面向未来的房地产投资：基于地点的风险

Future‑Proofing Real EstateInvestment Place‑Based Risks Future‑Proofing Real EstateInvestment PLACE‑BASED RISKS This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed andarguments employed herein do not necessarily reflect the official views of the Member countries of the OECD. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use ofsuch data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements inthe West Bank under the terms of international law. Note by the Republic of Türkiye The information in this document with reference to “Cyprus” relates to the southern part of the Island. There is no singleauthority representing both Turkish and Greek Cypriot people on the Island. Türkiye recognises the Turkish Republic ofNorthern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Türkiyeshall preserve its position concerning the “Cyprus issue”. Note by all the European Union Member States of the OECD and the European UnionThe Republic of Cyprus is recognised by all members of the United Nations with the exception of Türkiye. Theinformation in this document relates to the area under the effective control of the Government of the Republic of Cyprus. Please cite this publication as:OECD (2025),Future-Proofing Real Estate Investment: Place-Based Risks, OECD Urban Studies, OECD Publishing, Paris,https://doi.org/10.1787/2dd12063-en. ISBN 978-92-64-46315-8 (print)ISBN 978-92-64-87978-2 (PDF)ISBN 978-92-64-77718-7 (HTML) OECD Urban StudiesISSN 2707-3432 (print)ISSN 2707-3440 (online) Photo credits:Cover © Philippe TURPIN/Getty Images Plus. Attribution 4.0 International (CC BY 4.0) This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/).Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of the original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed inthis adaptation should not be reported as representing the official views of the OECD or of its Member countries.Third-party material– the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and forany claims of infringement.You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shallbe Paris (France). The number of arbitrators shall be one. Foreword Buildings account for roughly 34% of global energy-related CO2 emissions, while also representing one ofthe asset classes mostvulnerable to climate-related risks. With real estate valued at USD 111 trillion inOECD countries alone, the real estate sector is central to both climate mitigation and adaptation. This report is part of the OECD Programme on Decarbonising Buildings in Cities and Regions. Since itsinception, the Programme has explored many important themes. The first phase examined the pivotal roleof cities and regions in driving building decarbonisation within a multi-level governance framework. Thesecond phase took a deeper dive into multi-level governance through practical applications, with a casestudy on the Netherlands as an illustration of how national and subnational governments can jointlyaccelerate housing renovation. The third phase expanded the perspective from operational carbon,meaning the emissions generated during building’s use such as heating, cooling and lightingto whole-lifecarbon,which also includes the embodied emissions from the extraction of materials, construction,renovation and demolition. This shiftunderscoredthe need to address emissions in the construction anddisposal alongside energy performance. This report marks the beginning of a new phase, looking beyond buildings to the broader real estate sector.It recognises that achieving decarbonisation and resilience goals requires co-ordinated action not onlyfrom governments, but also from investors, banks, insurers, devel