Investing in real estate can seem daunting. There are so many factors that you need to consider and trends you need to monitor. To make your life easier, here are some of the top trends you need to watch out for.
House hunting is digital
The epidemic hastened digitisation in all industries. And the housing market is no different. Some buyers in 2020 bought their homes without ever setting foot inside due to the pandemic and the tight property market. Although the virtual staging was popular pre-pandemic, its popularity shot up in recent years.
People move from cities to suburbs
The COVID-19 epidemic has accelerated the suburbanization of large cities. People living in Colombo may relocate to areas outside of the cities. The suburbs are a desirable location since they have lower taxes and more affordable homes and rent. People from Colombo may relocate to areas outside of the cities.
Single-family housing demand creates a shortage
Buyer demand for single-family homes is rising as a result of people moving from cities to the suburbs. Real estate agents predicted that home sales would increase by an additional 10% in 2021, reaching their greatest level since 2006. Moreover, the entry of Millennials into the homeownership phase of their lives, adds to the demand for homes brought on by the epidemic.
Home prices continue to rise
Prices for single-family homes skyrocketed in 2020 and are anticipated to stay high in 2022 and beyond due to the rising demand for them and the decreasing supply. The property market briefly turned around shortly after the epidemic began as prices fell and individuals planning to sell their properties reconsidered their choice. However, many developers are offering luxurious apartments such as TRI ZEN.
Investing in real estate sounds complicated and daunting. If you keep an eye on the trends below, you’ll surely be able to make a great investment.