Religion, faith or belief may have a profound effect on our lives and personalities, but what effect can living near a place of worship have on real estate?
A new study conducted in Germany reveals that homes located 100 to 200 meters from a religious location - like a church, mosque or a temple - are listed with 4.8 percent more than the average listing price of other homes, The Wall Street Journal reports.
But, the study found that any home located too close to a place of worship doesn't enjoy the same benefit. The "premium" is apparently "erased" when the home is located within 100 meters of a religious place because of the sounds associated with the area.
For the study, the researchers analyzed list prices of 4,832 condos from 2002 to 2008. All the homes were located in Hamburg, Germany. Their distance from a place of worship was also measured, while controlling for property type, jobs and neighborhood quality.
The experts found a significant price appreciation in homes listed in close proximity to a place of worship. They attribute the premium to the availability of community programs for children and the elderly.
Wolfgang Maennig, a professor at the University of Hamburg Department of Economics and Social Sciences who also co-authored the report, compares the price premium of these homes to the same price hike a home would experience if it was located closer to sports or transport arenas, the Journal reports.
The researchers quoted some previous studies that showed negative and positive effects of a place of worship on single-family homes in the region, but asserted that this was the first study that shed light on the effect of noise from religious locations.
Religion doesn't just affect the value of the homes, but it also shapes the interiors. Every religion prescribes for different house-keeping customs like "The Church of Jesus Christ of Latter-day Saints" or the Mormons urge followers to keep a food-storage supply and other non-perishable items.
Feng Shui is also another ancient Chinese discipline that directs a homeowner on how to do up the interiors for better luck, prosperity and harmony in the home.
Read more on how religion shapes the home here
