Purpose: The economic value of residential homes is determined by an array of factors.
Property value has taken on a new dimension as sustainability gains popularity in the real
estate development industry. The housing market has been significantly impacted by the
global COVID-19 outbreak and an increase in demand for domestic residences with access
to outside spaces is a result of lockdowns and limitations. Homes that offer outdoor
activities, natural ventilation, and a connection to nature are now prioritised by homebuyers.
Thus, the economic worth of homes with gardens, patios, and spacious balconies has
increased because of this change in preference. The aim of this research was to identify
distinct key value-adding factors that could be implemented across the numerous stages of a
construction project by individuals, at varied levels of expertise, within a construction
development environment. This study examines important variables that affect local
residential property value economically and sheds light on the importance for construction
and renovation projects.
Design/Methodology/Approach: The study explores highly desired property typologies and
homeownership culture, as well as how these factors affect changes in renting behaviour.
The strategy taken in this study is qualitative and employs interpretivism theory and
inductive reasoning. Semi-structured interviews based on attitudinal research were used in
the research as part of an ethnographic strategy with a sample of participants. Selection
criteria included experience in the sector for a number of years, comprehension of the value
of real estate, skill in financial and ecological property value-adding aspects, and localised
social knowledge. Indicators used to predict site desirability included net population
movement and the introduction of new companies. Thematic coding was executed with
NVIVO™, allowing a methodical language-centered analytic strategy to make sense of the
range of data retrieved.
Findings: Results show that the proximity to essential facilities, easy access to transit, ideal
urban planning, and the likelihood of future development are the main elements that have
had an impact on economic worth. Furthermore, outcomes demonstrate that purchasers'
willingness to pay more for greener properties is still restricted, despite the growing interest
in sustainable building practices, as economic considerations are taking precedence over
environmental concerns. Practical Implications: Associations such as IVS, RICS, and TEGOVA and Malta’s
transparency in demonstrating reliability and effectiveness of data sources for comparable
evidence are key factors for leveraging value-added factors through the construction
development cycle.
Originality/Value: The primary asset for a significant number of households is their
portfolio of real estate properties. This has considerable importance as families can
effectively enhance their overall domestic household income by strategically augmenting the
perceived value of their real estate holdings.peer-reviewe
