The Analysis of Project Sustainability Risk Indicators in Real Estate Finance: ESI Economic Sustainability Indicator Rating Models
Yıl 2019,
Sayı: EK SAYI (2019) - Yıl: 2019 Cilt: Ek Sayı: Ek, 353 - 394, 01.12.2019
Fatma Müge Tapan
Vahit Ferhan Benli
Feyzullah Yetgin
Öz
The real estate development industry absorbs vast amounts of financial resources from its banking system. This research aims to discover and construct a sustainability rating model to be integrated into the conventional real estate valuation models.
Kaynakça
- Abidin, N.Z./ Pasquire, C.L. (April 2005): “Delivering
Sustainability through Value Management: Concept and Performance Overview”, in: Engineering Construction Architectural, Management, 12(2), 168-180.
- Armbrust, B./Bradley, H./Amrbrust, J. (2001): Practical
Real Estate Math, 2nd ed., South-Western Publishing.
- Brundtland Report (1987): Report of the World Commission on Environment and Development: Our Common Future,
Oxford University Press.
- Bundesamt für Energie (2006): Econcept, Energieaspekte
städtischer und ländlicher Siedlungen, Bern.
- Carlowitz, Hans Carl von (2009): Sylvicultura Oeconomica oder Haußwirthliche Nachricht und Naturmäßige Anweisung zur Wilden Baum-Zucht Reprint der zweiten Auflage
1732, Leipzig, Verlag Kessel.
- Center for Corporate Responsibility and Sustainability
(CCRS) (Dez. 2007): Economic Sustainability Indicator (ESI),
Zusammenfassender Bericht, Grundlagen und Mehrfamilienhauser, Zürich.
- Center for Corporate Responsibility and Sustainability
(CCRS) (Dez. 2012): Economic Sustainability Indicator ESI,
Überarbeitung 2011/12, Der Nachhaltigkeit von Immobilien
einen Finanziellen Wert geben, Zürich.
- ETH/Kammer Unabhängiger Bauherren KUB (2009):
Immobilienmanagement, Handbuch für Immobilienentwicklung, Schultess, Zürich.
- Fuerst, F./McAllister (2010).: “Green Noise or Green
Value? Measuring the Effects of Environmental Certification on
Office Values”, in: Real Estate Economics 39 (1), 45-69.
- Geltner, D.M./Miller, N.G./Clayton, G./Eichholts, P.
(2007): Commercial Real Estate, Analysis & Investments, Cengage Learning, 2007.
- Higham, A./Bridge, C./Farrel, P. (2017): Project Finance
for Construction, Routledge.
- Holthausen, N./Meins, E./Christen, P. (2009): Risikound chancenbasierte Integration von Nachhaltigkeitsmerkmalen in die Immobilienbewertung, Modellentwicklung zur Gewichtung des ESI-Indikators, in: CCRS Working Paper Series, No. 02/09, Zürich.
- Jayantha, W./ Wan, M. (2013): Effect of Green Labeling
on Residential Property Price: A case study in Hong Kong. In:
Journal of Facilities Management, 11 (1), 31-51.
- Kahr, J./Thomsett, M.C. (2005): Real Estate Market Valuation and Analysis, John Wiley.
Kubli, U. (ed.) (2008): Wertvoller Boden, Die Funktionsweise des Bodenmarktes im Kanton Zürich, Zürcher Kantonalbank und Statistisches Amt des Kantons Zürich.
- Kundak, S./Türkoglu, H. (Eylül 2007): İstanbul‘da Deprem Riski Analizi, in: İTÜ Dergisi, Cilt 6, Sayı: 2, 37-46
- Lorenz, D.P./Lützkendorf, T (2011).: Sustainability in
Property Valuation, Theory and Practice, in: Journal of Property
Investment and Finance 26 (6), 482-521.
- Lorenz, D. / Lützkendorf, T. (2011): Sustainability and
Property Valuation – Systematization of existing approaches
and recommendations for future action. In: Journal of Property
Investment &Finance. Vol. 29, No 6, 644–676.
- Lützkendorf, T. / Lorenz, D. (2011): Capturing Sustainability related Information for Property Valuation, Building Research & Information, Vol. 39, No. 3, 256-273.
- Meadows, D.H./ Meadows, D.L./ Randers, J./ Behrens,
W. (1972): The Limits to Growth, Universe Books.
- Meins, E./ Burkhard, H.P. (2014): Nachhaltigkeit und Risiken in Immobilien Investitionen: Konzepte und Entscheidungsgrundlagen für die Praxis, NZZ Verlag, Zürich.
- Meins, E./Holthausen, N./Christen, P. (2009): Risikound Chancenbasierte Integration von Nachhaltigkeitsmerkmalen in die Immobilienbewertung, CCRS, Zürich.
