Green location and green neighborhood attributes: a comparative sectoral perspective

1 Introduction

Property valuation is a fundamental component in the field of real estate, involving the estimation of a property in monetary terms for various purposes, including buying, selling, renting, leasing, tax assessments, and insurance (Blackledge, 2016). The comparison method is widely used in property valuation, relying on available market transaction data for comparable properties in the same locality. Adjustments are applied to market transactions based on several factors to achieve the comparability criteria of the subject property (Agustin et al., 2023). Furthermore, various factors influencing property value are incorporated into the valuation process to ensure accurate market comparisons between comparable and subject properties. Among these factors, location is recognized as the most significant determinant of property value. Previous studies have established that accessibility to city centers, transportation networks, and essential amenities positively influences property values (Ersoz et al., 2018). In addition, neighborhood factors such as accessibility, environmental quality, safety, and socioeconomic conditions significantly influence property attractiveness and value performance (Chen et al., 2019). These attributes are often reflected in property values as they influence buyers’ preferences and their willingness to pay.

In recent years, green valuation has emerged as a specialized aspect of property valuation that incorporates green attributes into the valuation process (Green Building Index, 2013). Green buildings are sustainable, environmentally friendly developments that balance economic, social, and environmental considerations throughout their lifecycle (Elshimy, 2015; Green Building Index, 2013). These benefits include reduced utility costs for tenants and households through enhanced energy and water efficiency, lower construction costs, and increased property value for building owners as well as job creation (Elias and Lin, 2015). Therefore, the value of green buildings is influenced not only by physical building characteristics but also by the quality of the surrounding location and neighborhood characteristics. Previous studies have indicated that green buildings have attributes, such as location and neighborhood, that also affect green building certification and property value performance (Porumb et al., 2020; Houghton and Castillo-Salgado, 2020). These attributes are also associated with the sustainable impacts of site location and transportation to the ecosystem and human wellbeing (Chen, 2017). As a result, green location and green neighborhood characteristics should be considered as essential components within green valuation practices, whether in the green commercial or residential sector.

Despite the growing interest in green valuation, there remains limited comprehensive studies on specific green neighborhood and location attributes that should be integrated into green valuation practice. Existing studies focus on individual attributes such as accessibility, greenery, pollution, and proximity to amenities. Therefore, this has resulted in fragmented findings and limited consensus on which green attributes are most relevant to green valuation. Furthermore, limited attention has been given to synthesizing these attributes using recognized green building rating systems. Consequently, valuers and industry practitioners lack a structured reference for incorporating sustainability attributes into property valuation. To address this gap, this study systematically identifies green location and green neighborhood attributes derived from established green rating systems and relevant literature to support the development of comprehensive and standardized green valuation frameworks for residential and commercial properties.

2 Literature reviews

2.1 Concept of green building

The increasing severity of environmental issues, including natural disasters, has intensified public awareness and the promotion of green initiatives to support long-term environmental sustainability (Elias and Lin, 2015). The United States Environmental Protection Agency (2010) describes green building as the practice of designing and constructing using environmentally friendly resources throughout the building lifecycle. Furthermore, a building is considered green based on its performance, as verified by formal green certification systems through its green features and strategies (Muldavin, 2010). According to Green Building Index (2013), green building emphasizes the efficient use of resources such as energy, water, and materials while reducing adverse impacts of buildings on human health and the environment throughout a building’s lifecycle.

Green buildings are designed to conserve resources, reduce harmful emissions, and improve compatibility with local environmental and social conditions (Elias and Lin, 2015). Hence, green developments contribute to environmental preservation, operational cost savings, and improved occupants’ wellbeing and workplace efficiency. The adoption of green office developments has increased due to the growing emphasis on resource efficiency and employee productivity, while green residential developments continue to expand in response to increasing sustainability awareness and demand for healthier urban living environments (Enegbuma et al., 2018; United Nations Environment Programme, 2021; Mustaffa et al., 2021). Green development also contributes to the triple bottom line of sustainable development, encompassing environmental, economic, and social benefits (Nilashi et al., 2015).

2.1.1 Green building rating tools

According to Ding (2008), the objective of green rating tools is to enhance environmental awareness and provide structured guidance for the building industry to achieve sustainability in building development. These green building rating systems are generally voluntary rather than mandatory and are supported by the World Green Building Council, which comprises representatives from green building councils in various countries. The evaluation of green buildings is conducted by certified professionals appointed by the respective green building council (Zuo and Zhao, 2014) to ensure compliance with established green building criteria. In this study, the Green Mark Scheme in Singapore is adopted as a benchmarking reference for Malaysia to evaluate the influence of green attributes on property value in terms of location and neighborhood. This is due to the suitability of green building practices implemented in Singapore, which may be adapted and potentially transferred to Malaysian green building development.

