Muhammad Shafi, CEO of Prescott Real Estate Development, next to an architectural model of Prime Residency III, the company's latest project

At a time when the world is grappling with problems related to climate change, the future of the real estate industry will depend on having a sustainable design.

Nowadays, assessing a project’s location isn’t just about the economics of the area. Possible environmental implications must also be taken into consideration when making a real estate investment decision. Realtors and investors need to take adaptive measures through design or architectural approaches.

For instance, it’s important to consider things like flooding susceptibility and risks of rising sea levels in case of coastal locations. Building structures can also have features like solar power generation, rainwater harvesting, and passive green design.

Most green-certified buildings cause a 4% increase in upfront capital expenditure. However, they can save a lot of money in the long run through reduced maintenance expenses and lower water and energy costs. 

According to a joint 2018 report by UN Global Impact and the London-based Royal Institute of Chartered Surveyors (RICS), real estate can help drive corporate sustainability and play a key role in helping the world achieve the UN’s Sustainable Development Goals (SDGs).

Progressive-minded developers are another essential element to the real estate sector. They’re the ones with the will and capacity to initiate cost-efficient and environmentally friendly projects. The idea is to build a more resilient, inclusive, and sustainable future for emerging cities which will contain the environmental impact of human developments while ensuring sustained industry growth.

The United Nations defines sustainability as ‘economic growth and development that caters to the requirements of the present age without compromising on the ability of future generations to fulfill their needs.’ 

Every realtor and investor ought to keep this in mind when undertaking any project.

Prescott Real Estate Development, for instance, approaches every project with the aim of sustainability balanced between environmental considerations and comfortable living.

We have always been focused on creating sustainable and unparalleled living experiences for every customer. At a time when climate change is among the most pressing issues, it’s important to prioritize sustainable design in real estate because the future of this industry will depend on it.

The author, Muhammad Shafi, is the chief executive officer of Prescott Real Estate Development