Choice Behaviour in Sustainable Property Features Adoption: A Tripartite Perspective
Keywords:Sustainable Property Features, Choice behaviour, Stakeholders impression, Demand side, Supply side
Stakeholders’ attitudes (demand and supply perspectives) on sustainable property features adoption vary, with implication on the sustainable property features market (SPFM). How do market players behave and make choices in the adoption of sustainable property features? This paper examines stakeholders’ choice behaviour within six filtered themes, underpinned in the consumer research theoretical perspective including market information (awareness level), relevance/importance, social cost and benefits, economic cost and benefit, environmental cost and benefit and market feasibility. The study drew upon a sequential exploratory mixed method comprising semi-structured interviews and a questionnaire survey within the six thresholds unraveled. After a pilot study, ten key actors in the sustainable properties sectors, limited by saturation point were interviewed which resulted in a conceptual framework that guided the survey. The questionnaire survey respondents included 56 building contractors, 91 property developers/investors and 404 users randomly selected within the Lagos’ market. The paper found divergent reactions from both demand (users) and supply (investors & contractors) sides. Investors downplayed the market feasibility, relevance and economic rewards of sustainable features. Sustainable building features are essential to contractors, yet their perceptions of economic worth and market feasibility are challenging. The supply side demonstrates lowered economic worth and market feasibility of sustainable structures. The demand side assessment demonstrates a lack of adequate awareness, relevance, market feasibility and economic benefits. On the supply side, there is a willingness to construct with sustainable features, but on the demand side, there is less enthusiasm. Policy directions and blueprint investment guideline on the SPFM for both local and international prospective investors in the developing market were subsequently recommended.