The city of Asunción has taken another step towards creating vibrant and functional urban spaces with the recent inauguration of La Cuadrita, a pedestrian street that extends between Cruz del Defensor and Cruz del Chaco streets, on Alberto de Souza street. This project joins other large real estate developments such as the Perseverancia District and More Mariscal , which promise to transform the urban experience in Asunción.
Perseverancia District , with its Commercial Pedestrian Area of more than 30,000 m2, will be a center of attraction for lovers of fashion, decoration, gastronomy and design. In addition, it will have a wellness area and a two-story gym. For its part, the More Mariscal project will offer a pedestrian promenade dedicated to gastronomy and commerce.
These initiatives reflect a growing trend towards the “pedestrianization” of urban areas, and research studies around the world have shown the positive impact these pedestrianization have on property prices.
According to these studies, the increase in rental and sale value of residential properties located in pedestrian zones can be considered as the result of user satisfaction due to certain aspects of the pedestrian path:
Firstly, pedestrian streets offer various opportunities such as recreation, access and shopping at the same time. This is especially valued by those looking for spaces where they can enjoy moments of recreation and socialization without having to worry about time or money limitations.
Likewise, the lack of alternatives in terms of pedestrian axes in the surrounding area reinforces the impact of the pedestrian zone on property values. Additionally, open space for recreation, social interaction and recreation is very limited in the district, making pedestrianism even more attractive to residents.
In very hot climates, the presence of aquatic and plant elements in the pedestrian path helps to make it more comfortable and attractive for users.
In addition, the pedestrian street contributes positively to the image and aesthetics of the area, which leads people to appreciate it and use it preferably. The measured impact on the rental price of residential properties is a clear sign of this appreciation.
Studies conducted in the United States on the relationship between "walkability" and housing prices have shown a positive correlation. Proximity to local shops and services is associated with higher property values. Furthermore, good urban design and quality green spaces increase property prices and rents. According to a 2007 investigation, the latter increased rents by up to 20%.
Walk Score, a privately held commercial real estate information company, has developed a walkability index that assigns a numerical score to any address in the United States, Canada and Australia. Their software has been used by academics to evaluate the relationship between home prices and walkability. Studies have shown that greater walkability promotes higher values and higher net income for office, retail and apartment properties.
Academics from renowned universities such as the University of Tokyo and the Massachusetts Institute of Technology have carried out an eye-opening study on the pedestrianization of urban roads. This study, based on an exhaustive review of credit card transactions provided by BBVA bank in 14 large Spanish cities, has shown that pedestrianization not only benefits mobility and air quality, but also local businesses.
Banking data revealed a consistent increase in sales volume in pedestrianized areas, highlighting the positive impact on the local economy.
In summary, pedestrianization not only improves mobility and air quality, but also has a positive impact on the real estate market and the quality of life of citizens. It is an investment in the future of our cities, promoting a healthier and more vibrant urban environment for all.