Unveiling the Investor Mindset: A Systematic Review of Qualitative Evidence in ESG-Driven and Tech-Enabled Real Estate
DOI:
https://doi.org/10.5281/zenodo.17987973Keywords:
Sustainable property, PropTech, investor behavior, real estate innovation, ESGAbstract
Purpose – This study aims to systematically synthesize qualitative insights into how investors perceive risk, construct value, and make investment decisions in sustainable and technology-enabled property markets. It responds to the growing need to understand investor behavior at the intersection of ESG imperatives and digital innovation.
Design/methodology/approach – A systematic literature review (SLR) was conducted following the PRISMA protocol and PICOS framework, focusing exclusively on qualitative studies published between 2018 and 2025. Eighty-six peer-reviewed open-access articles were analyzed using thematic synthesis and bibliometric mapping through VOSviewer.
Findings – The review reveals three dominant narratives: (1) a recalibration of investor risk perception in light of ESG integration and climate pressures, (2) an evolving construction of investment value shaped by green certifications and PropTech tools such as blockchain and AI, and (3) decision-making processes influenced by cognitive heuristics, digital literacy, and socio-cultural context. Keyword co-occurrence and citation analyses further highlight the field's interdisciplinary nature - connecting behavioral finance, real estate, technology, and sustainability.
Practical implications – The findings offer actionable insights for developers, fund managers, policymakers, and PropTech providers. Embedding ESG transparency and innovative functionalities into property products can enhance investor confidence. Regulatory bodies can improve investment outcomes by aligning disclosure standards with investor perception dynamics.
Originality/value – This is the first SLR to map qualitative research on investor behavior in the context of sustainable and digitally transformed real estate. It contributes a novel conceptual framework, identifies research gaps, and proposes future directions for integrating behavioral, technological, and sustainability perspectives into property investment strategies.
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