4 Factors That Affect Real Estate Price Hike In A LocalityDecember 12, 2017
The real estate sector is prized as one of the fastest growing industries in the economy and so, property price hike is an important variable in real estate. It is also an important tool in making valuable investment decisions. A prospective home buyer should always analyse the current market trend and consider key factors for getting a fair valuation of the property and also for better returns and beneficial investments.
Here are 4 factors that affect real estate price in a locality.
1. Demand and supply
In real estate sector, demand is considered to be inversely proportional to supply in a particular area. When the availability of properties decrease, existing properties will be highly valued. And when a particular locality is favoured by people along with a growth in the number of inhabitants there, the price hike portrays the increased value of the property.
Residential buildings and properties located at the heart of the city and at the commercial areas are highly valued. Residential areas surrounded by malls and IT hubs are also estimated to have an increased price due to the ease of commute it offers.
A location with superior infrastructure attracts buyers and so is valued at a high price. Accessibility and proximity to public transportation nodes like roads, railway, airport and bus stand can always accelerate the price. Connectivity to medical facilities, educational institutions, retail market, entertainment hubs, etc. also leads to a rise in the value of a property.
When developers oblige to the customization requirement of a prospective buyer, it eventually causes surge in the property price. Factors like types of materials used, design, layout and durability of the property affect the valuation of a property. Added features and modern amenities are also influential in riding up the property rates.
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