Real estate investments pose many challenges for (semi-)institutional investors and foundations (see also the special topic "Real Estate" in the current print edition of DIE STIFTUNG). If the property is supposed to be ethical and sustainable, even more so. Which criteria and aspects in Germany should be observed here, explains a guideline for ethically-sustainable real estate investments, which the association for the promotion of ethics and sustainability in financial investments, Cric eV, and Klimagut Immobilien have developed and presented to the public for the first time on March 1st in Frankfurt am Main. Valuation tools for real estate investments The guide looks at the entire real estate cycle. The authors of the study identify five phases and ten periods, for each of which they carry out an analysis of socio-cultural, ecological and economic aspects. A total of 49 central sustainability criteria for real estate are derived from this. Part two of the handout takes a close look at assessment instruments that are used in Germany to assess the sustainability of real estate. “It turned out that none of the assessment tools examined covered all of the criteria contained in the guidelines. So far, socio-cultural aspects in particular have received little attention," Cric informs in a press release. In addition, the real estate guide contains a glossary of common terms from the real estate industry, a compilation of real estate regulations and an overview of certifications and standards for products and services in the real estate sector. background and goalsThe guide was preceded by "concrete inquiries from the Cric members," says the foreword, and they benefited from their experience and expertise when it was created. The aim was to create a rough overview of standards, labels and seals of approval for sustainable real estate and to find out which sustainability aspects are in the foreground.Because current standards for sustainable real estate development primarily take ecological building criteria into account, but not societal, cultural and social aspects.However, the social and economic dimensions definitely have to be explicitly included. The aim of the guidelines is therefore "to take a first step to formulate requirements for a comprehensive sustainable orientation of real estate projects, to develop criteria for this and to identify blind spots in existing processes and evaluation systems," write the authors of the study. The guidelines are aimed in particular at investors and asset managers with an interest in sustainable real estate investments, but also at project developers, real estate companies, architects and builders.
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