Property Management

Why Urban Regeneration is so important to city development  

Urban regeneration, or urban renewal, is a large-scale, labor-intensive, time-consuming, and costly venture. Despite its demanding nature, it is often deemed necessary especially to cities where there are signs of urban decay.

With careful planning and proper coordination, it could turn out as one of the most rewarding projects as it affects the local economy and the inhabitants’ quality of life. To be specific, below are reasons to consider such venture.

 

  1. It improves the cityscape.

While their economies may be thriving, eyesores such as factories, slums, abandoned buildings, unorganised retail stores, and poorly maintained sites can be seen in many cities around the world. Through urban regeneration, these eyesores will be removed, restored or replaced. Moreover, green spaces such as parks, gardens and plant-filled median strips are usually added.

  1. It enhances property valuation.

With the help of a residential property developer, the value of real estate properties in the city increases as the looks of the structures and surroundings improve. While this risks the affordability of housing, property owners can reap benefits such as better mortgage deals and high return of investment in case they resell their properties.

  1. It attracts talent and commerce.

Thanks to better housing and clean-looking environment, more people, particularly those with notable skills and educational background, would want to move into the redeveloped city. Consequently, the influx of migrants can entice entrepreneurs to start businesses therein. Or, some of the migrants themselves will set up shops and offices near their homes.

  1. It creates jobs.

From the planning stage to migration, opportunities abound during and after an urban renewal. Urban planners, architects, engineers and contractors have to work together for the plans. The large-scale demolition and construction jobs will require hundreds to thousands of temporary workers. Once most of the redevelopment projects are done, newly opened businesses are bound to hire people.

  1. It preserves many structures.

Oppositionists often argue that urban renewal involves the destruction of historical and cultural sites. That’s not actually the case though. Many property development projects are geared towards the preservation of these sites and major buildings. These even help the sites become more presentable and more accessible.

  1. It eliminates certain risks.

Urban decay comes with risks. Poorly maintained structures may collapse and jeopardize workers, passersby and dwellers alike. Some of the abandoned ones also serve as a hub of criminal activities and gang wars. By removing or restoring these structures, these risks are also minimized or even eliminated.

  1. It simplifies maintenance.

Urban renewal is a good way to introduce new city maintenance policies and modify old ones. For example, the schedule and process of waste collection may be changed to streamline the task and impose discipline on residents. Along with this, trash bins may be integrated into the redeveloped public places. With the reorganization and construction of new housing areas, the assessment, upkeep and repair of electric lines, water lines, gas lines and sewer lines will be easier and less time-consuming as well.

Property development projects may take years to complete, but the rewards can already be seen and felt in the early stages. Most importantly, when the urban renewal is done, it can boost the city’s image and the satisfaction of residents.

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