Real Estate 15.10.2022   249

Influence of residential area on real estate prices

The impact of residential location on property pricesoccupies one of the most important aspects to uncover different criteria between buyers and sellers. Sometimes when selling real estate, buyers are careful to take advantage of the location to pay the minimum price and sellers to always keep that price at the highest level.

Buyers and sellers use different criteria to use real estate prices to their advantage. Among these criteria, among many reasons, the location of residence is undoubtedly the most important. Because this criterion has a direct effect on real estate prices and has some advantages and disadvantages.

In particular, the real estate seller uses the residential area to keep this price at the maximum level. The buyer also takes the location of the property as a criterion to keep this price down to take advantage of this in their own way. In this case there are some positive or negative aspects. Although the property is in the project stage, the residential location continues to increase in value.

How are real estate prices determined?

Many factors determine the real estate price. The size of the house, as well as its location, directly affects the price of the property. For example; The price of the 3+1 apartment in the same location is higher than the price of the 2+1 apartment. The most important factor here is directly the size of the house.

However, in different places; It is always more likely that the price of 1+1 apartments will be higher than the price of 3+1 apartments. This indicates how accurate is the meaning of the place of residence.

In addition to the size and location of the house, the factors that directly affect real estate prices include: In addition to the construction date and age, architectural features, sale date and condition of the house, certain factors such as the amount of down payments and installments, installment terms, branded project-specific promotions, Flexibility of payment terms and delivery date are displayed.

Desired neighborhoods in residential areas

Choosing a locationis very important for those who want to buy real estate. Many factors such as age, marital and child status, lifestyle and the income level of the buyer can be displayed under this. If the people buying a house to live in have children and are at the level of education, a location close to the school is ideal.

For those over a certain age, they prefer hospitals and health facilities close to where they live, while those who value social life want to buy houses close to shopping malls and social amenities. It is precisely in this direction that the influence of the residential area on real estate prices can be seen.