The Effect of Green Certifications on Rental Yields in Kaduna’s Real Estate Market
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Background of the Study
Green certifications, such as LEED (Leadership in Energy and Environmental Design) and EDGE (Excellence in Design for Greater Efficiencies), have become pivotal in transforming the real estate industry by promoting environmentally sustainable building practices. Globally, properties with green certifications tend to command higher rental yields and occupancy rates due to their energy efficiency, operational cost savings, and appeal to environmentally conscious tenants (Jones et al., 2024).
In Kaduna, an emerging urban center in Nigeria, the real estate market has shown steady growth, with increasing awareness of sustainable building practices. However, the adoption of green certifications is still in its nascent stages, primarily due to limited regulatory enforcement and the perception of high certification costs (Ahmed & Ibrahim, 2023). The relationship between green certifications and rental yields remains underexplored, necessitating empirical analysis to understand the economic benefits of sustainability in the local real estate market.
As global demand for green-certified properties grows, Kaduna has the potential to position itself as a hub for sustainable real estate. This study examines the effect of green certifications on rental yields in Kaduna’s real estate market, offering insights into the economic value of sustainable practices in the region.
Statement of the Problem
While green certifications are known to enhance property value and rental income globally, their impact in Kaduna’s real estate market remains unclear. Limited empirical data on the correlation between green certifications and rental yields in the region has resulted in skepticism among developers and investors (Okoro & Adeyemi, 2023). Additionally, the cost and complexity of obtaining certifications pose significant barriers to adoption.
As the demand for sustainable buildings increases, failing to integrate green certifications into Kaduna's real estate development strategy could hinder market competitiveness. This study addresses the need to assess the financial benefits of green certifications and their influence on rental yields in Kaduna.
Objectives of the Study
- To analyze the adoption rate of green certifications in Kaduna’s real estate market.
- To evaluate the impact of green certifications on rental yields in Kaduna.
- To identify barriers to obtaining green certifications in Kaduna’s real estate sector.
Research Questions
- What is the adoption rate of green certifications in Kaduna’s real estate market?
- How do green certifications influence rental yields in Kaduna?
- What are the barriers to obtaining green certifications in Kaduna’s real estate sector?
Research Hypotheses
- The adoption rate of green certifications in Kaduna’s real estate market is low.
- Green certifications significantly increase rental yields in Kaduna’s real estate market.
- The cost and complexity of certification processes are significant barriers to green certification adoption in Kaduna.
Scope and Limitations of the Study
The study focuses on rental properties in Kaduna’s real estate market, examining the adoption of green certifications and their impact on rental yields. Limitations may include a lack of comprehensive data on rental yields for green-certified properties and potential resistance from developers in providing sensitive financial information.
Definitions of Terms
- Green Certifications: Official recognitions awarded to buildings that meet specific environmental and sustainability standards.
- Rental Yields: The annual rental income expressed as a percentage of a property’s value.
- Sustainable Practices: Methods that promote resource efficiency and environmental protection in building operations.
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