An Institutional Analysis of Social Value in Property Development

Social value is gaining unexpected attention in the property industry, triggered by Sustainable Development Goals, social awareness, ethical consumption, and the demand for business transparency and accountability. As such, businesses have transformed their corporate social responsibility (CSR) strategies from philanthropic to creating shared value- i.e., coupling financial performance to social benefit. Interest in environmental, social, and governance (ESG) has accelerated since 2019 due to the global pandemic. Investors have been keen on integrating ESG standards to measure the sustainability and impact of their investments; however, majority of the focus has been on environmental aspects. Only recently have property market actors paid attention to the social aspect, as the current global health crises exasperated social issues in urban areas thus, instigating awareness on the implications of social conditions on investments’ value. Using empirical data, this study looks into the various formal and informal institutions that aid the production of social value in property development in Amsterdam, The Netherlands. More specifically, it studies the structures and mechanisms (i.e. values, norms, rules) that guide property market actors and their practices, which in turn influence development outcomes, and shape urban areas and its wider communities. I argue that harnessing social value requires a better understanding of the complex institutions that guide social outcomes in property developments and urban areas at large. Data will be collected from policy documents, municipal websites, property market publications, and semi-structured in-depth interviews with actors, thus providing a thorough interpretation of social value and assessment of strategies and interests that shape development outcomes.