Asia has one of the world's fastest growing property markets currently. Many countries seem to have thwarted the effect of the global credit crunch, and countries like China and Hong Kong are utilizing resources and building space at amazing rates. With this is mind, a push for a greener building industry and greener property market in Asia have emerged.
Asia's first green real estate guide, r.e.Design, has called for governments across the region to invest resources in green building, as well as introducing new policies, incentives and regulations for property developers in Asia. The guide says "There is an urgent need for the real estate industry to address the challenges of climate change and sustainability". "We would like to see a quick transformation to the adoption of green building practices in new buildings and in terms of improving existing ones. Governments have a key role to play by introducing new policies and regulations", it goes on.
The report by r.e.Design shows that energy savings of 40-50% can be made in green buildings as opposed to traditional methods. In a world of high fuel and energy costs, both in terms of a company's hip pocket, and the cost to the environment, this will be a significant factor in the property market in Asia's adoption of green building practices.
r.e.Design holds India as a model for the rest of the Asian real estate industry. India's real estate market currently has around 26 green buildings, covering around 11 million square feet. In the green building rating system, five of these buildings are of a platinum or gold standard. "The uptake of green building practices in India is now quick, and real estate practices are changing accordingly", says the report.
There have been a raft of new green building materials developed in Asia in the last few years, with some of the more exotic and promising ones like chicken feathers causing a stir in the media. The real estate industry in the Asian country of the Phillipines could benefit from technology developed in the country to build houses from chicken feathers, of which there are millions of kilos disposed every year.
High hopes are held for bamboo also, in terms of eco-friendly building. Recently in Taiwan, a London architect completed a bamboo townhouse in the middle of an urban area. The house reduces the need for air conditioning, with the well-ventilated bamboo, yet retains security and privacy. Air conditioning is one of the main sources of energy consumption in the real estate sector in Asia, and this new building material could be a godsend for energy costs.
The r.e.Design report is not the only body calling for property investors in Asia to invest in greener building solutions - the UN has leant its mighty weight to the cause also. A report prepared for the UN by a leading academic says that the real estate industry has immense impact on carbon emissions globally; however there is no section willing to become the initiators of change. The Principles of Responsible Investment Report, backed by the UN, is said to be one way that property investors can insure the long-term security of their investments, with the much greater cost-effectiveness of eco-buildings.
Property managers in Asia and the real estate industry in Asia will continue to face pressure in this area, especially as the effects of global warming continue to ravage the planet.
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