THE past several years saw a lot of fresh, new concepts being introduced by property developers across the multiple subareas of the local property sector. The concept of green building, for one, has been around for quite some time already and, thus, has also commanded significant attention from a lot of local real-estate companies.
One area, though, of the so-called green movement that has yet to be really fully explored is the direct impact of integrating “green spaces” (parks, open spaces, etc.) in attracting and sustaining the long-term interest of various markets toward specific properties. “Parks provide intrinsic environmental, aesthetic and recreation benefits to our cities. They are also a source of positive economic benefits. They enhance property values, increase municipal revenue, bring in homebuyers and workers, and attract retirees,” the American Planning Association (APA) wrote in one of its studies entitled, “How Cities Use Parks for Economic Development.”
“At the bottom line, parks are a good financial investment for a community. Understanding the economic impacts of parks can help decision-makers better evaluate the creation and maintenance of urban parks.”
A good example of how green spaces like parks preserve the kind of community feel inherent to certain locations can be proven by how these features in Salcedo and Legaspi Villages in Makati City and the entire Serendra complex in Bonifacio Global City (BGC), for example, have shaped how residential communities that featured thriving green spaces have appealed to the market. Property values have steadily climbed in these two areas while still commanding interest from significant markets.
The APA study noted of a study spearheaded by Frederick Law Olmsted about 100 years ago, which revealed the direct positive impact of green spaces to real-property values. “From 1856 to 1873 he tracked the value of property immediately adjacent to Central Park, in order to justify the $13 million spent on its creation,” the APA study wrote. Olmsted found that over the 17-year period there was a $209-million increase in the value of the property impacted by the park.
Luring markets, meeting expectations
For one, green spaces—particularly those built or preserved within urban settings—serve to elevate the health and wellness levels of its surrounding community by leaps and bounds.
“Urban green space provides a wide range of ecosystem services that could help combat many urban ills and improve life for city dwellers—especially their health. Green space may filter air, remove pollution, attenuate noise, cool temperatures, infiltrate storm water, and replenish groundwater; moreover, it can provide food,” wrote Jennifer Wolch, Jason Byrne and Joshua Newell in a research paper entitled, “Urban green space, public health, and environmental justice: The challenge of making cities ‘just green enough.”’
“For example, trees in urban areas may reduce air pollution by absorbing certain airborne pollutants from the atmosphere. Green cover and urban forests can also moderate temperatures by providing shade and cooling an area, thus helping reduce the risk of heat-related illnesses for city dwellers.”
Perhaps, this is also why, in the US for example, affluent retirees with significant financial benefits (known by the acronym: Grampies, or “Growing Number of Retired Active Moneyed People In Excellent Shape,” are often more inclined to settling in communities that feature prominent green spaces.
“Grampies want communities that provide leisure and recreation amenities. In a study by Miller et al. (1994), a retiree was asked to review 14 features and indicate their importance in the decision to move. The first three in rank order were scenic beauty, recreational opportunities and mild climate,” the APA study noted. “Retirees bring expendable income into their communities. They increase the tax base and are ‘positive’ taxpayers, using fewer services than they pay for through taxes. For example, they pay taxes to school districts but do not send children there.”
Living amid green spaces, studies show, can also result to reduced stress levels among the senior members of the communities, as these areas provide the much-needed respite from the concrete jungle and allow more opportunities for urban individuals to unwind and reconnect with their inner being. “Park visits can also rejuvenate residents, enhance contemplation and provide a sense of peace and tranquility,” Wolch and company’s study noted.
Creating a sense of place and belongingness
Aside from this, another key market that’s also very fond of living near green communities are members of the so-called young, creative class.
“Cities are characterized by a sense of place, beauty in the natural environment, a mixed-use transportation system and a 24-hour lifestyle. These are the characteristics that will attract the creativity and brainpower that undergird the new economy,” futurist Steven Roulac was quoted as saying by the same APA material. “Knowledge workers prefer places with a diverse range of outdoor recreational activities, from walking trails to rock climbing.”
Here in the Philippines, we’ve been seeing an increasing appreciation about the importance of preserving green spaces within built environments among today’s real-estate markets. Even leisure and commercial developments are also beginning to realize the value of gifting their occupants with these kinds of “breathing spaces.” These types of developments are vital in helping create a sense of living within complete neighborhoods—one that allows people to live the lives they wanted and fulfill the demands of their respective careers while also enjoying the economic and social stability of a continuously growing community.
Image credits: Photo courtesy Of Zealnyc