Main factors determining the price of real estate

In a market economy, price is determined on the basis of supply and demand. In this case, you should familiarize yourself with and pay attention to the factors that determine the price of real estate.

What are the factors?

• The location of the property

Location is the most important factor that determines the price of real estate. Proximity to major shops, parks, schools, shopping centres and transport infrastructure also has a big impact.

• Area

A particularly important factor in pricing a property is its square footage. To be able to judge whether the property satisfies the requirements, both in size and price per square metre, you need to look at how much square footage is the floor area and the square footage of the freeholds, which together make up the total floor area of the home.

• Floor

The value of the apartment is determined by the floor it is on, the total number of floors, whether there is an elevator. In practice, it is clear that apartments located on the first and top floors are offered at lower prices than others.

• The physical structure of the building

The type of building, the quality of construction, the architectural style are also  directly related to the physical structure and to the architectural image of the building.

• Proximity to business centers

Although there are advances in technology  there is a need for communications with business centers. For this reason, areas with key transport networks close to major commercial and business  centres remain the most preferred, which in turn leads to rising prices.

• Convenient transport

Proximity to transport has a positive effect on house prices.

Ease of transport is measured by the availability and regularity of different modes of transport and travel costs.

• View

Homes with beautiful and attractive views are offered at a higher price than homes that have a plain view. Many studies have shown that people who are fond of beautiful landscapes and amazing views are willing to pay more for such a property. People's preferences and perceptions of a beautiful view vary- some would prefer a cityscape, others would choose a seascape, and still others a mountain view or a natural landmark.

• Type of construction

Newly constructed buildings are preferred by customers because of their attractiveness, upgradability and attractiveness. Modern  residential construction is distinguished by high quality, using quality and selected materials.

• Functionality

The layout of the rooms is also much appreciated by customers. Changes tailored to people's attitudes are reflected in new construction- having the kitchen, dining, and living room combined into one room. While the old construction includes service  storage rooms as well as basements and attics.