| dc.description.abstract | Economic value refers to the monetary sum that people individually and collectively attach to green
spaces (Pasachalis , Konstantinos, George , & Yannis , 2009) .
For this research, private green space will refer to green features on a residential scale,
and that are exclusively owned. These include green compound, flower gardens, trees,
shrubs and fruit gardens. Private green spaces also constitute residential gardens and
private golf courses (Davern, Farrar, Dave, & Giles, 2017).
Private green spaces offer many contributions at a micro and macro level. However, their contributions have been mostly looked at through the lens of their environmental, social and health contributions, but limited study has been done on its economic contribution.
This study sought to examine the economic value of private green spaces and their contribution to the overall value of residential property. A case study approach was used in the study. The Kira-Mamerito neighbourhood was the study area selected on the account that, it reflects current real estate trends like, demarcation of large land parcels into smaller residential plots of standard sizes, measuring 100 feet by 50 feet each, with a separate certificate of title. The findings of the study revealed that economic valuation of private green spaces in Uganda is being practiced by property valuers particularly in compensation valuations, as a statutory requirement.
However, there were challenges identified in the current valuation of private green spaces such as, lack of local valuation standards, outdated residential standards within the national physical planning standards and regulations of 2011 that do not address current needs, and the limited knowledge on valuation and sustainability of green spaces by property valuers and other stakeholders in Uganda.
Private green spaces are evolving and taking on newer forms such as, vertical gardens, green roofs, celebratory landscapes among others, and these forms present new opportunities. In knowledge of this, the recommendations proposed to ensure better consideration of the economic value of private green spaces included, revision of the national physical planning regulations of 2011 particularly, provision 2.10 on landscaping under residential standards, establishment of a sound urban governance structure that supports stakeholder engagement, establishment of harmonized local valuation standards to enhance valuation consistency for both private and public valuations, fostering collaboration among different built environment professionals, and deliberate investment in research and development by property valuers, to equip themselves for the future | en_US |