2.1.1.1 Green building index (GBI)

In Malaysia, GBI is recognized and authorized as a leading green rating tool for green buildings. It was established in April 2009 by the Malaysia Institute of Architects (PAM) and the Association of Consulting Engineers of Malaysia (ACEM). It served a significant role in promoting and enhancing sustainability and awareness by encouraging responsibility toward future generations among key stakeholders, including developers, architects, engineers, planners, designers, contractors, and the public (Green Building Index, 2013; United Nations Environment Programme, 2021). Certification is awarded based on performance across six principal criteria, namely energy efficiency (EE), water efficiency (WE), sustainable site planning and management (SM), indoor environment quality (EQ), materials and resources (MR), and innovation (IN) (Green Building Index, 2013). These criteria are essential for improving building performance, resource efficiency, and environmental sustainability (Zhang et al., 2023; Liu et al., 2024).

2.1.1.2 Green real estate (GreenRE)

Green Real Estate (GreenRE), introduced by the Real Estate and Housing Developers’ Association (REHDA) Malaysia, was established in 2013 and is a green building rating system aimed at promoting sustainable development in the Malaysian real estate industry. The main objective of its establishment is to encourage the efficient use of resources, particularly energy, water, and other materials, while supporting national sustainability initiatives. In addition, GreenRE aligns with government incentives, including those offered by the Ministry of Finance (MOF) and the Green Technology Tax Incentive Scheme administered by the Malaysian Investment Development Authority (MIDA), which provide tax benefits for certified green building projects. The GreenRE evaluates building sustainability through multiple criteria, including energy efficiency, natural ventilation, daylighting, water efficiency, environmental protection, indoor air quality, carbon assessment, and enhanced construction practices.

2.1.1.3 Green mark scheme

The Green Mark Scheme was established by the Building and Construction Authority (BCA) Singapore in 2005 as a sustainability rating system that establishes parameters and performance indicators to guide the design, construction, and operation of buildings with the aim of enhancing energy efficiency and advancing overall environmental performance (Building and Construction Authority, 2015). According to BCA, the Green Mark Scheme covers a wide range of building categories, including non-residential, residential data centers, and landed housing; existing buildings that consist of non-residential, residential data centers, and schools; user-centric buildings, which involve office interiors, retail, supermarkets, restaurants, and laboratories; and beyond buildings, which include districts, parks, and infrastructure. The Green Mark Scheme categorizes sustainability criteria differently for residential and existing non-residential buildings. Residential buildings emphasize sustainable management practices, while existing non-residential buildings focus on climatic-responsive design to enhance environmental performance.

Table 1 illustrates a comparative summary of the main sustainability criteria incorporated within the selected green building rating systems, namely the GBI, GreenRE, and Green Mark Scheme. These green rating systems provide comprehensive benchmarks for sustainability by covering site planning, environmental quality, energy efficiency, water management, and community wellbeing. As established green building assessment frameworks, they provide a useful basis for identifying green location and green neighborhood attributes that may contribute to property value. Therefore, the criteria contained within these rating systems were reviewed and compared to support the development of a comprehensive green valuation.

Table 1. Comparison of green criteria across rating systems.

2.2 Hedonic pricing theory

Hedonic Pricing Theory was introduced by Rosen (1974) to explain that property value is determined by a multiplicity of attributes associated with the property and its surrounding environment. The theory suggests that buyers derive utility from individual property characteristics, and these preferences are subsequently reflected in market prices through their willingness to pay. Previous studies on property valuation have demonstrated that locational and neighborhood attributes exert a significant influence on property values. For example, accessibility related attributes, such as proximity to public transportation, city centers, and basic amenities, have been found to positively affect property values (Cordera et al., 2019; Gallo, 2020; Voltes-Dorta and Sánchez-Medina, 2020). Moreover, neighborhood attributes, including greenery, environmental quality, and pollution levels, have been shown to influence property attractiveness and overall market performance (Gibbons et al., 2014; Holt and Borsuk, 2020; Chen and Chen, 2017). These findings lend strong support to the Hedonic Pricing Theory proposition that environmental and neighborhood attributes are reflected in property values. Thus, Hedonic Pricing Theory provides an appropriate theoretical basis for this study, since green location and green neighborhood attributes may be regarded as value-enhancing characteristics that influence property value and should be considered within green valuation practices.

