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The influence of a green building concept on the value of a building
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This study examines the influence of a green building concept on the value of a building. Comprehensive literature was carefully reviewed to provide an overview on the concept of green building and its influence on the value of a building, subject to its overall benefits in South Africa. Several studies have been conducted giving guidelines for the determination of the best capitalisation rates needed for valuing green building properties. However, the information is still inadequate in providing evidence of the relationship between green building features and its influence on the value of a building, leaving most buildings with green features undervalued. This is a peculiar concern this research seeks to bring to notice and with its limited scope proffer possible recommendations and conclusions. A quantitative approach was adopted, facilitating the collection of data through the use of a questionnaire survey that involved randomly selected construction professionals in the Western Cape Province of South Africa. The motive behind the adoption of the quantitative method is to facilitate a reliable manner of satisfying the established aim and objectives for determining current practices in valuing green buildings. The above description paved the way for the use of theoretical, statistical and mathematical techniques for computation and interpretation of data to support objective reasoning and measures. Data was analysed with the application of descriptive and inferential statistical analysis tools, wherein the mean values and one-way analysis of variance were carefully determined. The findings demonstrate that the benefits of green building are critical for enhancing a building’s value. The benefits are divided into tangible and intangible benefits to classify impact on a building value. The classification of the impact cut across reduction of the consumption of energy and water, lowering operating cost and developing flexible design options. Some of the significant features of the green building include water metering, a photovoltaic solar panel system, electrical sub-metering, high performance building façade and skylight and borehole water. Further findings indicate that kitchen and water-closet (WC) water efficient fittings is ranked highest with a mean value (MV) of 3.91, followed by megawatt photovoltaic solar plant with an MV of 3.79, and water metering for monitoring and leak detection with an MV of 3.74. In light of the MVs, it is evident that these features significantly influence the value of a green building. Subsequently, the features are classified as: eco-friendly materials and energy conservation feature; water saving and renewable energy feature; safety feature; natural day light and control feature; sun shade and light feature; water management and flooring feature, and special utility feature. Information as gathered in the study demonstrate that the current practices engaged in valuing green building projects do not specifically differ among construction participants, although the perceptions of construction professionals regarding the most significant green building features that enhance the value of a building is on the average. Modalities towards promoting the concept and value of green building require resolute actions that should be implemented by the Green Building Council of South Africa. This concerns the creation of new growth strategies to escalate the awareness and implementation of a green building concept. Based on the benefits and significant features of green building, as determined through respondent affirmatives, this study broadens the view of construction professionals on the influence of a green building concept on the value of a building in South Africa.