. Yet, more research must be done on valuation methodologies and perceptions in developing country markets.
RESEARCH METHODOLOGY
Research Approach and Strategy
A mixed methods approach will be employed to gather comprehensive insights into the impact of environmental sustainability on the market values of residential properties in Abuja. This approach involves the concurrent use of quantitative and qualitative methods. Quantitative methods will allow for the statistical analysis of data, while qualitative methods will provide a deeper understanding of socio-economic factors, market perceptions, and potential barriers. According to a study by Almalki (2016), the overall goal of the mixed-methods research design is to provide a better and deeper understanding of the phenomena by providing a fuller picture that can enhance their description and understanding.
Pragmatist research philosophy is chosen for this study due to its flexibility in combining elements of positivism and interpretivism. Pragmatism involves research designs that incorporate operational decisions based on ‘what will work best’ in finding answers to the questions under investigation. It enables pragmatic researchers to conduct research in innovative and dynamic ways to find solutions to research problems (Kaushik & Walsh, 2019). It allows for quantitative and qualitative methods, emphasizing practicality and relevance to real-world issues (Maarouf, 2019). Given the multifaceted nature of the research objectives, a pragmatic approach is suitable for integrating diverse research methods.
This study will employ a deductive approach to systematically test and refine existing theories and hypotheses. According to Pearse (2019), the deductive research approach involves moving from a general theory to specific observations, allowing for a structured investigation based on established principles, i.e., the researcher starts with a theory, hypothesis, or generalization and then tests it through observations and data collection. It uses a top-down method in which the researcher starts with a general idea and then tests it through specific observations.
Data Collection
A dual-pronged data collection approach will be undertaken to comprehensively explore the impact of environmental sustainability on residential property values in Abuja, Nigeria. An online survey employing structured questionnaires will be crafted for the quantitative facet. Online survey questionnaires are structured questionnaires that are a quick and cost-effective way to gather data from many people (Nayak & Narayan, 2019). The survey is meticulously designed to extract quantitative insights from potential homeowners, delving into their assessments of sustainability features. The questionnaire will cover a spectrum of inquiries encompassing demographics, individual preferences, and the inclination to allocate financial resources toward properties endowed with sustainable attributes (Bolarinwa, 2015). This method will gather numerical data, offering a statistical foundation for evaluating the correlation between sustainability features and market values.
Simultaneously, the qualitative dimension of data collection will unfold through a rigorous examination of pertinent documents. It includes an in-depth analysis of planning reports, policy documents, and real estate development plans. Documents offer specific and stable data unaffected by researchers’ presence. According to Rapley and Rees (2018), by immersing in the information encapsulated within these documents, a nuanced understanding of the contextual factors that shape and influence sustainability practices in Abuja will be unraveled. This qualitative approach aims to unveil the broader landscape within which sustainability considerations are embedded, enriching the interpretation of findings and providing a deeper comprehension of the socio-economic and policy dynamics at play in the local real estate sector.
DATA ANALYSIS
The study will apply the formidable statistical tool SPSS (Statistical Package for the Social Sciences), which is the linchpin for unraveling the intricate relationships between environmental sustainability features and market values in Abuja’s residential properties. SPSS allows users to import, clean, and organize large datasets, which is critical for monitoring and evaluation projects that often involve multiple sources of data (Cronk, 2017). For example, SPSS can merge datasets from surveys, focus group discussions, and other sources to create a comprehensive dataset for analysis.
The analytical arsenal is fortified with the SPSS tool in regression analysis on the quantitative frontier. Regression analysis is a set of statistical methods to estimate relationships between a dependent variable and one or more independent variables (Sarstedt et al., 2019). Gogtay et al. (2017) indicate that it can be utilized to assess the strength of the relationship between variables and for modeling the future relationship between them. This statistical juggernaut will be unleashed to meticulously dissect and quantify the influence of critical environmental sustainability features on the market values of residential properties. The method will quantify the impact and discern the intricate interplay across diverse locations and segments, affording a panoramic view of how sustainability resonates in the complex tapestry of Abuja’s real estate market.
Additionally, SPSS will be the instrument through which descriptive statistics transform raw demographic data from the survey into meaningful insights (Bergin, 2018). Descriptive statistics allows for data to be presented in a meaningful and understandable way, which, in turn, allows for a simplified interpretation of the data set in question (George & Mallery, 2018). This analytical lens will offer a bird’s-eye view of the sample characteristics, unraveling the intricate threads that constitute the potential homeowners’ landscape. By distilling demographic information, the study seeks to unravel patterns, preferences, and predispositions, laying bare the foundations upon which sustainability perceptions and valuations are constructed.