- Meins, E./Sager, D. (June 2013): Sustainability and Risk
in Real Estate Investments: Combining Monte Carlo Simulation
and DCF, in: CCRS Working Paper Series, Zürich.
- Miller, N./Spivey, J./Andrew, F. (2008): “Does Green
Pay Off”. In: Journal of Real Estate Portfolio Management 14
(4), 385-400.
- Moody’s Investor Services (25 October 2017): Moody’s
Approach to Assessing ESG in Credit Analysis.
- OECD (January 2018) Making Blended Finance Work for
the Sustainable Development Goals, Highlights, 1-24.
- RICS (November 2019): Valuation – Global Standards,
Incorporating the IVSC International Valuation Standards, Issued November 2019, effective from 31 January 2020, London.
- Ringland, D.: Scenario Planning, 2nd ed., John Wiley,
part V, Scenarios to Influence Public Attitudes, 111-151.
- Salvi, M., Horehájová, A./ Müri, R. (2008): Der Nachhaltigkeit von Immobilien einen finanziellen Wert geben – Minergie macht sich bezahlt. Center for Corporate Responsibility and Sustainability, Universität Zürich, Zürich.
- Salvi, M., Horehájová, A. / Neeser, J. (2010): Der Nachhaltigkeit von Immobilien einen finanziellen Wert geben – Der
Minergie-Boom unter der Lupe. Center for Corporate Responsibility and Sustainability, Universität Zürich, Zürich.
- Schweizerische Eidgenossenschaft, Bundesamt für
Raumentwicklung ARE (Sept. 2006): Gute Beispiele im Bereich
der Nachhaltigen Entwicklung, Konzept, Bern.
- Serageldin, I./Dixon, J.A. (eds.) (1994): Making Development Sustainable, From Concepts to Action, Environmentally
Sustainable Development Occasional Paper Series No: 2, World
bank.
- Şeşetyan, K./ Demircioğlu-Tümsa, M.B./ Akıncı (20 Nov. 2019): Evaluation of The Seismic Hazard in The Marmara Region (Turkey) Based on Updated Databases, in: Geosciences,
Switzerland, 1-35
- Unctad (April 2014): World Investment Report, Investing
in the SDGs, An Action Plan.
- Swiss Confederation, Federal Constitution of 18 April
1999 (Status as of 23 September 2018): Section 4, Article 73 Sustainable Development, Art.74 Protection of the Environment, Art. 75 Spatial Planning, Art. 76 Water, Art. 77 Forest, Art. 78.
- Protection of Natural and Cultural Heritage, Art. 89 Energy
Policy, Art. 94 The Economy, Art 104 d. Food Security.
- Standard &Poor’s (06 Nov. 2015): Research Update: Turkey Foreign and Local Currency Ratings Affirmed; Outlook Remains Negative.
- United Nations (220 March1987): Our Common Future,
Report of the World Commission on Environment and Development.
United Nations (1992): Agenda 21, UN Conference on
Environment and Development, UNCED.
- United Nations (9 July 2018): “Implementation of Agenda
21, the Program for the Further Implementation of Agenda 21
and the outcomes of the World Summit on Sustainable Development and of the United Nations Conference on Sustainable
Development Report of the Secretary-General”.
- United Nations (A/RES/71/313) (2015): Global Indicator
Framework for the Sustainable Development Goals and Targets
of the 2030 Agenda for Sustainable Development.
- Warren, G. Myers (2013): “Is the Valuer the Barrier to
Identifying the Value of Sustainability”, in: Journal of Property
Investment Finance, Vol. 31, No. 4, 345-359.
- Wüest & Partner (2011): Immo-Monitoring 2011/1. Wüest&Partner (Hrsg.), Zürich.
- Yetgin, F. (Nisan 2019): Kentsel Yenilemenin Yönetimi:
Makro ve Mikro Perspektiv, Turkuvaz.
Yetgin, F./Eroğlu, E. (Ocak 2009): Proje Değerleme: Örnek Uygulamalar ile, Gayrimenkul Değerlemesi, Creative
Yayıncılık.
- Yoshida, J./Sugiura, A. (2010): “Which ‘Greenness’ is
Valued? Evidence from Green Condominiums in
Tokyo”, in: Munich Personal RePec Archive, MPRA Paper No. 23124 (http://mpra.ub.uni-muenchen. de/23124).
