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In the constant search for sustainable and efficient urban solutions, the concept of "15-Minute Cities" emerges as a paradigm that promises to transform the way we conceive and experience the urban environment. From essential services to entertainment and work options, this vision aims to reduce car dependency and promote sustainable mobility, among other things. In this article, we delve into what this concept entails, its objective, the benefits it brings, and why it's important to consider when making future investments.
15-minute cities are an urban planning concept proposing that most citizens' needs and services should be within a 15-minute walk or bike ride from any point in the city.
This is based on the idea that cities should be compact and accessible, so that citizens can live, work, study, shop, enjoy themselves, and access essential services without needing to use fuel-powered transportation.
The concept was first proposed by Colombian urban planner Carlos Moreno in 2016. Moreno, a professor at the University of Paris, was inspired by traditional Latin American cities, which are often compact and accessible.
This urban planner argues that 15-minute cities are a response to 21st-century urban challenges, such as climate change, pollution, and inequality. Over the years, this has rapidly gained popularity worldwide. In 2020, Paris Mayor Anne Hidalgo announced a plan to implement this in the French capital. This includes investments in housing, transportation, and public spaces.
For a city to be classified as a 15-minute city, it must have the following characteristics:
It is essential that all essential services, such as supermarkets, pharmacies, schools, hospitals, and parks, are located within walking or cycling distance.
The key lies in increasing urban density, encouraging more people to live and work in specific areas.
Each zone must have a diversity of functions, integrating housing, businesses, services, and public spaces. This boosts economic and social activity.
It is imperative that they prioritize sustainable mobility options, such as walking, cycling, and using public transport. This not only reduces pollution and noise but also lowers carbon emissions.
Green spaces, such as parks, gardens, and urban allotments, should also be incorporated. These areas are believed to not only improve quality of life but also benefit the general health of the population.
The main goal of a 15-minute city is to create an urban environment where citizens can live, study, shop, enjoy themselves, work, and access essential services without needing to use a car. This means residents can lead their normal lives and establish a routine without being forced to travel long distances to meet their needs.
15-minute cities are gaining significant popularity worldwide. By 2022, over 30 cities in 8 countries had already adopted or were exploring the concept. Some examples include:
In the paradigmatic case of the French capital, the strategy to implement this model focuses on four essential foundations: proximity, diversity, density, and ubiquity. The underlying goal is to simplify the experience of living, working, accessing services, self-care, learning, and enjoying the city as much as possible.
In the plans for this Oregon, USA locality, the ambitious goal was set to allow 80% of its residents to carry out all their daily activities without needing to travel more than 20 minutes on foot or by bicycle from their homes. So far, this initiative excludes work commutes. Portland's administration aims to achieve this ambitious goal before the end of 2030.
In Australia, this city has decided to emulate the 20-minute neighborhood model, drawing inspiration from the initiative in Portland. Interestingly, its technical approach could be considered a 10-minute model, as it proposes that residents only need to travel a maximum of 20 minutes on foot or by bicycle, considering both the outward and return journeys to their homes. In 2018, the Melbourne Government launched several pilot projects to test this innovative proposal in various contexts and identify the most beneficial practices for its implementation.
Sweden: The Nordic country takes a bold leap by proposing the creation of cities and towns organized around their streets. The innovative Street Moves project is based on the idea of empowering residents to make decisions about the use of public space in their communities, thereby fostering social cohesion. In the initial phases, public space was redistributed, reducing the prominence of cars and giving it back to citizens. The impacts have been immediate: according to a recent survey, 70% of residents in areas where these changes were implemented perceive them positively.
This concept has the potential to improve citizens' quality of life by reducing the need for travel, saving them time and money. Consequently, it is increasingly capturing the attention of individuals and investors alike, creating an impact on real estate investment trends. We can see this impact in the following factors:
15-minute cities make central areas more attractive places to live, as they offer the widest variety of services and a better quality of life. This has led to an increase in demand for properties in these areas.
The increased demand for properties in central areas has led to an increase in their value, making investments more profitable.
These types of cities require significant investment in infrastructure, such as public transport, green spaces, and housing. This constantly creates new investment opportunities for those looking to diversify their portfolio.
The main reason why the concept of these types of cities has spread so widely and become popular so quickly is because it brings benefits to citizens, the city, and the environment alike.
Compact and easily accessible cities not only promote physical activity but also reduce pollution and noise, thereby enhancing residents' safety and well-being.
Reducing the need for long commutes saves time and also eases the financial burden on citizens, contributing to greater efficiency in daily life.
Accessibility translates into a significant improvement in public health by reducing air pollution and encouraging an active lifestyle.
By providing all citizens with close access to essential services, these cities contribute to reducing inequality, creating a more equitable environment for the community as a whole.
15-minute cities drive local development and create jobs, fostering a robust and resilient economy.
Reduction of Greenhouse Gas Emissions
By reducing car dependency, these cities directly contribute to the reduction of greenhouse gas emissions, mitigating environmental impact.
The proximity of services and the reduction of motorized mobility contribute to a substantial improvement in air quality.
The creation of green spaces and connectivity between natural habitats in 15-minute cities promote biodiversity, enriching the urban environment with greater flora and fauna diversity.
If you're thinking about investing, here are some tips to help you, along with examples of areas that often present good investment opportunities as future 15-minute cities:
Learn where to invest in times of crisis
The 2030 Agenda for Sustainable Development, adopted by the United Nations General Assembly in 2015, sets out 17 Sustainable Development Goals (SDGs) that countries commit to achieving by 2030. One of these SDGs is SDG 11, which aims to "Make cities and human settlements inclusive, safe, resilient and sustainable."
The concept of 15-minute cities aligns with this goal due to its focus on proximity, accessibility, and sustainability. In this regard, the 2030 Agenda for 15-minute cities has the following specific objectives:
To achieve these objectives, it proposes a series of measures, including:
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Continue reading: Where to invest in 2023
As 15-Minute Cities gain momentum in global urban planning, their influence on the real estate market is emerging as a decisive factor in investment decisions. The convergence of sustainability, accessibility, and quality of life redefines property valuation criteria. Real estate investors who recognize the importance of these more compact and connected cities will find new opportunities to participate in the development of innovative projects that not only meet current demands but also anticipate the future needs of an evolving society. Ultimately, these types of cities represent not just a shift in urban geography, but a revolution in how we conceive space, mobility, and investment.
Josep Ramón Batalla, 54
Funded
100%
647.323,06 €
Target
647.323,06 €
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