market forces
Yes, I will be willing to purchase the great apartment at $250,000 because of its appearance, location as well as enticing facilities that have been integrated into the apartment. Yes, some people are willing to buy the apartment at the price set. Even though it is a small apartment but it is located suitably with a good network connection in London. I can say it is situated in the right place, “heart of London” and people who are willing to experience the real atmosphere of London city will be highly motivated to buy the apartment regardless of its size. Size comes as a secondary consideration, but the main aspects are accessibility and network connection.
There are market forces that can be identified in such a situation. Firstly, London is a city, and it faces a lot of challenges as a result of the rapid population increase, thus causing congestion on traffic and pollution. Additionally, London has got many big companies that originated from different parts of the world; therefore, it promotes diversity. As a result of the prominent economic activities, also it acts like the economic powerhouse not only in the United Kingdom but also in the rest of the world. Therefore, to be realistic, such a city will automatically attract most of the people, including foreigners, to live there and purchase their apartments. However, as more people get into the city, the demand for real estate will rise, and the supply on the other side will fall, meaning there will be limited access to the apartments in the real estate. It is true that in such a case, the law of demand will automatically apply because the supply will go down while the market will keep on increasing, therefore, causing an increase in prices of the apartments in the real estate.