Nobody can disagree that COVID 19 has a significant impact on our life. Even residential real estate is seeing the effects of it. People fear leaving their homes to prevent contracting the fatal infection. So, the market was left with very few buyers. Also, a small number of sellers preferred to list their properties because they were not comfortable letting strangers visit the property as no one has any idea who is affected by the virus.
Even though the downfall was pretty nasty, residential real estate bounced back pretty nicely. In the past, those who used to live in the rented properties now prefer to own a home. People with small houses prefer to have a huge home, so they can do more activities within the premises without getting bored or depressed as nobody has an idea what the future holds. Moreover, people prefer to get property in societies with all the amenities, like shopping malls, parks, proper health care centres, hotels, etc.
Even after COVID-19, Pakistan residential real estate is prospering. Nowadays, people don't prefer to buy homes in random streets that are close to the commercial area. They prefer investing in approved housing schemes. The good news for Pakistani investors or overseas investors planning to invest in Pakistan is that their options are many. Icon Valley, Lahore Smart City, Capital Smart City, Kings Town, and many more housing schemes are there in big cities of Pakistan. According to budget and other preferences, a mundane person can decide which housing scheme is the best to invest in.
Now coming back to the topic, let's learn in detail how pandemics set new trends in the real estate world.
Home Ownership is The Key
As discussed above, pandemics changed the views of the people a lot. These days owning a home has become essential for everyone. Even though the economic condition is not good, the number of buyers is still increasing in the real estate market. Among many reasons, people prefer to have their own home because it is a place where they feel safe and secure.
In rented properties, the tenants stay stressed that they will have to look for a new place after some time. The personal home ends all these worries.
Looks for Location That Offers Independence
After living in homes for a very long time, people are feeling sick and tired. They are now looking for places that allow them to live independently and even offer complete privacy. Now finding such sites is not easy, mainly in the middle of urban areas. The gated communities are primarily a bit far from the city hassle. Still, people have no issue investing there as such communities have homes and commercial areas within society.
So, even if in the future something like COVID-19 happened. The society residents don't need to take the stress. Even if the city is under complete lockdown, they can visit parks within the society or do other activities. Once the society gates are closed, an unauthorized person or one who is not a resident of the society can enter the premises. Such an arrangement attracts many, mainly now.
People Prefer to Have Multi-Purpose Homes
As mentioned before, COVID-19 has a severe impact on people's lives. Those who used to stay out in offices, gyms, or partying late at night have spent months inside the home.
Now spending so much time at home doesn't seem much of an issue. Mainly when a person has the independence to go out without limitations or fear. A person feels miserable when they can't go out and have nothing to do at home because homes are not designed in a way that a person is able to do a lot. Nowadays, people prefer to have a house that serves them in multiple ways, like they are able to manage office tasks from home, work out, or even study. However, it is not easy to transform properties in this manner due to the significant investment required. Still, sellers have to work with it because it is the demand of buyers.
Also, people who prefer homes with a huge outdoor space are in demand and even selling quickly. Even if the yard of the house is not well-maintained, people prefer them. Buyers want such spaces to add a pool, swings for the children, a proper seating area to enjoy tea or coffee in the morning or evening, a proper fireplace, and much more. For entertainment people, many are converting extra indoor space into a game or cinema room.
Digitization in the Real Estate Industry
Certain circumstances even evolved the real estate industry. The industry is now digitized. The crisis taught the people that it is essential to work smart rather than hard. Also, there is no need to spend a lot to conduct the human activity. Whether a person likes to examine every inch of the property, find a payment plan or get any other property-related information, digitization is at the forefront of every step. All this even allows saving a lot of time.
Second Home for Escape
Even though having one family home is enough, many homeowners are still looking for a second home. There are several reasons behind it. They don't have enough space in their current property to add more rooms, or they don't want to leave the family home due to emotional attachment, or the first home is designed in a perfect manner to fulfill basic needs and to entertain. So, they like to have another place that can be used solely for work, study, and similar activities.
The mindset of the people changed completely during COVID-19. Those who like to buy cars and other luxurious items now prefer to invest money in real estate. Even the middle class is investing in real estate. The best part is that the real estate industry adapts to the new changes quickly. Instead of sticking with the old strategies, they are now working using modern technologies.