Environmental, Social, and Governance in Real Estate from 1994 to 2023: Systematic literature review and bibliometric analysis

Purpose - This paper aims to systematically analyze research on Environmental, Social, and Governance (ESG) practices and financial performance in the real estate sector, an area that has not yet been fully explored. The study focuses on evaluating how ESG factors affect financial and non-financial outcomes in real estate, considering the sector's unique dynamics and inherent complexities.Design/Methodology/Approach - The study utilized a systematic literature review guided by the PRISMA framework, ensuring a comprehensive and transparent analysis.Findings - The findings reveal a spectrum of associations between ESG practices and financial performance within the real estate sector, ranging from positive correlations to no significant impact, and occasionally, inverse effects. This variation in outcomes underscores the multifaceted nature of ESG impacts and the complex dynamics of the sector.We observed an increased interest in ESG after 2018. Geographically, the research is concentrated in developed markets, with a significant portion of studies emerging from North America and Europe.We also observed a notable variation in methodological approaches suggesting the need for a unified ESG framework, which could help to reconcile divergent interpretations of ESG's financial implications.Key unanswered questions that emerged from our analysis include: How do ESG practices influence the asset value in varying market conditions? What are the long-term financial impacts of ESG integration on real estate portfolios? How does investor demand for ESG compliance translate into real estate development and management practices?Originality/Value - The patterns and identifying pivotal researchers and topics, this review provides valuable insights into the sector's trajectory towards a more integrated ESG approach and suggests promising directions for future research.