Sustainability enhances residential property development's long-term viability

Source: Supplied. Residential investment and development summit (Reside) chair, Debbie Tagg.

Increasingly, residential property developers and investors perceive implementing these sustainable practices as having potential to optimise construction efficiencies and mimimise costs.

Residential Investment & Development Summit (Reside) chair, Debbie Tagg commented: “Property developers are doing their part to reduce their carbon footprint in light of climate change. Additionally, properties which are energy and water efficient help to reduce occupiers’ electricity and water bills.”

Speaking ahead of the 2nd Annual Residential Investment & Development Summit taking place between Tuesday, 16 July, 2024 and Friday, 19 July, 2024 in Johannesburg, Tagg said green properties help to improve the health and wellbeing of occupants.

Developers also contribute to greening the built environment when they reduce waste, pollution and environmental degradation.

The Reside Summit is a platform for dialogue between the government and the private sector in unlocking opportunities in the property development and investment sector in South Africa. This year’s theme is ‘Transforming Spaces, Enriching Lives’.

Residential green trends

Over the past few years, the property investment and development sector has evolved with certain trends becoming more prominent. Residential properties are more than just bricks-and-mortar – their designs need to be flexible to accommodate the needs of occupiers.

Homebuyers seek properties that are energy and water efficient with solar panels in some instances. They want to live in areas that promote healthy lifestyles and feature green spaces, gyms and other amenities all within walking distance or in a mixed-use environment.

Initiatives such as the Green Star Ratings by the Green Building Council of South Africa or software programmes and certifications such as Excellence in Design for Greater Efficiencies (EDGE) by the International Finance Corporation has played a demonstrable role in standardising green building methodologies and benchmarks.

This enables investors and financiers to consider sustainability and green elements as part of their funding strategies, resulting in a lower cost of capital for developers, which in turn stimulates more forward-thinking design and development concepts. Developers are continuously coming up with innovative solutions to alleviate the demand for affordable housing in cities.

Sustainability innovations

Tagg said this year’s summit has various presentations and panel discussions that speak to sustainability in the residential property sector, and the creation of urban spaces where people live, work and play.

The Department of Human Settlements will outline its vision for sustainable and inclusive urban development particularly within the framework of social housing, while the private sector will talk about sustainable rural living, balancing profitability and environmental and social responsibility as well as design and construction among topics.

“The adoption of sustainable practices as well as innovation and technology especially in the residential development sector will create more environmentally friendly homes that are not only aesthetically pleasing but energy and water efficient.”

The second annual Reside Summit is supported by 30 industry bodies including the National Home Builders Registration Council (NHBRC), Social Housing Regulatory Authority (SHRA), Property Sector Charter Council, Property Practitioners Regulatory Authority (PPRA), South African Institute of Architects, SA Reit Association, and the Banking Association of South Africa among others.