2.3 The impact of green attributes on property value

Literature reviews have been conducted to identify several attributes influencing property value. Recent studies have further expanded these categories, which mention that location and neighborhood are also among the key attributes sought by consumers, and have been widely recognized as significant factors influencing the value of property (Oloke et al., 2013; Acar, 2020; Darendra, 2025; González and Erba, 2025; Chen et al., 2023).

2.3.1 Location

Locational traits encompass the proximity and accessibility of a property to the city center and surrounding facilities, including infrastructure elements such as shopping centers, schools, cultural amenities, public transportation, as well as disamenities such as waste sites and power lines (Fernández-Durán et al., 2011; McCluskey et al., 2000). Accessibility is identified as a critical determinant of a location’s development potential (Ge and Du, 2007). This is supported by the latest research by Zhou et al. (2025), which mentions that accessibility to overall life quality, especially to public facilities and job opportunities, significantly influences housing prices. This is because property values tend to increase with accessibility metrics, driven by reduced travel time and enhanced connectivity (Güller, 2026). Furthermore, proximity to green areas has become increasingly important in recent years, as studies indicate that access to urban green spaces positively influences housing prices, although the magnitude of this effect may vary depending on the location and context (Xu et al., 2024; Zhang et al., 2026).

2.3.1.1 Proximity to CBD

Camins-Esakov and Vandegrift (2018) found that property returns decline with increasing distance from the CBD, as indicated by hedonic price regression models. This finding is supported by d’Acci (2019), who reported that property values in Turin decreased by 0.23% for each additional increase of 1.00% in remoteness from the city center with variations in property values reaching up to 14.3% within urban locations. A study conducted by Voltes-Dorta and Sánchez-Medina (2020) demonstrated the drivers of Airbnb prices in Bristol and used ordinary least squares (OLS) and geographically weighted regression (GWR) methods. The GWR results showed a negative relationship between distance from the CDB and house listing prices. Conversely, properties’ proximity to CDB and transport networks was found to positively influence property values, highlighting the importance of locational advantages (Jin et al., 2022; Zhou et al., 2025).

2.3.1.2 Proximity to transport

Oloke et al. (2013) conducted a study on locational factors associated with transportation accessibility and found that the proximity of residential properties to highways in Lagos positively influences property values. According to a study done by Camins-Esakov and Vandegrift (2018), properties located near Hudson-Bergen Light Rail stations experienced an annual appreciation premium of approximately 18.4%. Besides, a study by Cordera et al. (2019) identified accessibility as a key determinant of property value in Rome and Santander, with spatial hedonic models indicating that distance from public transport significantly influences property value in both cities. In addition, Gallo (2020) used hedonic price regression and found that metro lines contribute approximately 8.5% of the overall market value.

2.3.1.3 Proximity to natural amenities

Brandt and Maennig (2011) estimated a positive relationship between property values and proximity to central locations and metro stations while identifying a negative relationship for properties situated near water bodies, forests, and nature protection areas. Gibbons et al. (2014) found that environmental variables significantly influence property values, with natural amenities such as gardens and woodland contributing to positive price premiums, whereas proximity to certain features, such as rivers, may reduce property values. According to Muhammad (2017), property values decline by approximately 10% when properties are located near an open sewer. Besides, property values increase by approximately 12% when situated further from the main open drain. This finding is supported by Nepal et al. (2020), who report that the presence of an open drain reduces property prices by 11%. Based on sub-sample survey data and primary data collected from a metropolitan city in Nepal, properties located in cleaner neighborhoods achieve price premiums ranging between 25 and 57%, whereas properties located near open drains experience price reductions of approximately 11%.

2.3.1.4 Proximity to basic amenities

Proximity to basic amenities is an important factor influencing property value, particularly access to public facilities. Singla and Bendigiri (2019) found that increased distance from schools and colleges is associated with a decline in property values ranging from 0.13 to 10.5%. Similarly, Oloke et al. (2013) reported that households in Lagos State are willing to pay a premium price to live in properties with better access to transportation infrastructure, such as highways. In addition, Voltes-Dorta and Sánchez-Medina (2020) identified that further distance from the city center and key amenities, including tourist attractions, will negatively affect property values. Furthermore, access to public transportation has been found to have a strong, often positive effect on housing prices, although the relationship may be non-linear depending on spatial context and market segments (Jin et al., 2022; Georgiou, 2025).

