PREDICTABLE REAL ESTATE TRENDS FOR 2021
2020 was a year full of surprises- the global pandemic, economy derailing and many sectors losing out. Fortunately, the real-estate market emerged as the winning sector as it continued to see some good sales. And, this is expected to continue in 2021 too, with the occasional trends normalizing and all thanks to the fresh affordability challenges. The real-estate market has not shadowed the pandemic’s long-lasting impacts.
In this blog, we have explained the real-estate trends in the year 2021.
Millennials
Millennials will help shape up the real estate market as they are considered the bigger players. The oldest millennial will be only 40 in 2021 while the youngest will be 25. Most of them would buy property and witness equity gains and some would continue to foray the real estate market.
These trends will persist because the rising property prices will require bigger down payments as well as bigger monthly income as the mortgage rates decline. The pandemic period raised a concern that the temporary income losses will affect the Millennials’ plans of property ownership. However, these downfalls did not affect the overall property sales.
Bigger Demand for Properties
In 2021, there will be higher chances of witnessing a huge growth in job opportunities across many sectors. And a consequence of this change will bring an increase in the migration to cities. Therefore, properties will have higher demand. The real-estate builders will launch new township projects. With these new projects, the real-estate infrastructure is expected to grow much faster.
Work-From-Home
In this pandemic period, remote working gained huge prominence in the new work-from-home norm and as it is extending into 2021 the need and demands for property also increased. Some prefer to live away from the city, and demand for specific features like high-speed internet connections, quiet yards, and noise-free areas.
The decrease in property prices
In 2021, many cities might see an increase in construction activities. With more luxury plots for sale, real-estate developers will have to face the challenge of selling their properties at the right time. Therefore, they will have to quote their properties at competitive rates, thus will witness a rise in property sales.
The Rise in real-estate sales
By the mid of 2021, there will be growth in real-estate sales. The property buyer will mostly choose affordable plots. And the demand for luxury and high-end properties will also increase. Also, there will be a huge demand for theme-based real estate projects such as parks, fitness centres, and retirement homes. Buyers will now put their money on properties that elaborate social distancing and amenities for a comfortable and safe lifestyle.
Wrapping up
While the real estate market in most cities is currently positive, the same can be said for the whole of real-estate sector. The market predictions will largely fall on the country’s ability to rule in COVID-19. Only serious property sellers will be in the market, the revenue policies of the government and the rate at which new policies are included in the market will further fuel the real estate’s market growth. The year 2021 will surely bring in great opportunities for both developers and buyers.
