Why are People Willing to Pay More for a Sea View?
People tend to favor certain types of views over others. Time and again, they show a preference for beaches, green fields, trees, lakes, rivers, and other wildlife-rich landscapes that have played crucial roles as the backdrops of human evolution and human life.
A few years ago, the English researcher Professor Michael Depledge examined the relationship between different environments and human health. As part of his experiments to examine the relationship between water sources and people's moods, hundreds of participants were shown pictures of both natural and urban landscapes, some of which included natural water sources such as seas and streams, or man-made water sources such as fountains and channels. The experiment showed that pictures of landscapes with a natural water source had a greater positive impact on the subjects than pictures of landscapes without any water source. Moreover, the participants clearly preferred pictures of landscapes with large bodies of water: the larger the body of water, the greater the positive impact.
There is no consensus on why the sea has such a positive effect on people. Some speculate that it is related to the early stages of human evolution when mankind first settled in coastal areas for seafood rich in omega-3, which led to the accelerated development of their brains. Other theories relate it to humans' first and most primitive state - as babies in the womb. A number of hypotheses suggest that ocean waves release positive ions into the air which encourage the human body to release hormones like endorphin and serotonin, improving mood and increasing the flow of blood and oxygen throughout the body.
No matter the reason, long-term exposure to the sea and views of the sea has a positive effect on mental and physical health. A by-product of this is the desire to live somewhere with a sea view, even if it means paying extra for the apartment.
Israel's Chief Government Appraiser conducted the country's only study on the relationship between landscapes and housing costs, analyzing the financial value of different landscapes. The study found that the value and quality of the landscape effects people's willingness to pay more for apartments there. Aside from the physical characteristics of the apartment itself, the study found that buyers are also swayed by the lifestyle that the apartment can provide, which includes their perception of the landscape's attractiveness. This same study also mentioned that of all landscapes, the "blue landscape" has the most obvious effect on the home's value, with the prospect of a lake view contributing an additional 4-12% to the value and a sea view contributing an additional 1.7-3.4%.
Liat Danino-Israeli, Africa Israel Residences' Executive Director for Marketing & Sales: "Different people have different landscape preferences. Prior to marketing a new residential project, we put a lot of effort into estimating the value of the views from the apartments, with the understanding that this is strongly influenced by societal perceptions.
Differences in buyers' assessments of different views, and their willingness to pay more for what they consider unique landscapes, can generate significant differences in the prices of apartments, even when they are on the same floor of the same building."
"The buyer's perception of the view can also change completely depending on the location, and whether it is the best view available or is in competition with a different landscape. For example, on the tenth floor of Africa Israel's Savyon BaAgam Project in Netanya, there are two identical 4-bedroom apartments; each one is 140 sq.m. and includes a 13 sq.m. balcony. Each apartment has a panoramic view – one faces west to the sea, and the other faces east to the nature reserve, which itself offers a very unique view. However, because a sea view is seen as more attractive and prestigious, that apartment costs NIS 80,000 more than the one facing the nature reserve."
Live Between the Sea and the Lake – News about the Savyon BaAgam Project in Netanya
Last year Africa Israel Residences launched a unique project surrounded by nature in the Agamim neighborhood, creating one of the most promising new neighborhoods in Netanya - the Savyon BaAgam Project. The luxurious 114-apartment building is now being built in the Winter Pond Nature Reserve, close to the Iris Reserve and only 900 meters from the Mediterranean Sea.
The tower offers large and spacious 3.5 and 4-bedroom apartments, among others, each with magnificent views of the sea and the Winter Pond. The project is located in a residential area ideal for young families who love nature and are looking for a peaceful environment combined with many leisure options.
The tower includes a lavish lobby, fitness room, and many more amenities for residents' convenience. Additionally, residents can enjoy a variety of public services, including: schools, health clinics, shopping and entertainment centers, sports facilities, a country club, and a pedestrian promenade that spans the length of Netanya's waterfront.