2.3.2 Neighborhood

Green neighborhood refers to a property environment that integrates environmental sustainability into its planning and development processes with the aim of improving environmental performance, ecological quality, and human wellbeing (United Nations Environment Programme, 2021; Chen et al., 2023). Greenery area has been widely recognized for its role in improving air quality, reducing urban heat island effects, and enhancing the aesthetic and recreational value of residential areas while contributing positively to property values (Gibbons et al., 2014; Zhang et al., 2023). In contrast, pollution factors negatively affect neighborhood desirability and property values due to their impact on environmental quality, health, and housing demand (Liu et al., 2024; Wang et al., 2023). Therefore, the interaction between greenery and pollution highlights the importance of maintaining environmental balance in green neighborhoods, where both elements serve as critical determinants of environmental quality, liveability, and property value (Xu et al., 2025).

2.3.2.1 Greenery

Research conducted by Nepal et al. (2017) shows that a 10% increase in tree cover within 100 m and 250 m buffers is associated with an increase in average property value by 0.48 and 0.29%, respectively. The study further indicates that green and scenic views contribute a positive influence on property values, reflecting the importance of visual and environmental quality. Moreover, Holt and Borsuk (2020) provide evidence that urban trees and parks contribute positively to property values in metropolitan housing markets. The amenity value of trees is particularly linked to their shading effects, which enhance thermal comfort and environmental quality. In some cases, proximity to green spaces may negatively affect property values due to externalities such as noise, safety concerns, and maintenance issues, while excessive green space fragmentation or density may also reduce housing prices (Ledraa et al., 2025; Wu et al., 2024).

2.3.2.2 Pollution

Muhammad (2017) conducted research on the negative externalities associated with open sewer systems and found that open drainage contributes to air pollution and reduces neighborhood desirability and property values. Supporting this, Chen and Chen (2017) further demonstrated evidence from China that environmental pollution negatively affects property prices, highlighting pollution as a disamenity within green neighborhood and property valuation frameworks. Recent studies have consistently shown that air pollution negatively affects property values, with increases in PM2.5 concentrations associated with declines in housing prices and rental values due to reduced demand in polluted areas (Ko, 2024; Doan et al., 2024; Federal Reserve Bank of Dallas, 2024).

These findings highlight environmental pollution as a critical determinant of property value performance. Table 2 shows the summary of attributes affecting property value based on the literature review. The literature consistently highlights the importance of accessibility, environmental quality, and neighborhood characteristics in influencing property market performance. However, these studies remain fragmented, with individual studies focusing on specific attributes such as transportation accessibility, natural amenities, greenery, and pollution. Consequently, there is limited consensus regarding which sustainability-related attributes should be considered in green valuation. This gap provides the basis for the present study to systematically identify and synthesize green location and green neighborhood attributes using recognized green building rating systems.

Table 2. Summary of location and neighborhood attributes affecting property value identified from previous studies.

2.4 Green attributes for location and neighborhood

The identification of specific attributes related to green location and green neighborhood in this study is based on an analysis of criteria from three green building certifications. The analysis focuses on criteria related to location and neighborhood characteristics. These criteria are identified from the GBI, GreenRE, and the Green Mark Scheme, which serve as the basis for determining relevant green attributes in this study. Table 3 illustrates the mapping of location and neighborhood attributes within the selected green building certificates.

Table 3. Attributes for location and neighborhood based on green rating tools.

The comparison indicates that green attributes related to accessibility, greenery, environmental quality, and pollution control are incorporated differently across residential and office building categories. Furthermore, each green rating system adopts different sustainability criteria related to location and neighborhood characteristics. Previous studies have consistently demonstrated that location attributes, such as proximity to public transportation, basic amenities, and natural amenities, influence property values by improving accessibility and environmental quality (Cordera et al., 2019; Gallo, 2020; Voltes-Dorta and Sánchez-Medina, 2020). Similarly, neighborhood attributes such as greenery, environmental quality, and pollution control have been found to affect property attractiveness, occupants’ wellbeing, and market performance (Holt and Borsuk, 2020; Łaszkiewicz et al., 2019; Liu et al., 2024).

