On the one hand, it seems quite profitable to buy a land plot in a popular location just because its cost is increasing. On the other hand, is it really worth paying too much just for popularity? And will it be easy to sell it out in the future, given its high price?
You can answer this question only by specifying the purpose of land purchase and analyzing the current market trends.
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Purpose of the land plot
Purchasing land for individual construction, you should pay attention to the infrastructure of the territory. However, if you plan to use the land for commercial purposes, the location pays a huge role. If the land plot is located in a popular place, you will always be able to sell it profitably.
Major market trends in Real Estate
Despite the stagnation of the market, the demand for land does not go down, and this has a logical explanation. The construction of real estate attracts both entrepreneurs and private individuals, especially in times of crisis, when the purchase of ready-made housing becomes problematic.
In particular, the following land plots are in great demand:
- Wholesale ones for residential buildings;
- Commercial ones for the construction of shopping centers;
- For the construction of high-rise buildings;
- For the construction of cottages and villas.
The greatest demand is spotted for land plots without a contract (or with a built house). Other popular land plots are located in attractive areas, because of their so far low cost that will only increase in time.
The demand for cottage areas has somewhat decreased, but this does not apply to individual plots in elite settlements where retail prices remain at a high level.
There is also an increased demand for land plots in the economy segment, and it can be predicted that in the near future this demand will be on the rise.
Not all the land plots for individual housing construction are in the same demand. Most often, only those land plots are bought today that are located no more than 50-70 km from the capitals. More remote plots are not in high demand yet. Also, the most popular plots have about 10-25 acres of land.