Bring on green building regulation, survey says
Results show strong support for minimum standards for new builds.
A survey on the feasibility of developing and selling green buildings has found that 80 percent of participants favoured implementing mandatory minimum standards on new developments in the UAE within three years.
Of 241 stakeholders and investors in the real estate industry surveyed by Landmark Advisory, a real estate consultancy, 34 percent would like to see immediate regulation. A fifth would prefer implementation next year, and 26 percent would like to see binding standards within two to three years.
Participants were less keen on a regulation requiring the retrofitting of existing buildings to make them more environmentally friendly. Only 61 percent would like to see this happen within three years, and only 19 percent of those questioned favour immediate action.
“Implementing green development regulation locally is less contentious than green retrofitting regulation,” comments Jesse Downs, director of research and advisory at Landmark Advisory. “This is most likely because of the current state of the UAE real estate market. Essentially any green development regulation will have an extremely limited impact in the short to medium term because the development market will be extremely restricted over this period.”
Landmark Advisory, a subsidiary of Landmark Properties, conducted the survey in association with Cityscape Intelligence.