Green location and green neighborhood attributes: a comparative sectoral perspective

Property valuation is defined as the process of estimating the value of a property for various purposes, including buying, selling, leasing, taxation, and investment decision-making. Among various valuation methods, green valuation has emerged as a contemporary method that incorporates the influence of green attributes into property valuation. Previous studies have highlighted that green location and green neighborhood attributes should be considered in green valuation, as they contribute significantly to property value. However, specific green location and neighborhood attributes remain unclear at this stage. Accordingly, this research aims to identify specific attributes for green location and green neighborhood using criteria provided by several green rating tools. The primary objective of this study is to identify green attributes for location and neighborhood across both the residential and commercial sectors. To establish a comprehensive set of green location and green neighbourhood, a systematic literature review was conducted following the PRISMA 2020 guidelines using Scopus, Web of Science, ScienceDirect, and Google Scholar. From initial 185 records, a total of 28 relevant studies were selected. Extracted attributes were compared with GBI, GreenRE, and Green Mark criteria via cross-tabulation matrix analysis. The findings reveals that Residential buildings feature a broader range of green location attributes including natural amenities, public transport, and basic facilities than office buildings, which focus mainly on public transport access. Neighbourhood attributes including green space, shade, quality, and pollution control were consistently represented across both sectors and within rating systems. These findings support Hedonic Pricing Theory, indicating that green location and green neighbourhood positively contribute to property value. This research is significant as it provides valuable insights for industry stakeholders, supports informed decision-making in green building development, and contributes to the achievement of national sustainable development goals.