As value is a function of supply and demand, a consideration of the factors which are likely to affect either the supply of or the demand for property is merited.

Any increases or decreases in population will obviously affect property values. If there is an increase, all other things being equal, demand will increase. A larger population will require more housing in which to live, more buildings in which to work, and more buildings for leisure-time activities and all the other ancillary activities associated with modern life.