A Framework for Sustainable Property Value Enhancement in Urban Redevelopment

Thesis Abstract

Urban redevelopment has become an essential strategy for addressing urban decay, stimulating economic growth, and improving residents' quality of life; however, maximizing property value while ensuring sustainability remains a complex challenge faced by policymakers, developers, and urban planners. This study aims to develop a comprehensive framework that enhances property values sustainably within urban redevelopment initiatives, addressing the gaps in existing models that often neglect environmental, economic, and social dimensions in tandem. The specific objectives include identifying key determinants of property value in redevelopment settings, evaluating the influence of sustainable practices on property appreciation, and establishing an integrated model that guides stakeholders in implementing sustainable redevelopment strategies. The research adopts a mixed-methods approach, integrating qualitative and quantitative techniques to provide a holistic understanding of sustainable property value enhancement. A pragmatic research design was employed, leveraging a deductive approach grounded in the theoretical frameworks of the Sustainable Development Theory and the Property Value Theory. The population comprises property developers, urban planners, local government officials, and property owners involved in redevelopment projects within the metropolitan area of a major city, totaling approximately 250 relevant stakeholders. A stratified random sampling technique was utilized to select 150 participants, ensuring representativeness across stakeholder groups. Data collection instruments included structured questionnaires and semi-structured interview guides. The questionnaires, designed to quantify the perceived impact of sustainable practices on property values and stakeholder engagement, were validated through expert review and piloted with 20 participants to assess reliability, yielding a Cronbach's alpha coefficient of 0.86. Interview data complemented quantitative findings by exploring contextual insights and stakeholder perspectives. To analyze quantitative data, multiple regression analysis was employed to determine the relative significance of sustainability indicators on property value, while thematic analysis was applied to qualitative interview transcripts to extract pattern themes. The anticipated findings reveal that factors such as green building designs, infrastructural resilience, community inclusiveness, and effective governance significantly influence property appreciation in redevelopment projects. It is expected that the regression models will demonstrate that sustainable practices account for at least 40% of the variance in property value changes, with environmental and social components exerting notable influence. Qualitative insights are projected to highlight barriers and facilitators to integrating sustainability in redevelopment, including policy support, stakeholder awareness, and financial incentives. This research contributes novel insights to the field of estate management by proposing an integrated framework that aligns sustainability principles with property valuation mechanisms in urban redevelopment contexts. The model emphasizes the synergetic effects of environmental, social, and economic factors, providing a practical guide for stakeholders to optimize redevelopment outcomes sustainably. Additionally, it advances the theoretical understanding of property value dynamics within sustainable urban development paradigms. The study concludes that adopting the proposed framework can significantly enhance property values while promoting sustainable urban growth. Recommendations include implementing policy reforms to incentivize sustainable practices, strengthening stakeholder collaboration, and incorporating sustainability assessments into valuation processes. Future research avenues include longitudinal studies to evaluate the framework's long-term impact and adaptation across diverse urban settings. Overall, the research underscores the critical role of integrated sustainability strategies in optimizing property values in rapidly urbanizing environments.