Gayrimenkul Finansman İşlemlerinde Sürdürülebilirlik Faktörlerinin ve Değerlemelerinin Analizi: ESI Rating Modeli
Yıl 2019,
Sayı: EK SAYI (2019) - Yıl: 2019 Cilt: Ek Sayı: Ek, 353 - 394, 01.12.2019
Fatma Müge Tapan
Vahit Ferhan Benli
Feyzullah Yetgin
Öz
Türkiye ekonomisinin başta inşaat ve gayrimenkul sektörü olmak üzere ‘sürdürülebilir karlılık ve risk yönetimi’ kavramlarının finans-man ve yatırım süreçlerine dâhil edilmemektedir. Hala hazırda sür-dürülebilirlik raporlarının olmadığı hiçbir projenin en ufak kaynak bulabilme şansının olmadığı batı eko-finansman sistemindeki uygu-lamanın ülkemiz finansman kaynaklarının kullandırımı açısından değerlendirilmesi son derece önemlidir. ESI Economic Sustainability Indicators – ESI Sürdürülebilirlik İndikatör modeli, Türkiye’deki finansman ve yatırım kararlarının alınmasında uzun vadeli gayri-menkul değerlerinin bulunması ve analizi açısından uygulamada karar alma süreçlerinde ve değerleme raporlarında ciddi ve maddi değişiklik yapabilecek bir model olarak bilimsel ve finansal kapasite artırımına katkı sağlayabilecek bir sürdürülebilirlik analiz modelidir
Kaynakça
- Abidin, N.Z./ Pasquire, C.L. (April 2005): “Delivering
Sustainability through Value Management: Concept and Performance Overview”, in: Engineering Construction Architectural, Management, 12(2), 168-180.
- Armbrust, B./Bradley, H./Amrbrust, J. (2001): Practical
Real Estate Math, 2nd ed., South-Western Publishing.
- Brundtland Report (1987): Report of the World Commission on Environment and Development: Our Common Future,
Oxford University Press.
- Bundesamt für Energie (2006): Econcept, Energieaspekte
städtischer und ländlicher Siedlungen, Bern.
- Carlowitz, Hans Carl von (2009): Sylvicultura Oeconomica oder Haußwirthliche Nachricht und Naturmäßige Anweisung zur Wilden Baum-Zucht Reprint der zweiten Auflage
1732, Leipzig, Verlag Kessel.
- Center for Corporate Responsibility and Sustainability
(CCRS) (Dez. 2007): Economic Sustainability Indicator (ESI),
Zusammenfassender Bericht, Grundlagen und Mehrfamilienhauser, Zürich.
- Center for Corporate Responsibility and Sustainability
(CCRS) (Dez. 2012): Economic Sustainability Indicator ESI,
Überarbeitung 2011/12, Der Nachhaltigkeit von Immobilien
einen Finanziellen Wert geben, Zürich.
- ETH/Kammer Unabhängiger Bauherren KUB (2009):
Immobilienmanagement, Handbuch für Immobilienentwicklung, Schultess, Zürich.
- Fuerst, F./McAllister (2010).: “Green Noise or Green
Value? Measuring the Effects of Environmental Certification on
Office Values”, in: Real Estate Economics 39 (1), 45-69.
- Geltner, D.M./Miller, N.G./Clayton, G./Eichholts, P.
(2007): Commercial Real Estate, Analysis & Investments, Cengage Learning, 2007.
- Higham, A./Bridge, C./Farrel, P. (2017): Project Finance
for Construction, Routledge.
- Holthausen, N./Meins, E./Christen, P. (2009): Risikound chancenbasierte Integration von Nachhaltigkeitsmerkmalen in die Immobilienbewertung, Modellentwicklung zur Gewichtung des ESI-Indikators, in: CCRS Working Paper Series, No. 02/09, Zürich.
- Jayantha, W./ Wan, M. (2013): Effect of Green Labeling
on Residential Property Price: A case study in Hong Kong. In:
Journal of Facilities Management, 11 (1), 31-51.
- Kahr, J./Thomsett, M.C. (2005): Real Estate Market Valuation and Analysis, John Wiley.
Kubli, U. (ed.) (2008): Wertvoller Boden, Die Funktionsweise des Bodenmarktes im Kanton Zürich, Zürcher Kantonalbank und Statistisches Amt des Kantons Zürich.
- Kundak, S./Türkoglu, H. (Eylül 2007): İstanbul‘da Deprem Riski Analizi, in: İTÜ Dergisi, Cilt 6, Sayı: 2, 37-46
- Lorenz, D.P./Lützkendorf, T (2011).: Sustainability in
Property Valuation, Theory and Practice, in: Journal of Property
Investment and Finance 26 (6), 482-521.
- Lorenz, D. / Lützkendorf, T. (2011): Sustainability and
Property Valuation – Systematization of existing approaches
and recommendations for future action. In: Journal of Property
Investment &Finance. Vol. 29, No 6, 644–676.
- Lützkendorf, T. / Lorenz, D. (2011): Capturing Sustainability related Information for Property Valuation, Building Research & Information, Vol. 39, No. 3, 256-273.
