The Real Estate Industry After Covid 19

18 March, 2023

The subject of this article simply seems to come out of a Sci-fi movie, it is confusing to think that some of us receive the year 2020, in a great party by the sea in the company of our family and friends, nobody is prepared for what would be the second quarter of the year with covid 19, not even the risk analysts came this global emergency is coming.

In this text we will try to answer the question that some of us ask ourselves, What will the state of the Real Estate Industry be like after Covid-19?

Even before the virus outbreak, behavioral changes such as shopping online and working from home were challenging traditional real estate models.

But social distancing has accelerated and compounded that challenge. Once the epidemic is over, some element of social distancing is likely to remain.

Below are the possible implications that have emerged in the Real Estate Industry.

Online tools

A considerable number of people around the world have been forced to work from home, many have turned to digital and online tools to work and play remotely.

Although “the home office” has been a trend in recent years, most companies were not up to date on the subject, much less their employees who require a good quality internet for these tools.

As we all get used to online services to connect, it has the potential to change our culture and the way we engage in many new ways that we design, build, operate and use buildings in the future will be an ongoing challenge.

The impact on real estate and the way we design, construct, operate and use buildings in the future will be an ongoing challenge.

Purchase of real estate

Currently, it is not possible to buy goods without some type of physical commitment, customer prospecting appointments and property tours happened to make video calls, virtual conferences in which both the prospect and the agent did not share the physical space, they can be seen Advantages in using online tools, for example allowing documents to be signed electronically.

This will speed up the real estate buying and selling process and has the power to disrupt, displace and eliminate traditional service providers in the transaction life cycle.

This is how during the quarantine sales were made, through platforms such as zoom, conference rooms by google, etc.

Society is likely to reconsider how it spends its free time, going to a park will have an advantage over the mall.

The value placed on open spaces will grow. Being close to nature, in an environment free of pollution and crowds will be essential for the future of the next developments.

Reduce the tide of urbanization. In parallel, a new family structure will emerge, and this will change the housing needs.

Society is likely to improve once again in caring for its old, young and infirm.

This will change the type of houses and apartments that people will aspire to live in. Taking greater consideration for our older adults.

It is clear that the real estate sector is on the verge of a new paradigm.

In addition to the clash between the digital and the physical space, we now have the confluence of changing social behaviors that will readjust the industry.

The precise shape is yet to be defined, but these themes may reveal the direction of travel.

Author

Maya Ocean

Maya Ocean Real Estate

We are a company dedicated to the Sale of Real Estate and we also offer the option to Manage, Promote and Rent. Our real estate inventory and area of operations extends to the Riviera Maya mainly in the cities of Playa del Carmen and Tulum...

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