According to an analysis of the Properati platform, living near a park not only has benefits for the quality of life, especially if they have ample green spaces and recreationtransforming into places that are part of the daily life of thousands of people in Medellin.
To this is added that parks are also a key factor in the real estate market, which determines the value of real estate, after analyzing the case of some 9,000 apartments in the city.
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“We define that the best way to know if a house is appreciated because it is close to a park, is to determine two distances from it. Nearby homes are those within a 750 meter radius around the recreation area. The distant houses are those that are between 750 and 1,500 meters around the park. We compared the average values of the price per square meter for sale between each radius of distance and these were the results”, indicates Jairo Sarmiento, data analyst at Properati.
According to the analysis made by this platform, the park that has the greatest impact according to price variation is Cerro El Volador Natural Park, with 11%. Homes around the park cost an average of $3,654,000 per m².
The Joaquín Antonio Uribe Botanical Garden is the second park where the houses around it are valued the most, with 10%. The apartments around it cost an average of $2,804,000 per m².
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The third park with the greatest impact on apartment prices around it is Cerro Pan de Azúcar. The value of the homes around this place increases by 6%, and its average price is $3,102,000 per m².
Influence on price drop
Otherwise, there are places in different parts of the city that have parks that negatively influence the price. This is the case of the Castilla and San Cristóbal Sports Units, and the La Ladera Library Park. The value of real estate adjacent to these recreational areas may decrease between -18% and -20%.
Meanwhile, the Plazoleta Alpujarra and the Unidad Deportiva de Belén are the places that have the least impact on housing prices, with -0.02% and -0.08%. The square meter around it costs $3,403,000 pesos (Alpujarra) and $3,806,000 (Unidad Deportiva Belén).
It is worth emphasizing that parks are only one of the factors that influence the home valuation. “Parks are an essential place in urban neighborhoods, but they need to be accompanied by a comprehensive system of transportation, urban planning and services that promote their use,” explains Sarmiento.
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“Some parks have a growth influence on the price of nearby homes, because they are a daily meeting point for many neighbors. In addition, the perception of safety and air quality will motivate people to look for a home in that area, ”he adds.
In turn, the company clarified that the negative variation in this metric does not mean having a low price per square meter, so it is considered that this is a sample of how diverse and multifaceted the real estate market can be, since there are several Factors that can influence the price of a home for sale.
MEDELLIN
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