Venturing into the qualitative domain, the study will embark on a journey of thematic analysis, a methodological odyssey through the narratives woven within in-depth interviews (Clarke & Braun, 2017). These interviews with key stakeholders aim not merely to extract information but to discern the underlying themes, recurrent patterns, and nuanced insights. The thematic analysis becomes the compass guiding the exploration of sustainability perceptions, navigating challenges faced, and unveiling recommendations that lie latent within the perspectives of those immersed in Abuja’s real estate milieu.
Simultaneously, the study will employ content analysis to scrutinize the rich tapestry of documents relevant to the real estate sector in Abuja. Through carefully categorizing and interpreting information embedded in planning reports, policy documents, and development plans, the study seeks to unearth the broader contextual nuances shaping sustainability practices (Kleinheksel et al., 2020). Content analysis becomes the interpretive key to unlocking the deeper layers of Abuja’s real estate landscape, revealing the structural foundations upon which sustainable development is poised.
Expected Results
The expected results of this research anticipate shedding light on the nexus between environmental sustainability and residential property values in Abuja, Nigeria. The study aims to identify specific sustainability features influencing market values across diverse locations and property segments through quantitative analysis. Additionally, the research will reveal insights into potential homeowners’ valuation of sustainability attributes, considering socio-economic factors and market perceptions. The qualitative aspect, including in-depth interviews and content analysis, is expected to provide a nuanced understanding of sustainability perceptions among real estate developers, policymakers, and homeowners in Abuja. Anticipated outcomes include evidence-based recommendations for stakeholders, facilitating the adoption of sustainability features in the Nigerian housing market.
WORK SCHEDULE
The work schedule for this research project is meticulously outlined in a Gantt chart, encompassing key phases crucial for a comprehensive investigation. The initial phase involves an in-depth literature review, critically evaluating existing studies on sustainability in real estate in Abuja, Nigeria. Subsequently, an online structured survey will be developed to gather quantitative insights from potential homeowners in Abuja. The data collection phase, which includes property records, will follow. Rigorous analysis will be conducted using quantitative methods like regression analysis and qualitative techniques such as thematic analysis to derive meaningful conclusions.
The non-research activities, vital for the project’s overall success, will also be integrated into the schedule. Scheduled breaks ensure researchers maintain focus and well-being, while allowances for potential re-planning account for unexpected developments. As emphasized by Schneider and Harknett (2019), the Gantt chart serves as a strategic guide, fostering the feasibility of the research plan and ensuring timely completion. This detailed work schedule is imperative for efficient project management, enabling a systematic and organized approach to each research phase.
ETHICAL CONSIDERATIONS
Ensuring the ethical integrity of the research project is paramount to maintaining trust and respect for participants and upholding the principles of responsible research conduct. Obtaining informed consent is foundational to ethical research (Artal & Rubenfeld, 2017). Participants will be provided comprehensive information regarding the research’s purpose, procedures, potential benefits, and associated risks. This information will be presented in a clear and accessible manner, allowing participants to make an informed decision about their involvement. The consent process will be voluntary, ensuring that participants engage willingly without coercion.
Stringent measures will be implemented to safeguard the confidentiality of participants’ information. All identifiable data will be securely stored, with access restricted to the research team only. It includes audio or written records, ensuring that participants’ responses and identities remain confidential. The research team will uphold the highest data security standards to prevent unauthorized access or disclosure. Furthermore, to protect participants’ privacy, each individual’s identity will be shielded through unique identifiers rather than personal details during data collection. According to Miller (2015), this approach is essential in fostering an environment where participants feel secure sharing their perspectives without fear of repercussions. Anonymity will be rigorously maintained throughout the study, from data collection to analysis and reporting.
Before the commencement of the research, ethical approval will be sought from relevant institutional review boards or ethical committees. This process involves thoroughly examining the research design, procedures, and ethical safeguards to ensure alignment with established guidelines and standards (Suri, 2020). Obtaining ethical approval is not only a procedural requirement but reflects a commitment to ethical conduct and respecting participants’ rights. Moreover, a proactive ethical approach will be adopted throughout the research process. It involves anticipating potential ethical challenges and taking preemptive measures to address them. Regular ethical reviews will be conducted to assess ongoing ethical considerations and make necessary adjustments. This commitment to proactivity underscores the dedication to maintaining the highest ethical standards in research.
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