Leveraging Value Adding Factors Through the Construction Development Cycle – Factors Changing the Property Value Landscape

Purpose: The economic value of residential homes is determined by an array of factors. Property value has taken on a new dimension as sustainability gains popularity in the real estate development industry. The housing market has been significantly impacted by the global COVID-19 outbreak and an increase in demand for domestic residences with access to outside spaces is a result of lockdowns and limitations. Homes that offer outdoor activities, natural ventilation, and a connection to nature are now prioritised by homebuyers. Thus, the economic worth of homes with gardens, patios, and spacious balconies has increased because of this change in preference. The aim of this research was to identify distinct key value-adding factors that could be implemented across the numerous stages of a construction project by individuals, at varied levels of expertise, within a construction development environment. This study examines important variables that affect local residential property value economically and sheds light on the importance for construction and renovation projects. Design/Methodology/Approach: The study explores highly desired property typologies and homeownership culture, as well as how these factors affect changes in renting behaviour. The strategy taken in this study is qualitative and employs interpretivism theory and inductive reasoning. Semi-structured interviews based on attitudinal research were used in the research as part of an ethnographic strategy with a sample of participants. Selection criteria included experience in the sector for a number of years, comprehension of the value of real estate, skill in financial and ecological property value-adding aspects, and localised social knowledge. Indicators used to predict site desirability included net population movement and the introduction of new companies. Thematic coding was executed with NVIVO™, allowing a methodical language-centered analytic strategy to make sense of the range of data retrieved. Findings: Results show that the proximity to essential facilities, easy access to transit, ideal urban planning, and the likelihood of future development are the main elements that have had an impact on economic worth. Furthermore, outcomes demonstrate that purchasers' willingness to pay more for greener properties is still restricted, despite the growing interest in sustainable building practices, as economic considerations are taking precedence over environmental concerns. Practical Implications: Associations such as IVS, RICS, and TEGOVA and Malta’s transparency in demonstrating reliability and effectiveness of data sources for comparable evidence are key factors for leveraging value-added factors through the construction development cycle. Originality/Value: The primary asset for a significant number of households is their portfolio of real estate properties. This has considerable importance as families can effectively enhance their overall domestic household income by strategically augmenting the perceived value of their real estate holdings.