Residential buildings place greater emphasis on community connectivity, public transportation access, greenery provision, and environmental management practices, reflecting the importance of sustainable living environments and neighborhood quality. Conversely, office buildings prioritize transportation accessibility, greenery provision, indoor environmental quality, and waste management to support operational performance and occupant comfort. These findings also reveal that certain attributes, particularly proximity to the central business district (CBD) and natural amenities, are not explicitly incorporated into several green building rating systems. Nevertheless, attributes related to transportation, environmental quality, and greenery are consistently recognized across the selected rating systems, highlighting their relevance in sustainable building assessment and property value performance.

3 Methods

The research methodology adopted in this study aims to identify green attributes in buildings.

3.1 Theoretical framework

This study is guided by Hedonic Pricing Theory (Rosen, 1974), which suggests that property value is determined by a combination of attributes of the property and its surrounding environment. This theory provides the conceptual basis for identifying green location and green neighborhood attributes that may influence property value. Therefore, this study adopts Hedonic Pricing Theory as a basis to identify and synthesize relevant green attributes from selected green building rating systems for application in green valuation practices.

3.2 Data collection

The identification of green attributes for property valuation in this study is conducted through rigorous literature reviews. As this study focuses on green residential and green office buildings that adopt criteria from the GBI, GreenRE, and Green Mark Scheme as a comparative benchmarking framework for both residential and office sectors. The identification of green attributes is specifically based on location and neighborhood. The selected attributes are aligned and mapped based on the criteria outlined in the GBI and GreenRE rating tools in Malaysia, as well as the Green Mark Scheme in Singapore, to ensure consistency and relevance with established green building standards.

3.3 Data analysis

The suitability of green attributes in this study is determined through a PRISMA 2020-based analysis to ensure a transparent and systematic review process. Relevant literature was identified through searches in Scopus, Web of Science, ScienceDirect, and Google Scholar using keywords related to green valuation, property value, green location, green neighborhood, and sustainability, which were subsequently aligned with green criteria outlined in Malaysia’s green building assessment tools, namely the GBI and GreenRE, as well as Singapore’s Green Mark Scheme. Studies were selected based on predefined inclusion and exclusion criteria, specifically focusing on previous studies that examined the relationship between green location and neighborhood attributes toward property value. Following screening and eligibility assessment, a total of 185 records were initially identified, of which 28 studies were retained for detailed analysis. To facilitate systematic comparison, a cross-tabulation matrix analysis was used to map the green location and green neighborhood attributes identified from the literature against the criteria contained in the selected rating systems. The analysis utilized binary coding where a value of “1” indicates the presence of an attribute and “0” indicates its absence within the respective rating system. The findings were subsequently synthesized to determine the most relevant green attributes for residential and commercial property valuation.

4 Findings

Findings from the cross-tabulation matrix analysis reveal notable differences between green location and green neighborhood attributes among the selected green building rating systems, as shown in Table 4. In terms of green location attributes, residential buildings show a broader range of sustainability criteria, including proximity to natural amenities, public transportation, and basic amenities, while office buildings are predominantly oriented toward accessibility to public transportation. This suggests that residential developments are designed to prioritize environmental quality and daily convenience to improve occupants’ quality of life, while office developments are oriented toward connectivity and accessibility to enhance workforce mobility and operational efficiency.

Table 4. Cross-tabulation matrix of location and neighborhood attributes with the criteria of selected green building rating systems for residential and office buildings.

Among the three green rating systems examined, GBI and GreenRE were found to incorporate more green location attributes for both residential and office buildings than the Green Mark Scheme. This finding indicates that Malaysian green building rating systems prioritize location attributes, particularly within residential developments. Conversely, green neighborhood attributes demonstrate a higher degree of consistency across the three green rating systems. The attributes derived from the literature, including green space coverage, green shade coverage, neighborhood quality, and pollution control, are largely represented in the green certification criteria for both residential and office buildings. Among the rating systems evaluated, GBI exhibits the highest coverage of green neighborhood attributes, highlighting its comprehensive approach toward promoting environmental quality and community wellbeing.

Collectively, these findings demonstrate that green neighborhood attributes receive more extensive integration within green rating systems than green location attributes. These findings also suggest that current green rating systems place greater priority on neighborhood sustainability, environmental quality, and occupant wellbeing within current green building assessment frameworks. In alignment with Hedonic Pricing Theory, these attributes may be regarded as value-enhancing characteristics that contribute to property attractiveness and positively influence property values. Therefore, green neighborhood attributes should be given greater consideration in the development of green valuation frameworks.

