What is a crucial attribute of a property for it to hold value?

The crucial attribute that a property must possess to hold value is utility. Utility refers to the ability of a property to fulfill the needs and wants of potential buyers or tenants. A property that serves a specific function, meets the demands of its intended use, and offers practical benefits has utility, which directly impacts its value. A property with high utility is likely to be more attractive to buyers and can command a higher price on the market.

While other factors, such as market desirability, availability of utilities, and proximity to amenities, can significantly enhance a property's appeal and contribute to its value, they do not encapsulate the fundamental concept of utility. A property may have excellent amenities or be located in a desirable market, but if it lacks the necessary utility for its intended use—such as size, layout, or zoning—it may not retain value effectively. Therefore, utility is foundational when assessing the intrinsic value of any property.