Whether created by a local artist or commissioned by a real estate developer, murals can have a significant impact on a property’s resale value. Although the presence of murals will not necessarily increase a building’s resale value in and of itself, it can have an indirect economic effect that translates into increased rents or sales revenue for businesses on the property.
Murals in residential spaces also enhance the appeal of a building’s interior to prospective residents and help attract tenants from specific demographic groups. This can significantly reduce vacancy rates and lead to a higher overall property value. For this reason, many property managers are now choosing to incorporate hand-painted murals into their buildings’ common and amenity spaces. This is especially true for luxury condos, where the presence of art can elevate a building’s overall experience and appeal to prospective buyers.
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