When COVID-19 was declared a pandemic, people from all walks of life saw their routines take a back seat. Schools closed, businesses halted or reduced operations, and leisure travels paused for long periods in 2020.
With the global rollout of vaccines more recently, several industries and businesses are starting to reopen. Now, experts are making fearless forecasts about how the post-pandemic landscape will pan out, with real estate predictions among the most awaited.
No doubt, the coronavirus crisis has underscored the importance of having a home to shelter people and accommodate their day-to-day activities during the most unusual times. Today, the real estate industry is looking to bounce back from the financial slump brought about by the pandemic.
In this infographic, you’ll have a complete picture of the real estate industry post-COVID-19 and what it means for you as you look for a condo for sale in Cebu.
Post-Pandemic Predictions for Real Estate: What to Expect
After more than a year since COVID-19 gripped the world, industry figures show real estate has some positive things going for it.
For those looking to sell their house—whether by choice or because of urgent financial circumstances—you’ll find that there’s a great deal of buyer demand, so it’s easier to sell at a price higher than 2020 prices. This is especially true in North America, where home inventories are at an all-time low at 38%
Meanwhile, homebuyers who have taken out a 30-year mortgage on their home can benefit from decreased interest rates of 3.11%, which was at 3.15% previously. Low interest rates should be a major contributing factor for buyers to push through with their home purchase, as this means they can save on monthly payments in the long run.
Here in the local market, the situation is also promising, especially for ready homebuyers. Coming back from a weak performance in 2020, Philippine real estate is expected to recover at a 7.8% growth rate. Due to this resiliency, people naturally gravitate towards investing in real estate, which allows them to recoup any potential losses, as historical data shows.
Plus, current home prices are affordable as real estate companies are bent on attracting buyers through property-investor-friendly deals.
If you’re in the market for residential properties, condominiums are one of your top alternatives. Many of these properties are located in key places and have top-of-the-line amenities, making for a modern and convenient lifestyle.
Here’s a list of real estate predictions to guide you in choosing your post-pandemic space.
1. Growing popularity of coastal areas
Surely, you’d rather distance yourself from the crowd while the pandemic remains a threat to public health. And even after the situation clears, you can’t take any chances without having contingency measures for your family’s housing needs for the long term.
Coastal areas outside the metro are less populated, making them an excellent location for your property purchase. Compared with most cities, housing units in these areas are generally larger and maintain a good distance from one another, keeping you and your family safe with minimal chances of physical contact from others.
Most of all, properties by the beachfront provide instant outdoor or recreational space without you worrying about travel requirements or restrictions.
2. Lower budgets, higher prices
Price is always a factor to consider among homebuyers, but it’s a particularly vital concern at this moment when most people’s finances took a hit from COVID-19. Despite what seems to be a challenge, you can take advantage of the current prices that reduced interest rates can offset. If you have the cash right now, using it to purchase your property before prices rise anew will afford you better deals.
3. Moving out of hotspot areas
Historically speaking, property buyers look to hotspot areas as top choices for their real estate purchases because of their potential to grow as economic hubs, which will then increase the value of their homes.
We’re living in unprecedented times right now when hotspot areas may not be the most suitable locations for property investors. Sometimes, the fast pace of property buying in hotspot areas doesn’t match the speed of completion of essential infrastructure projects. When that happens, the quality of life can fall below your expectations—not to mention that it may be difficult for you to sell your property if you have to.
4. Demand for safe and secure properties
The COVID-19 crisis has brought to light safety and security as must-have features in every facility, including condo buildings. Minimum health protocols like hand sanitation, foot bath, temperature scans, and wearing of masks are non-negotiable practices. Homeowners need to have the peace of mind that their surroundings are regularly cleaned and disinfected to prevent the virus from spreading.
Safety measures undertaken by condo developers and administrators are designed for contactless interactions with unit owners. As such, delivery services are limited at the gates, and only designated administrative staff can receive packages for condo occupants.
5. Rise of new normal design
Part of the lifestyle changes based on the new normal involves making the home suitable for a wide range of day-to-day activities. The post-pandemic living space is now also a workspace, virtual school, entertainment and recreation zone, meditation sanctuary, and health and fitness center all rolled into one.
When choosing a residential property, the main thing to remember is if you can’t afford to go all out on a big space, at least look for something that lets you maximize what’s available to make your property ready for the new normal.
6. More green spaces
With fewer opportunities to enjoy the outdoors, people have to contend themselves with the comfort that their house brings.
However, as many remote workers, homeschooled students, and retired seniors have described their stay-at-home experience, the lack of open spaces and greenery can take a toll on their emotional and mental health. That’s why nature-inspired amenities will be a primary offering in residential spaces moving forward.
Real Estate Reaches New Heights Post-Pandemic
The COVID-19 pandemic has been challenging for everyone, to say the least. Real estate was no exception either, but at the same time, the industry was quick to adapt to emerging developments in the homebuying market. You can expect bigger, better, and safer homes to see you and your family through until the pandemic ends for good.
Start looking for your ideal property at Mandani Bay.