Sri Lanka shows increased interest in green buildings: Lamudi

New research reveals 79 percent of real estate agents surveyed in Sri Lanka believe interest in green buildings increased between 2014 and 2015.

This is according to the recently-released Lamudi Real Estate Market Report, which shares insight into sustainability in Sri Lanka. One survey conducted by Lamudi Sri Lanka showed over 64 percent of respondents consider sustainable features to be significant in the house-hunting process.

According to data from the 2015 GRESB Report, the global property industry is increasingly aware of sustainability, with the global sustainability within the sector improving across environmental, social, and governance performance.

On a local scale, Sri Lanka has only just begun to show signs of movement toward sustainable real estate. The government has announced plans to construct green buildings from 2016 in an attempt to create a healthier environment and minimise the usage of energy and water.

In a move toward sustainable development, older properties in Sri Lanka are now incorporating eco-friendly elements, specifically solar panels, to reduce emissions and electricity bills, and conserve energy.

Jafar Jafarov, Managing Director of Lamudi Sri Lanka, commented: “As an emerging nation, Sri Lanka has taken early steps to develop sustainable real estate. There are now buildings under construction with either some eco-friendly features, or the entire project focusing on sustainability and sustainable technology. The world’s tallest vertical garden, Clearpoint Residencies, slated for completion in 2017, is just one example of this.”

Green development is considered a benefit for both the developer and buyer. Developments with sustainable features can immediately be sold for a higher price, due to the environmentally-friendly unique selling point. However, this could be halted should the government enforce a regulation to ensure all modern structures have solar panels and water management systems installed.

Modern technology assists buyers today in conserving energy. The greenest luxury condominium in the country, Clearpoint Residencies, is filled with sustainable constituents such as solar panels, greywater systems, plants and a unique drip irrigation system to water the plants. These elements reduce variable expenses, such as energy bills, while improving living conditions.

According to the Guardian, the use of greywater systems, which recycle water from sinks and showers for flushing, has the potential to reduce almost 50 percent of daily national water consumption. This will lead to a decrease in operating costs while increasing the property value.