The last year and a half have been the dark days of any country now. People are now grateful that the economies are opening up and they are going back to work. One of the worst affected sectors is tourism and hospitality, and the other has to be real estate
The Uncertainty of the Economy as a Whole
The people wanted to buy a property of their thought of delaying that process. They felt that they would rather not commit to any purchase now. They felt troubled to wonder how to pay back the loans if they invest in properties now. Another issue that people had was the uncertainty of the length of the lockdowns. People did not know how long they would be at home. They also felt scared about the condition of the economies. But, they also felt that if they had to invest, it had to be now. When did this transformation take place?
The Changing Times –for the Better
Recently, when the vaccination drives began, and the economies started opening up, people also got confidence. They realized that they could go for the investment now. Companies started opening up and hiring people, and this created jobs.
People began realizing that they would find better times ahead now. The real estate sector had kick-started now when the people realized that they could go back to possessing new homes.
How are Realtors Taking this
The real estate firms have started offering low-interest rates and supporting finances for the potential buyers to buy. This said the realtors are pleased that the times are looking up. In India alone, about 92% of people buy new homes across cities. This kind of stats speaks volumes of how the people are now moving ahead with great zest.
The banks are seeking very little and feasible collateral and are offering outstanding home loans. Is this the case just with home properties, or is there a surge in the commercial property?
Many firms continue with their work from home style, so they are not that keen on looking for newer office spaces or bigger ones. Instead, the new ones, which are opening up, are looking for spaces with more openness.
This said, the home designs are also now becoming practical and compact. The owners are not looking to splurge their hearts out. They are looking for personal spaces and do not mind even getting compact homes.
The home buyers are from the areas or neighbourhoods famous for their industries or business hubs. This is a conscious decision because they know that they can save a lot of money on transport. Today, people prefer homes that are ready to occupy or have a closer finishing or possession date. It would give them a better option to move in and enjoy living there at the earliest.
In short, the real estate sector is looking up, and it will take some time before it gets back to its pre-COVID phase. But it is still growing positively, and we can only see it growing well