The Importance of Location in Housing Purchase Decision: “Location, Location, Location” is a Common Mantra in Real Estate

Abstract

Housing preferences, crucial for homebuying choices, are influenced by diverse factors. The surplus of unsold residential units in the country stems from pricing mismatches, inadequate location appeal, and other elements. The real estate industry's maxim, "Location, location, location," holds profound significance, impacting housing project success and yielding highprofit returns. This article delves into location's pivotal role in housing decisions, drawing insights from previous research, real estate news, and expert discussions on websites. Valuable information shared by real estate professionals aids homebuyers and investors. Additionally, the article contributes to future housing research through literature reviews. Emphasizing the importance of prime locations, it summarizes Malaysia's property landscape, aligning with specific criteria. The phrase underscores location's influence on lifestyle, demand, and desirability, while modern trends and various factors also shape supply and demand dynamics. Desirability extends beyond location to encompass sustainability and community engagement, blurring with property features. Evolving perceptions of an ideal location reflect diverse preferences, necessitating an understanding of shifting trends and subjectivity. This knowledge empowers buyers and investors to navigate the intricate interplay between location and other determinants, facilitating well-informed choices.