WILLINGNESS TO PAY AND PREFERENCES FOR GREEN HOUSING ATTRIBUTES IN HONG KONG

Abstract

Promotion of green housing is of utmost importance in the achievement of sustainability in the built environment. While the states often use legislation or offer subsidies to motivate developers to build green, market forces can lead to green housing provision without any state intervention if the market players are willing to pay extra for the green attributes of housing. This study aims to explore residents' willingness to pay (WTP) and preferences for green housing attributes based on the findings from a structured questionnaire survey in Hong Kong. The housing attributes under investigation include the uses of green materials and construction methods (e.g. timber from sustainable sources), energy-efficient technologies (e.g. LED lighting) and water-saving devices (e.g. grey water recycling system). Results indicate that apart from moral or altruistic reasons, residents' WTP was mainly motivated by economic incentives. Green housing attributes which can directly reduce residents' utility bills corresponded to greater WTP. Besides, environmental attitude was found a strong determinant of the WTP. Policy implications of the research findings then follow.