The post-COVID world will see a drastic transformation in the real estate world. People will have changed priorities towards selling and buying houses. Those who already own a place might want to shift to a better and safer place to live. Let us see what the home buyers will look forward to a house after the market revives again.
Preference for a larger house
Owing to the prevailing circumstances, the office culture is bound to modify. Most of the offices will prefer to work from home to maintain social distancing. This will compel people to make changes in their house. Some might have to shift due to space constraints. That’s how it will have an indirect effect on the real estate market.
This may result in a sudden demand for larger houses with open spaces. It can be expected that the demand for 3BHK or 4BHK is prone to increase drastically. People might preferably opt for independent houses to ensure a safer environment. Eventually, land prices will also increase with time.
Preference for open and green spaces
Until now, going out for leisure and recreational activities was a part of the lifestyle. This helped people in accommodating themselves in smaller spaces without the need for additional spaces for recreation. Moreover in congested cities, people would avoid open spaces to maximize the usable floor area.
However, due to the current conditions, the scenario is likely to change. As people are becoming more cautious about self-health and safety, they would prefer open spaces. They would choose to accommodate recreational activities within the house rather than stepping out. Green spaces would play an important role in creating a relaxing and rejuvenating atmosphere.
Preference for altered facilities and services
Generally a house or apartment’s price increases with the additional facilities it provides. Swimming pool, home theatre room, gym, game room are some of the most demanded amenities.
It is most probable that people might change their priorities about the facilities provided. Rather than choosing the above-mentioned amenities, they would look for the proximity of medical facilities, hospitals, and general stores. They would look for more open spaces with gardens and playgrounds, as compared to restaurants. With the urge to maintain strong immune, people would prefer running tracks and sports facilities within the complex.
People would try to avoid travel, which would compel them to search for a house near the workplace. Infrastructure which would comply with work from home will incline more clients towards it. This will ensure a safe and healthy lifestyle for the people.
Preference for residing city
Due to high population density or lack of medical infrastructure, some cities would be more prone to the spread of COVID-19 in the future. With the growing concern of wellbeing and hygiene, people would take all the possible measures to ensure a safe living condition.
The demand for houses in the suburbs or outskirts of cities with less population is most likely to increase. People would prefer larger green spaces than crowded city centers. Eventually, prices of such locations will hike.
The end of COVID -19 will lead to an altered preference of home buyers. Those living in smaller residences will seek for a bigger one. While those living in densely populated cities would like to shift to green suburbs. Whatever may be the case, the upcoming real estate market will see a huge demand from the home buyer’s side.