Property and Locality: two sides of the same coin

Why do people care so much about the area where their property is situated? Well, consider this: the one thing you will never be able to alter about your estate is its actual geographical location because that’s the only thing unalterable about it. It would indeed be an intelligent move to bargain for a better locale rather than cheaper cost since location is of prime importance. The viability, practical use and total worth ultimately depend on this single most important aspect.

The worth of estates in the neighborhood, availability of goods and services, land use pattern in and around your property, transport and communication facilities and how in-your-face the entire package are all inextricably linked to the area where it is situated.

But what can we determine if a site is feasible or not? There exists no precise classification since everything is in accordance with the ultimate plan for how the property will be built. Basically the location and built of the property should cater to how you want to use it. You will be the best judge of location where you’ll look for an estate and also what kind of locality it is to be according to your plans.
If you have property on a busy road or area on which lots of vehicles ply, looking at retail outlets like a shopping mall, fast-food centre, a station for gas, or banks will be most profitable since these need to be in such areas. But if the road network is such that people cannot get to these quickly and effortlessly then they will not run. Busy intersections where traffic signals are located or street corners are therefore best for such retail outlets. Also the local municipality may lay down stipulations about setting retail outlets up since they usually contribute to temporary traffic snarls, as do medical and dental clinics.

Another option may be that of letting out the property for Office use but only if there aren’t too many other buildings or apartments offered for the same purpose in the same locality. Office buildings which have banks, food joints and gas stations situated close by and are well-connected through transport usually have greater worth. Such non-residential apartments also aren’t affected by other residential concerns such as power supply and availability of water. Buildings that are for multi-family purposes are also situated in areas which appeal to those looking for retail or office addresses. For multi-family apartments the example of a space which is near a railway station has been used. Public transportation’s being within walking distance to an apartment complex also provides motivation for buyers.

In actuality, the price of a property which is constructed for residential purposes depends. to a great extent upon the area where it is situated. Most people would swear by the principle that the higher the price of an apartment the better the locality where it is placed should be. In keeping with this, parks and open areas, while an added luxury for some properties and always essential for a complex which is highly priced. But there are always certain other factors which lead to depreciation in sale prices, both for high-end as well as low-end properties. Sewer treatment facilities, stone or other quarries, nuclear power plants are always a no-no besides the usual railway lines, electric lines and roads which see a lot of traffic.

William King is the director of Dubai Property & UAE Property & Dubai Real Estate Portal, Pakistan Property & Pakistan Real Estate Properties Portal. He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.

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