- Meadows, D.H./ Meadows, D.L./ Randers, J./ Behrens,
W. (1972): The Limits to Growth, Universe Books.
- Meins, E./ Burkhard, H.P. (2014): Nachhaltigkeit und Risiken in Immobilien Investitionen: Konzepte und Entscheidungsgrundlagen für die Praxis, NZZ Verlag, Zürich.
- Meins, E./Holthausen, N./Christen, P. (2009): Risikound Chancenbasierte Integration von Nachhaltigkeitsmerkmalen in die Immobilienbewertung, CCRS, Zürich.
- Meins, E./Sager, D. (June 2013): Sustainability and Risk
in Real Estate Investments: Combining Monte Carlo Simulation
and DCF, in: CCRS Working Paper Series, Zürich.
- Miller, N./Spivey, J./Andrew, F. (2008): “Does Green
Pay Off”. In: Journal of Real Estate Portfolio Management 14
(4), 385-400.
- Moody’s Investor Services (25 October 2017): Moody’s
Approach to Assessing ESG in Credit Analysis.
- OECD (January 2018) Making Blended Finance Work for
the Sustainable Development Goals, Highlights, 1-24.
- RICS (November 2019): Valuation – Global Standards,
Incorporating the IVSC International Valuation Standards, Issued November 2019, effective from 31 January 2020, London.
- Ringland, D.: Scenario Planning, 2nd ed., John Wiley,
part V, Scenarios to Influence Public Attitudes, 111-151.
- Salvi, M., Horehájová, A./ Müri, R. (2008): Der Nachhaltigkeit von Immobilien einen finanziellen Wert geben – Minergie macht sich bezahlt. Center for Corporate Responsibility and Sustainability, Universität Zürich, Zürich.
- Salvi, M., Horehájová, A. / Neeser, J. (2010): Der Nachhaltigkeit von Immobilien einen finanziellen Wert geben – Der
Minergie-Boom unter der Lupe. Center for Corporate Responsibility and Sustainability, Universität Zürich, Zürich.
- Schweizerische Eidgenossenschaft, Bundesamt für
Raumentwicklung ARE (Sept. 2006): Gute Beispiele im Bereich
der Nachhaltigen Entwicklung, Konzept, Bern.
- Serageldin, I./Dixon, J.A. (eds.) (1994): Making Development Sustainable, From Concepts to Action, Environmentally
Sustainable Development Occasional Paper Series No: 2, World
bank.
- Şeşetyan, K./ Demircioğlu-Tümsa, M.B./ Akıncı (20 Nov. 2019): Evaluation of The Seismic Hazard in The Marmara Region (Turkey) Based on Updated Databases, in: Geosciences,
Switzerland, 1-35
- Unctad (April 2014): World Investment Report, Investing
in the SDGs, An Action Plan.
- Swiss Confederation, Federal Constitution of 18 April
1999 (Status as of 23 September 2018): Section 4, Article 73 Sustainable Development, Art.74 Protection of the Environment, Art. 75 Spatial Planning, Art. 76 Water, Art. 77 Forest, Art. 78.
- Protection of Natural and Cultural Heritage, Art. 89 Energy
Policy, Art. 94 The Economy, Art 104 d. Food Security.
- Standard &Poor’s (06 Nov. 2015): Research Update: Turkey Foreign and Local Currency Ratings Affirmed; Outlook Remains Negative.
- United Nations (220 March1987): Our Common Future,
Report of the World Commission on Environment and Development.
United Nations (1992): Agenda 21, UN Conference on
Environment and Development, UNCED.
- United Nations (9 July 2018): “Implementation of Agenda
21, the Program for the Further Implementation of Agenda 21
and the outcomes of the World Summit on Sustainable Development and of the United Nations Conference on Sustainable
Development Report of the Secretary-General”.
- United Nations (A/RES/71/313) (2015): Global Indicator
Framework for the Sustainable Development Goals and Targets
of the 2030 Agenda for Sustainable Development.
- Warren, G. Myers (2013): “Is the Valuer the Barrier to
Identifying the Value of Sustainability”, in: Journal of Property
Investment Finance, Vol. 31, No. 4, 345-359.
- Wüest & Partner (2011): Immo-Monitoring 2011/1. Wüest&Partner (Hrsg.), Zürich.
- Yetgin, F. (Nisan 2019): Kentsel Yenilemenin Yönetimi:
Makro ve Mikro Perspektiv, Turkuvaz.
Yetgin, F./Eroğlu, E. (Ocak 2009): Proje Değerleme: Örnek Uygulamalar ile, Gayrimenkul Değerlemesi, Creative
Yayıncılık.
- Yoshida, J./Sugiura, A. (2010): “Which ‘Greenness’ is
Valued? Evidence from Green Condominiums in
Tokyo”, in: Munich Personal RePec Archive, MPRA Paper No. 23124 (http://mpra.ub.uni-muenchen. de/23124).