Why walkability is strategic for property investment

There are many factors that can increase a property’s appeal and consequently its value, and one emerging trend is the property’s walkability. Property manager Fahad Kazibwe says many house hunters list walkable neighbourhoods top of their list when searching for new homes.  

Properties in walkable distance of amenities such as schools, shopping malls and entertainment options are great investments and they will pay off over time.

“There are more people who value being able to walk to supermarket or the local bar from their homes. Millennials in particular prefer to use their cars less often than any other generation and that is why they prefer living in the suburbs where it is easy to walk to get where you want to go,” Kazibwe says.

Although millennials are the majority, many other generations do appreciate walkability, if they can afford it. 

“For instance, many elderly homeowners are now choosing homes in suburbs that have a vibrant social life and lower property maintenance needs. They will inquire the kind of people that live in the neighbourhood, the more they have in common with the residents the more appealing the property will be for them. Having a place of worship and a social club in walking distance is also a bonus,” the property manager notes. 

Walkability and property value
Walkable neighbourhoods tend to offer more convenience and value for money than their counterparts. The ability to walk more often gives residents a chance to live a more active, healthy, environmentally friendly lifestyle than they can in a neighbourhood with car-dependent infrastructure.

This is why an increasing percentage of new developments are now planned as mixed-use communities. In these live-work-play neighbourhoods, residents have access to diverse services all within a short walk of their homes or offices.

Ideal distance
While walkable distances are entirely dependent on the individual’s age and fitness, proptech came up with a system that gives an almost accurate ideal distance. Walk Score started as a small-scale project focused on promoting walkable neighbourhoods. 

Kazibwe notes that one of these neighbourhoods is Naalya, a Kampala city suburb that has continuously been a sought-after destination for house hunters of all ages. 

“Several property investors are constructing properties with curated boutiques, greenspace, modern offices all within an easy and safe walking distance of one another. In addition to apartment options Naalya also has luxurious single family homes both for renting and purchase,” says Kazibwe. 

Business opportunities
Walkability is not just a sound investment for housing choice, it has even greater opportunity for businesses. A business in a highly walkable community will spend less on advertising costs simply because it converts residents into customers. 

“Many of our clients are residents within walking distance from here. When they are not able to walk here, they call and we deliver to their homes. They are more than customers, they are friends so I look out for them as much as they look out for me. For instance, when I opened my business, I was only selling fast food but my clients insisted I should include local food and healthy snacks such as fruit and smoothies, this has increased my revenue while satisfying their needs at the same time,” says Enid Baiga, a fast foods joint proprietor in Naalya. 

Located in Kimbejja Trading Centre, Baiga’s fast foods and liquor store has benefited from the symbiotic relationship between residents and local businesses.  She says her business mostly attracts the single, busy corporate individual too busy to prepare meals who wants quality, affordable meals delivered to their doorstep. 

She encourages people looking for a location for their businesses to consider such neighbourhoods. “

There is always demand for quality services whether it is food, clothing or even laundry services. You do not even need to worry about advertising since the residents know each and recommend you to their friends and families,” she adds.

These neighbourhoods are also a move in the right direction for environmentally friendly housing.  Investing in properties in walkable areas will reduce individuals’ carbon footprint consequently saving the environment. 

Walk score
According to sciencedirect.com, the company uses a patented system to offer a range of walkability, planning, health, transport and real estate data. In addition to the walkability measure the company also offers measures of ease of accessibility to nearby services without a car, pedestrian friendliness, details for particular walking destination locations, and travel time analysis.

It rates areas on a score from one to 100, with 90-100 being considered a “walker’s paradise” and zero-24 being considered “car-dependent.” Although Walk Score is not perfect when it comes to measuring actual walkability, the trend of people flocking to neighbourhoods where walkability continues to grow.