As we move towards a post-pandemic future, our living spaces will become more significant aspects of our lives than ever. We take a look at the key property trends to look out for in the next year.
The COVID-19 pandemic and the resulting economic and social fallout has significantly altered many aspects of our daily lives, and while the post-pandemic landscape is still unclear, one thing is certain – there’s no going back to the old ways.
The real estate industry is no different. The global economic slowdown has affected customer demand negatively, as people start becoming conservative in their spending. Developers have had to shift their sales and marketing strategies to adapt to lockdowns and movement control orders, which meant that customers were not able to visit showrooms and units.
Quarantines and work-from-home orders have forced people to spend more time in their own homes than ever before, which will definitely have a major impact on how people view their homes moving forward.
We take a look at some of the key property trends to watch for in 2021.
Change in Location Demand
Being in the center of the action with everything you need at your fingertips, homes in the city-center were well worth their sky-high prices and small sizes. During the pandemic, the highly infectious virus meant that crowded places with high human traffic were more likely to become dangerous epicenters for the spread of the virus.
The pandemic also accelerated the digital transformation of many industries, as more people were able to work from home successfully, reducing the need for physical office spaces. As such, global trends have shown a shift towards the purchase of homes outside of city centres as people avoid crowded cities and look towards cheaper and bigger homes in the outskirts.
For overseas investors, the pandemic worked as a stress test for the country’s policies and infrastructure related to the handling of the virus situation. Investors are now exploring countries that managed to keep the virus under control with sound policies and healthcare resources, like Thailand.
Home Buying Moves Online
The real estate industry is the next one to move to the online realm when it comes to shopping. The process of property purchase used to be largely offline, with developers usually holding physical sales launches and showrooms. The pandemic was the last push that developers needed to embrace technology fully in their sales and marketing processes, as they were the only options available to them. Virtual sales launches and walk-throughs have become commonplace now, and will continue to be a popular way for customers in the early stages of their search. Developers will need to adapt and adopt technology like 360 AR/VR, and upskill their teams to be able to cater to the new generation of customers.
Changing Home Layouts
As more people shift to working and learning from home permanently, or at least a blended model between their home and office/school, the preferred layouts of homes are set to change drastically. More people are looking to carve out specific workspaces for themselves in their homes that are flexible and conducive for both work and their personal lives.
As more people get more used to social distancing and conscious of being in public spaces, shared facilities like yoga rooms and public gyms might see a drop in popularity. Instead, people will want to set up a quiet corner for mediation and gym exercises they can do when they are away from their workspaces.
People are also more conscious about the quality of air, light and heat that their homes get, as they spend more time indoors with few chances to get outside.
The uncertainty that the still on-going pandemic has brought about has brought little ease to developers and customers alike, but the only way forward for us is to adapt to the changing environment and make the most out of the new normal.
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