Table 5 shows the final synthesis of green location and green neighborhood attributes relevant to residential and commercial property valuation. Based on the findings, residential buildings exhibit a broader range of green location attributes than commercial buildings, including proximity to natural amenities, public transportation, and basic amenities. The results show that proximity to public transportation for the residential sector varies based on the type of transportation, such as public transport stops, interchange, and walking distance, which differ between 500 m and 1 km. This suggests that residential property values are influenced by a wider spectrum of locational and environmental factors, reflecting occupants’ preferences for accessibility, environmental quality, and neighborhood liveability. In contrast, commercial buildings primarily emphasize accessibility to public transportation, with a preferred walking distance of less than 500 m.

Table 5. Green location and green neighborhood attributes for incorporation into green valuation practices for residential and commercial properties.

This finding indicates that commercial property values appear to be more strongly associated with accessibility and connectivity that support workforce mobility and business operations. Improved access to public transportation may reduce commuting time and transportation costs, thereby enhancing the attractiveness of commercial properties. Similar findings were reported by Voltes-Dorta and Sánchez-Medina (2020), who demonstrated that accessibility attributes positively affect property values through reduced travel time and improved connectivity. Moreover, these findings also support Hedonic Pricing Theory, which suggests that property values are influenced by the attributes embodied within a property and its surrounding environment. Therefore, residential developments place greater importance on environmental quality and daily convenience, while commercial developments focus more on accessibility and connectivity to support economic activities.

In contrast, green neighborhood attributes were consistently identified across both residential and commercial buildings. Key green neighborhood attributes, such as green space coverage, green shade coverage, neighborhood quality, and pollution control, were identified as important sustainability-related factors in green building development. The findings show that green space coverage for residential buildings ranges from 15 to 80% of the land area, and for commercial buildings from 20 to 50%. As for green shade coverage, residential properties require a higher level of green shade coverage with at least 70% pedestrian access, compared to commercial development. In terms of neighborhood quality and pollution control, both residential and commercial properties have the same requirement, including the provision of recycling bins, noise control measures, and the use of environmentally friendly materials to promote sustainable environmental management.

These findings align with previous studies that suggest that incorporating green spaces and greenery enhances environmental quality, aesthetic value, and occupants’ wellbeing, thereby improving the attractiveness and market value of properties (Holt and Borsuk, 2020; Liu et al., 2024). However, the greater emphasis on green space and shade coverage in residential developments reflects a higher importance placed on liveability, outdoor comfort, and community wellbeing than commercial developments, which are generally more concerned with functionality and operational performance.

The overall findings reveal that green neighborhood attributes are more comprehensively represented than green location attributes within the selected green rating systems. This suggests that current green building assessment frameworks are more heavily weighted toward neighborhood sustainability, environmental performance, and occupant wellbeing. However, this highlights a potential gap between sustainability assessment frameworks and conventional property valuation practices, in which location remains a key determinant of property value. Therefore, future green valuation frameworks should include both green location and green neighborhood attributes to better capture the sustainability value inherent in residential and commercial properties.

5 Conclusion

In conclusion, this study used a systematic literature review and comparative analysis of established green building certification frameworks of the GBI, GreenRE, and the Green Mark Scheme to identify green location and green neighborhood attributes that influence property value performance across residential and office developments. The findings highlight the significance of accessibility, greenery provision, environmental quality, and pollution control, all of which are consistently emphasized within sustainable development frameworks and property valuation. The study further revealed that green neighborhood attributes are more extensively incorporated than green location attributes across the selected green rating systems, which indicates the growing importance of environmental quality and occupant wellbeing in sustainable developments. Consistent with Hedonic Pricing Theory, these attributes may be regarded as value-enhancing characteristics that improve property attractiveness and market value. Therefore, the integration of green attributes into property valuation and development decision-making is crucial in supporting sustainable urban development and improving long-term property value performance. The findings provide valuable insights for valuers, developers, policymakers, and other industry stakeholders by identifying green location and green neighborhood attributes that should be considered in green building development and property valuation practices. Furthermore, the identified attributes may support more informed decision-making in sustainable real estate development and support progress toward the achievement of national sustainable development goals. Future green valuation frameworks should incorporate both green location and green neighborhood attributes to provide more comprehensive sustainability value in residential and commercial properties.

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Footnotes

Edited by: Saul Nurick, University of Cape Town, South Africa

Reviewed by: Robby Yussac Tallar, Universitas Kristen Maranatha, Indonesia

Rolien Terblanche, University of Cape Town, South Africa