Open AccessBROWNFIELD SITES AND PROPERTY MARKET SENSITIVITY
Author(s) -
Nur Zafira Zihannudin,
Nurul Hana Adi Maimun,
Nurul Liyana Ibrahim
Publication year - 2021
Publication title -
planning malaysia
Language(s) - English
Resource type - Journals
eISSN - 1675-6215
pISSN - 0128-0945
DOI - 10.21837/pm.v19i16.957
Subject(s) - brownfield , valuation (finance) , business , residential property , property (philosophy) , property market , environmental planning , redevelopment , environmental economics , economics , finance , civil engineering , engineering , geography , real estate , economic geography , philosophy , epistemology
The existence of Brownfield sites is one of the main challenges that Malaysia must face due to financial, administrative and policy problems. The negative environmental and social impacts of Brownfield sites jeopardise residents’ health and well-being, causing nearby areas to be less desirable for occupation and investment. These impacts result in price discounts. Hence, this research aims to establish the sensitivity of the property market towards Brownfield sites through a critical review. An overview of previous studies shows that property prices are sensitive towards Brownfield sites. This indicates that the proximity to a Brownfield site is considered when making property purchase decisions. Thus, property valuers, planners and developers should consider the Brownfield factor during property planning, development and valuation.