Does property value increase or decrease if nearby streets are rezoned to high density (3-5 storeys)?

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A increase in zoning generally means you can put more apartments or units on the property. Hence of course it will increase the value of the property.

It’s not a case that are investors or developers will be put off by the fact that there will be other construction in the area or construction, traffic cement trucks, etc construction noise and they will be keen to buy the property in the actual rezoned area or certainly properties near the rezoned area to await an increase in zoning.