While tackling and talking about the real estate world in general and apartments and its prices in particular, one shall talk about the factors and the reasons that impact the prices of the apartments. Real estate is like any other product or service that can be affected by the external circumstances, conditions, and the general economic status of the country; as the prices may rise or decrease suddenly.
That’s why, in the following few lines, we will tackle the elements or the factors that shall be taken into consideration to evaluate your apartment correctly. As you as an owner shall know how to evaluate your apartment, and you as a buyer shall make sure that you put your money in the right place. These factors can be summarized as follow:
1- Availabilty of Basic Services and Facilities
The main services and facilities like water and electricity is one of the main factors that participate in evaluating the apartment even by rising or decreasing its price; as these are main elements of living. Also, when such facilities are available, the price of the apartments rise as it is considered as a suitable area for living. However, there are people who seek to buy apartments at remote areas but there are plans to provide it with such living services and facilities in the future.
2- Near from Transportation
Being near or far from the public transportation stations is another main factor that affect the price of the apartments. The public transportation and specially the metro station is the core of living. All of us depend on it. So, when the apartment is near from the areas of public transportation, its price rises.
3- Other Facilities
It is worth to mention that there are many other facilities and services that participate in evaluating the apartment. These facilities are: the medical services, educational institutions, availability of green areas, and being near or far from the shops and the markets.
While thinking about buying or renting an apartment, you as a buyer have to know and study the real estate market well and be aware of the whole factors and elements that cause that a certain apartment cost higher than another.