Exploring the Mechanisms Influencing Users’ Willingness to Pay for Green Real Estate Projects in Asia Based on Technology Acceptance Modeling Theory

Abstract

In contrast to the extensive research on the impact of green buildings on character, property values, energy efficiency, and environmental quality, less emphasis has been placed on understanding the factors driving users’ selection of green real estate projects, an essential element for the future business sustainability of such buildings. This study investigates the connection between various user motivations, such as perceived usefulness, perceived usability, a sense of responsibility, awareness of consequences, and perceived behavioral control, and their impact on Asian users’ willingness to pay for green real estate projects. These users include those who have already invested in and are considering long-term investment in such projects. An empirical methodology, integrating these motivations with a technology acceptance model, is proposed to assess their willingness to pay either through renting or buying. The study applies structural equation modeling to analyze sample data against a hypothetical model, thereby testing the hypotheses. It concludes that, in influencing green real estate projects, the following apply: (1) perceived usefulness and perceived behavioral control significantly shape Asian users’ attitudes towards financial commitment; (2) perceived usability directly influences their perceived usefulness; (3) awareness of consequences acts as a mediating factor in the relationship between perceived usability and behavioral control among these users. Moreover, the study offers strategic design recommendations for future green real estate projects, informed by the diverse motivational factors of Asian users, to guide their purchasing and selection decisions.