SUSTAINABLE DEVELOPMENT OF REAL ESTATE: DECISION SUPPORT MODEL AND RECOMMENDATIONS FOR THE PERIOD OF CRISIS

The aim of this paper is to propose a decision support model for real estate development and recommendations that could help Lithuania during economic crises. Research, theoretical and practical tasks of sustainable real estate development process were revised, particular examples presented. Differe...

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Bibliographic Details
Published in:International journal of strategic property management 2018-07, Vol.22 (4), p.252-264
Main Authors: Trinkūnas, Vaidotas, Tupėnaitė, Laura, Raslanas, Saulius, Siniak, Nikolai, Kaklauskas, Artūras, Gudauskas, Renaldas, Naimavičienė, Jurga, Binkytė, Arūnė, Prialgauskas, Darius, Tunčikienė, Živilė
Format: Article
Language:English
Subjects:
crisis
Crisis management
decision support model
development process
Economic crisis
Financial crises
Forecasts and trends
Real estate
Real estate development
Real estate developments
recommendations
Sustainable development
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Summary:The aim of this paper is to propose a decision support model for real estate development and recommendations that could help Lithuania during economic crises. Research, theoretical and practical tasks of sustainable real estate development process were revised, particular examples presented. Different models and methods for analysis of real estate development discussed. Decision support model, encompassing extensive analysis of the global trends, best crisis management practices, assessment of the factual situation and provision of recommendations for different stakeholders under conditions of market instability presented. According to proposed model, the research was performed by studying the expertise of advanced industrial economies and by adapting such to Lithuania while taking into consideration its specific history, development level, needs and traditions. Basing on these findings, accumulated know-how, the results of previous scientific studies and practical insights of the other authors, specific recommendations to avoid crisis and minimize its consequences in macro-, meso- and micro- levels were provided. Recommendations illustrate holistic point of view and assumption that real estate development consists of creativity, research and art.
ISSN:1648-715X
1648-9179
DOI:10.3846/ijspm.2018.3680