Promoting Green Real Estate Development by Increasing Residents' Satisfaction

Green real estate is a new form of development that seeks to reduce the negative impact of real estate construction on the environment and society. It offers various forms of environmental and social utility and also bears higher construction costs. Residents' satisfaction and willingness to pay (WTP) are therefore of great significance for the progress of green real estate. However, residents' satisfaction with green residential areas and its correlation with WTP has been insufficiently researched. This study draws on face-to-face interviews conducted with 614 households in Qingtangwan (an exemplary green real estate project in Beijing) to extract information about residents' satisfaction and WTP. With regard to satisfaction, it identifies five main components, specifically the operation and maintenance of residential areas, indoor and outdoor comfort, building quality, sustainable community attachment, and public facility accessibility (this last category had lower satisfaction). In terms of WTP, residents' mean WTP was found to be CHY 204.23 per month, which is approximately USD 31.19. In addition to the bid value, the indoor and outdoor comfort, building quality, sense of community, and public facility accessibility were all found to be significantly related to residents' WTP. Relevant policy recommendations for promoting this development mode included the establishment of public funds, the regular collection and disclosure of information about residents' satisfaction, phased rent increases, and the enhancement of community cultural construction.