Affiliation:
1. Neapolis University, Pafos, Cyprus
Abstract
Given the increasing prominence of environmental, social, and governance (ESG) in the domains on business ethics and sustainable development over the past decade, this chapter explores the evolution of ESG and how real estate companies adapt or should adapt to the ESG practices. Additionally, it provides examples of how the real estate sector is embracing ESG and discusses the implications. Globally, the real estate sector is increasingly adopting the ESG principles, driven by investors, regulations, and government incentives. Larger property firms are pioneering this shift, but support for smaller companies is crucial to ensure ESG integration. Universal sustainable practices adoption is paramount, requiring collaboration among governments, developers, investors, and communities. Implementing ESG in real estate is an ethical necessity, promising long-term value, market competitiveness, and social benefits. This will ensure economic success, environmental care, and social welfare, establishing a lasting sustainable legacy.
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