This paper determines how often South African property valuers are currently recording GBFIs during inspections of commercial properties and to determine property valuers’ perceptions as to how much value GBFIs add to commercial properties.
The construction of commercial green buildings in South Africa is escalating rapidly, encompassing not only certified buildings, but non-certified buildings which incorporate green building features and initiatives (GBFIs). The valuation industry has a responsibility to recognize and identify current trends, changes, and major adaptations within property markets and as the establishment of market-value is in essence the core duty of the valuation professional, this study aimed to determine how often South African property valuers record GBFIs during property inspections whilst investigating valuers’ perceptions of how much value is added to commercial properties by GBFIs.
This study also aimed to determine whether a relationship exists between the perceived value of GBFIs and the frequency that GBFIs are recorded during property inspections.
Results showed that large variations exist in the opinions of valuers as to how often GBFIs are recorded during inspections of commercial buildings and as to how GBFIs influence the value of commercial buildings. Despite this, it was found that a strong positive relationship exists between the perceived value of GBFIs and the frequency with which GBFIs are recorded during property inspections
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