Second, quality green buildings not only attract potential buyers in the first-hand market, but also attract potential buyers for the second-hand property market. For instance, according to [52] Pentland (2012), green features of the buildings will be the de facto standard for renovated as well as for new buildings in the future. As green construction uses durable and environmentally-friendly materials, green buildings perform well in many aspects of the building in the long-run such as minimum wear and tear, depreciation and breakdowns, and low-cost of energy. It provides a better and positive image to the property in the eye of the potential buyers. Thus, the marketability and the competitiveness of the property can be improved significantly in the second-hand market, and hence it commands a better price.
Third, as the quality standard and the healthy living environment that these award-winning green certificates/awards bring to the property can attract people through their building condition, the awareness of general public is increased. This creates a favourable impression of the potential buyers towards those properties certified by these award-winning labelling systems.
The findings of this study trigger some important implications. For policy makers, the results of this paper may shed light on the main assumption underlying the widespread implementation of green building labelling systems: the ability of the market to capitalize environmental considerations in investment decisions. Although it costs more for constructing and operating green buildings, developers perceive that increasing public awareness on sustainability to be a business opportunity for them. It may also help to further refine green labelling systems and certification programmes and stimulate increased market demand for green buildings and green certifications. The findings of this study may also help bring Hong Kong's green attitudes towards a higher level.