Cultural And Society Trends That Affect The Prices Of Real Estate

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Social Forces
These forces refer to the cultural or society trends that affect the prices of real estate. They are discussed in detail below.
Population Trends (Stability, Migration, Growth, and Decline)
It is the common belief that increase in population greatly influences the value of real estate due to the fact that demand increases mostly in urban areas. This implies that migration of people from rural to urban areas affects the value of real estate and a perfect example of these is New York City where the prices of real estate continue to escalate as more and more people move to the urbanized city. Also considering that whenever the country’s population increases, the prices or real estate also tend to increase as more demand is created by the surplus population (Bodie, Kane & Marcus, 2008).
Security Consciousness
The ever-lasting perception of increasing rate of crime has greatly influenced the consciousness about security that has made the population all over the world become alert to this threat. This has seen the increase in setting up or installation of fire protection and security systems in homes and real estate properties such as surveillance cameras, alarm systems and even to some extent security guards on patrol. As a result of these measures, the value of real estate has greatly been affected either positively or negatively depending on the security measures put in place (Bodie, Kane & Marcus, 2008).
The family and Functional Utility
Earlier in the
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