Are you a property hunter on the prowl for profitable properties to invest in? As pretty much any investor will tell you, it’s all about the location, location, location. Traditionally, this meant that your potential property should preferably be located in the ‘hot’ part of town, near various public amenities, offices, tertiary educational institutions, or at least one of the above to act as crowd-pullers. Today, though, the location of your property in relation to other, mundane necessities of life matter, too.
Walkability: The Expanded Definition
Back in the old days, everything you needed could be obtained within walking distance from your home. Townships grew, everything zoned up and distanced themselves from the residential blocs proper, and suddenly the prospect of purchasing your necessities on foot becomes a lot more daunting. Motorised modes of transportation came to the fore. Today, the definition of walkability definitely stretches a lot further than the beloved “bus no.11”!
It may be difficult to achieve the conveniences of old, but the rise of mixed developments and large-scale malls does bring convenience closer again to our doorstep. Such establishments bring together such diverse mixes of businesses that it makes it possible for you to do all your shopping, dining, and recreation under one roof, in this modernised definition of ease and walkability. Properties close to such magnets can tout their proximity to one of these major crowd-pullers and see their values appreciate by doing nothing besides being there.
Proximity to Public Transportation Nodes
Being close to a public transportation node, be it a bus stop, train station, or an airport will keep your property valuable, and even the virality of ride-sharing apps hasn’t dulled its appeal. People like to stay connected, and in spaced-out modern cities, roads and public transportation are the means to that end. A property close to such a node will also be able to attract crowds from a further distance by the same magnetic virtue of the mall or university.
Being eco-friendly is more than just decking our surroundings with green. It’s also about reducing our impact ob the world and its limited resources to better conserve them for future generations. The world is all for going green nowadays, so what better way is there to make people happy to part with their money for a sense of fulfilment by being part of the green initiative? By keeping amenities and key locations within walkable distance, users get to emit less pollution due to decreased commute, gain high levels of convenience, and reduce their carbon footprint in one fell swoop. It’s not just Kuala Lumpur, either; properties as far as Ipoh have been touting walkability as the key feature of their developments.
The relationship between walkability and the ever-important Location is a pretty good positive indicator, along with the indicative prices of afore-mentioned ‘highly-walkable’ developments. Will walkability become the next ‘in’ property value indicator?