brigadehomes

If this pandemic has taught us one thing, it’s that nothing can replace a beautiful, cozy home to spend your lockdown days with friends and family. Being at home has made us realize that a home is so much more than just four walls and owning a house gives us a warm sense of security and peace of mind. 

With the pandemic taking over our lives, the real estate sector has seen several new trends too. Many real estate companies have used this opportunity to create innovative and targeted solutions to potential customers. 

1. Construction Delay:

With many workers going home and leaving cities, construction sites have turned into ghost towns. With little clue as to when construction work will resume,  many large real estate projects have been delayed.  Supplier delivery issues, permits, travel restrictions, and additional social distancing measures have made things difficult for companies to resume real estate construction. 

However, the silver lining is that prices are reasonably lower now and even though you may have to move in late, you can still get a good deal now. 

1. Millennials rising interest in property:

According to the ANAROCK consumer sentiment survey, which sought to find out about people’s inclination towards real estate during the pandemic, a large percentage of interested buyers were millennials in the age group of 25-35. They have started to realize the value of proprietorship and see a house as a valuable asset that provides financial security and comfort. 

1. High demand for real estate in metro cities:

Pandemic or no pandemic, the demand for a new house is always high in large cities such as Bangalore, Hyderabad, and Mumbai. A large proportion of new home buyers booked a home in one of these three cities, including several millennials as well. Since there is a huge influx of a young working population to these cities, property investment continues to rise. With low prices, investing in property in a city like Bangalore gives a great ROI. 

1. Higher demand for physical assets:

In the pre-COVID era, the rising trend was that more and more millennials are reluctant to invest in physical assets such as a house or a car and were saving up for more ‘important’ things like an expensive vacation or emotionally enriching experiences. However, this trend has pivoted a little bit once the pandemic struck. Millennials are now looking for something more tangible and what’s better than a nice house to meet their needs. With work from home and virtual learning taking over the globe, there is a greater need to stay in a permanent home. With home interest loan rates as low as 7.5%, it’s a great opportunity to invest in a house. 

1. People want low execution risk:

Executing a property is hard work. If a realtor lacks adequate support and resources, there is a chance that the project will not come through. Large real estate developers usually have a very low risk because they are dependable. 

Even if these developments are slightly higher priced, people are looking to buy property from them because their execution risk is very low. 

The pandemic may have slowed down the real estate market, but that does not mean it is not a good time to buy a house. Invest now and reap the benefits in the future!