Investing in real estate is one of the biggest financial decisions and thus people consider a lot of factors before buying a home for themselves. Few things that buyers keep in mind while searching for their ideal home include:
- The selling price of the house is the most important factor. Buyers prefer to buy a home that fits into their budget and can appreciate in value in the upcoming years. This would ensure their profitability.
- Location is a very important factor when it comes to buying homes. Along with being conveniently located near all the amenities, the neighborhood should be safe and have the right tax rate.
Now, when it comes to both of these factors, air pollution seemingly plays an influential role, as studies suggest. Now, how many of us could ever imagine that air pollution can impact the selling price of real estate?
Air Pollution and Real Estate
Even though one might not consider air pollution as one of the deciding factors when it comes to purchasing a real estate property but buyers these days do consider it as a deciding factor. Real Estate developers should consider air pollution as a direct threat, apart from the fact that people would deny homes in the most polluted areas, it is also true that constructing buildings there might be a challenge for them. If the pollution reaches above the threshold, the government might impose a ban on the constructions, which would affect their project delivery time.
It should also be considered that a high level of pollution would impact the price of real estate negatively. People these days with all other amenities also wants to live in a healthy condition. Air pollution is a great negative externality and thus a point of major concern for the new-age developers.
What next?
Some of the top real estate developers in the world aim to construct properties that are full of freshness and greenery. The reason behind this is not only aesthetic beauty, but people nowadays are also concerned about their quality of living. When developers can offer an impressive, healthy environment amongst city conveniences, the property prices go up really high.
Studies suggest that this requirement is more common among people with a higher income. The more you earn, the demand for living in a pollution-free environment increases. More often consumers are now taking air quality into their own hands. The best air purifiers, including those utilizing HEPA or PECO technology, are able to purify the air indoors. These simple,but effective machines, can improve health and overall well being, especially for those who live in more polluted regions.
While building a property, the developers also do have some responsibility. Along with making sure that they adapt construction techniques that are environment-friendly, they can take a close look at the existing air quality of the neighborhood. In case they can locate a main polluting agent nearby, like factories whose emissions are above the threshold level, they can take necessary steps to control it. This way they will not only help the society, but the air quality will also improve, leading to an increase in their real estate business.
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