The impact of real estate projects and their sustainability characteristics on land values: cause or consequence? two case studies from Santiago, Chile

Authors

  • Felipe Encinas Escuela de Arquitectura; Facultad de Arquitectura, Diseño y Estudios Urbanos; Pontificia Universidad Católica de Chile
  • Carlos Marmolejo Centro de Política de Suelo y Valoraciones; Escuela Técnica Superior de Arquitectura de Barcelona; Universidad Politécnica de Cataluña
  • Carlos Aguirre Escuela de Construcción; Universidad de las Américas

Keywords:

real estate market, urban land, sustainability characteristics, architecture

Abstract

From the point of view of developers, there is the belief that location determines the main characteristics of real estate projects. On the contrary, the bid rent theory proposes that land receives value from that which it supports, as expressed by means of architectural attributes. In light of two case studies in Santiago, Chile, the relationship between land value and real estate value was studied with the aim of identifying the meaning of this causality and the role of sustainability characteristics – as an expression of emergent architectural attributes – in price formation. It was observed that the interaction between land value and architectural characteristics generates property price through circular causality, where there is a certain typology for each location that can produce submarkets. In this sense, sustainability attributes effectively influence the creation of value – but not linearly – which clearly suggests the presence of housing submarkets according to price level, and a new element in the relationship between land and architectural attributes. 

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Author Biography

Felipe Encinas, Escuela de Arquitectura; Facultad de Arquitectura, Diseño y Estudios Urbanos; Pontificia Universidad Católica de Chile

Director de Investigación y Postgrado; Facultad de Arquitectura, Diseño y Estudios Urbanos; Pontificia Universidad Católica de Chile

 

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Published

2016-12-30

How to Cite

Encinas, F., Marmolejo, C., & Aguirre, C. (2016). The impact of real estate projects and their sustainability characteristics on land values: cause or consequence? two case studies from Santiago, Chile. Sustainable Habitat, 6(2), 70–79. Retrieved from https://revistas.ubiobio.cl/index.php/RHS/article/view/2579

Issue

V.6, N.2 (2016): December 2016

Section

Artículos

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