2021 Real Estate Property Trends

The New Normal In Buying Homes During The Pandemic

The COVID 19 pandemic has had an unexpected and notable effect on all facets of people’s lives with 2.6 billion across the world now living in quarantine or are in lockdown according to JLL Research & Strategy.

The short-term human and economic effect is beyond doubt as people stay home, offices and establishments close, and production stalls. Once the risk to people’s lives have subsided and steps are taken back toward a fully productive economy, it’s worth spending some time analyzing what the new normal looks like. However, the level of uncertainty in the economy is currently at an all-time high with the path of the recovery hard to predict. Countries have taken major steps to try to soften the impact to their people and economies through this hard time.

In the real estate sector, we can see that the pandemic has speed-up some trends already in evidence, whereas other trends may reverse. For instance, demand for online shopping has increased and will likely continue while the ongoing trend for the compaction of work and living space is now being probed.

Countries have implemented changes to real estate policy in order to lessen the burden on tenants and in some cases landlords. In the Philippines, under Memorandum Circular (MC) 20-31 issued by DTI, the lessors shall provide a minimum of 30-day grace period on residential rents without incurring interests, penalties, fees and other charges.

As we plan ahead for a post-pandemic view, our homes will become the absolute extensions of our lifestyles. They will need to comprise many different characters under one roof, becoming not only the place where we rest but also our office, gym, and entertainment hub.

Here are the 2021 property trends to keep in mind if you’re searching for a new home:

Work From Home is Now the New Normal

This is a trend that interior designers say has been on the rise in recent years, even before the pandemic. Buyers will be looking for a larger area where they can build a proper workspace because they’ll be spending more time working at home. Having a formal area for long periods of work, conferences and Zoom meetings will be a pervasive requirement in contrast to doing occasional work with our laptops in the living room or at the dining table.

Dora Chng, general manager of the residential segment at property management company GuocoLand, says that there’s a marked shift in priorities. Before Covid-19, property buyers were more focused on aspects such as price, layout, tenure, location and the developer’s track record. But now, buyers have started to focus a bit more on how the property will be able to accommodate the imminent changes in their lifestyle.

Importance of Location

Now more than ever, people are going to get even more specific about where they want to reside. You’d want to live in a country which has a great record when it comes to COVID-19 response and pandemic preparedness. People will seek to move from poorly governed and ill-prepared places to more proactive countries with greater perseverance and better standards of health care.

Furthermore, if you’re wealthy, you’d definitely want to live in a place where you can fully protect your family. You’d want your house to be near hospitals, supermarkets, as well as it being accessible to relatives.

Mortgage Calculator’s homepage calculator may come in handy if you’re thinking of buying a new house. They have graphs of loan repayment along with monthly and yearly amortization tables.

Personal Amenities

Instead of going to the mall to watch a movie or going to the gym to workout, some people may just avoid using communal facilities altogether, and instead invest in personal amenities like an entertainment area and a fitness room right in the comforts of home.

As homeowners move even further away from cookie-cutter features, they’re also going to be looking at the long-term implications of their decisions. “As terrifying as Covid-19 has been, hearing of nature creeping back into our cities has been magical and should perhaps remind us to tread more lightly and make more room in our planning for wildlife,” says Matthew Potter, director of UK architecture practice WilkinsonEyre’s Asia office.

Alterable Spaces For Work and Recreation

More homeowners will plan on maximizing and improving the use of every space in their house as they spend longer hours at home. Aside from a home office, there will be a need for more built-in storage and a useful kitchen. As the trend moves further towards e-commerce and telecommuting, the emphasis will be on design and layouts that offer flexibility. Furthermore, property developers may look towards making condominiums more self-sufficient and better suited to home-based working.

Being Green is In

The presence of plants and improving the flow of natural ventilation and daylight in houses and condominiums will be as important since these elements make our homes more liveable and attractive. They also improve our well-being.