The impact of roof gardens at high-rise residential buildings on property values

Abstract

As population increases in the cities, so does the demand for houses in fulfilling the basic requirement of shelter. The high demand for residential units in urban areas has resulted in saturated places to live because the land in such areas becomes limited. Meanwhile, green areas must be maintained to serve the population. A green roof is one of the solutions as it fulfils 10% of the requirements for providing green areas. Besides, the roof garden can be used as an open space for the high-rise residents. This study aimed to intensify the application of roof garden outdoor space to the property value. The study used a quantitative survey that involved 30 residents of an apartment with a roof garden (ARG) and 30 residents of an apartment without a roof garden (ANRG). Creating a nice view seems to be the primary function of a roof garden for both ARG and ANRG. Besides, roof gardens are considered most valuable as they provide pleasurable feelings. In fact, all the price ranges for ARG are higher compared to ANRG. Not only that, but the differences in rent rate fall between 48% and 60%. Purchase price even ranges from 50% to 56%, whereas the current price is between 67% and 70%. For maintenance fees, the costs range between 60% and 67% monthly. The findings from this study can be used as a benchmark in providing monetary values and benefits to the future developers and buyers. Besides that, knowledge and information about roof garden outdoor space can be drawn from this study too.