UNECE promotes the sustainability of real estate markets at Rio+20
Real estate markets and real estate regulations can have an enormous impact on a nation’s economy; according to a 2010 IMF estimate, economic losses from the global financial crisis of 2008 may total $2.28 trillion. Real estate forms a significant part of a country’s capital stock and is an important destination of household savings. The real estate market also has a key role in encouraging the adoption of initiatives to combat climate change and promote long-term sustainable development and green economies.
“Greening the Real Estate Market: The Development of a Sustainable Real Estate Sector” is a forum to discuss guidelines for the creation of a robust and sustainable real estate sector that will take place on 21 June 2012 in Rio de Janeiro as an official side event of the United Nations Conference for Sustainable Development (Rio+20). It is being organized by the United Nations Economic Commission for Europe (UNECE), the UNECE Real Estate Market Advisory Group (REM) and the Brazilian chapter of the International Real Estate Federation (FIABCI).
The theme is tools to help decision makers identify the steps needed to improve market sustainability and promote the real estate sector as a driving force in the provision of social economic, and environmental benefits within and beyond the UNECE region.
Speakers from national governments, the United Nations, non-governmental organizations, and the private sector will help participants to “rethink” the role of the real estate sector and look at more effective government policies and more efficient private sector practices in the real estate sector.
This forum is part of a continuing effort by the UNECE to improve the sustainability of real estate markets. In 2010 UNECE REM published a Policy Framework for Sustainable Real Estate Markets: Principles and Guidance for the Development of a Country’s Real Estate Sector, which provides guidelines for the creation of a robust real estate market that contributes to a sustainable economy. This study gives policy makers and other interested parties a reference for their future work relating to real estate. It offers institutional advice on issues such as the establishment of financial markets backed by real estate as collateral, harmonized valuation standards for real property and transparency in investment risk assessment. The study also advocates a more integrated and holistic approach towards the establishment and management of real estate organizations, especially in countries with economies in transition.
Since 2010, UNECE REM has organized roundtables to promote the Policy Framework in Italy, Portugal, Ukraine, and the Russian Federation and it has been translated into several languages, including Spanish, Portuguese, Chinese and Russian.
For more information, please contact:
Mr. Michael Milligan
Phone: +41 22 917 1357
For more information on “Greening the Real Estate Market”, please visit: http://www.unece.org/index.php?id=29906.