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Sustainable Construction Investment, Real Estate Development, and COVID-19: A Review of Literature in the Field

Author

Listed:
  • Arturas Kaklauskas

    (Department of Construction Management and Real Estate, Vilnius Gediminas Technical University, LT-10223 Vilnius, Lithuania)

  • Edmundas Kazimieras Zavadskas

    (Institute of Sustainable Construction, Vilnius Gediminas Technical University, LT-10223 Vilnius, Lithuania)

  • Natalija Lepkova

    (Department of Construction Management and Real Estate, Vilnius Gediminas Technical University, LT-10223 Vilnius, Lithuania)

  • Saulius Raslanas

    (Department of Construction Management and Real Estate, Vilnius Gediminas Technical University, LT-10223 Vilnius, Lithuania)

  • Kestutis Dauksys

    (Department of Construction Management and Real Estate, Vilnius Gediminas Technical University, LT-10223 Vilnius, Lithuania)

  • Ingrida Vetloviene

    (Institute of Sustainable Construction, Vilnius Gediminas Technical University, LT-10223 Vilnius, Lithuania)

  • Ieva Ubarte

    (Institute of Sustainable Construction, Vilnius Gediminas Technical University, LT-10223 Vilnius, Lithuania)

Abstract

Aspects of sustainable construction investment and real estate development (CIRED) and their interrelations during the period pre-, intra-, and post-COVID-19, are presented in the research. Applications of the topic model, environmental psychology theory, building life cycle method, and certain elements of bibliometrics, webometrics, article level metrics, altmetrics, and scientometrics make it possible to perform a quantitative analysis on CIRED. The CIRED topic model was developed in seven steps. This paper aims to present a literature review on CIRED throughout the pandemic and to look at the responses from the real estate and construction sector. This sector is a field that appears to be rapidly expanding, judging from the volume of current research papers. This review focuses on last year’s leading peer-reviewed journals. A combination of various keywords was applied for the review and the criteria for paper selections included construction investment, real estate development, civil engineering, COVID-19, and sustainability, as well as residential, industrial, commercial, land, and special purpose real estate, along with their risks, strategies, and trends. The articles reviewed for this paper, which analyzes three hypotheses, look at pre-, intra-, and post-pandemic CIRED. The three hypotheses were validated by analyzing scientific publications from around the world. Two innovative elements make this study stand out among the most advanced research on pre-, intra-, and post-pandemic CIRED. The first of the two innovations is the integrated analysis of the COVID-19 pandemic, COVID-19-related national policies, and business investment strategies relevant to CIRED and the interests of investors as well as on the impact a CIRED policy and investors make on the spread of COVID-19. In addition, this research demonstrates a marked increase in the effectiveness of a CIRED analysis, when the life cycle of a CIRED, the involved stakeholders with their own individual interests, the COVID-19 situation, and the external micro-, meso-, and macro-environments are covered comprehensively as a single entity.

Suggested Citation

  • Arturas Kaklauskas & Edmundas Kazimieras Zavadskas & Natalija Lepkova & Saulius Raslanas & Kestutis Dauksys & Ingrida Vetloviene & Ieva Ubarte, 2021. "Sustainable Construction Investment, Real Estate Development, and COVID-19: A Review of Literature in the Field," Sustainability, MDPI, vol. 13(13), pages 1-42, July.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:13:p:7420-:d:587384
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