The real estate industry in the Middle East is progressively pursuing sustainability and this will lead to substantial benefits in terms of cost, value and quality of real estate, said an expert at Cityscape.

“Over the last 18 months the broader market in the Middle East has gradually pursued improved sustainability with all range of thinking, initiatives and technology being proactively reviewed and debated,” said Stephen Oehme, regional director – Value Management & Sustainability of Hyder Consulting Middle East, the award winning international advisory and design consultancy.

“Green Building being viewed as an additional cost and hurdle is now changing in the region. Since real estate in the Middle East is currently on a high growth curve, the region is strategically placed to promote and revolutionise the concept of sustainability,” Oehme told the audience.

“The financial, social and environmental outcomes of sustainability are not only desirable but also essential from a business perspective,” he added.

'Developments and investments that do not pay proper attention to sustainability would be exposing themselves to dire financial consequences. Such developments not only result in unnecessary costs and lesser quality but also lose out in terms of value when compared with sustainable buildings.'
 
'Sustainability is the best approach to access real quality and value, reduce appropriate costs and provide a hedge against the effects of the global financial crisis.'

'Sustainability has its associated risks and these need to be understood and managed. However, the result of sustainability applied appropriately is not a cost – it’s a profit.'

In his final remarks, Oehme stated that with green building concepts making their way into rule books and environmental consciousness increasing in the region, sustainability presents tremendous commercial opportunities.-TradeArabia News Service