It’s a little over a year since the spread of the COVID-19 pandemic began to creep into almost every part of the globe. Until now, we are still thriving to overcome what is considered the most challenging time of this generation.
This disruption is unprecedented that we were challenged to make tough decisions and take different routes in order to survive the pandemic. The acid test maybe too much, but this will show how strong, united and determined the human spirit is.
One of the sectors of the economy that was greatly affected last year is the real estate industry. The good news is, there are great indications that this sector will have a better performance in 2021.
As reported by The Guardian, house prices in the United Kingdom (UK) were able to bounce back last February. There is an increase of 0.7% to £231,068 on the average price of home which improved from the 0.2% drop in January. One of the factors is the changing housing preferences of buyers.
There is a movement from the big cities to smaller towns or rural areas when people look for properties for home offices and greener surroundings since many have shifted to work from home set-up, which will still be a trend even when employees will be asked to return to their workplaces.
In a recent news feature in the Philippine Daily Inquirer, real estate services provider Lobien Realty Group (LRG) banked on the ongoing vaccination programs of different countries including the Philippines as a sign that the worst is over in terms of the effects of the COVID-19 health crisis. They forecasted that 2021 will have a slow movement but promises sure recovery for the real estate sector specially for the residential and office property markets.
To support their forecast, LRG provided a report showing condominium developers’ projection of launching an estimated 24,000 square meters of residential units to the market this year.
Thus, property experts are indicating that this is the right time to check available properties for sell and invest. You can start by estimating what you are likely to qualify for based on your income and checking how much you will need to pay monthly to pay off your loan in a specific number of months and years. There are free tools online like the Mortgage Calculator to help you out in getting this information right way.
The world today is marked by uncertainties, rapid changes, complexities and challenges. Yet, the other side of the spectrum shows structure, order and extensive opportunities waiting to be maximized. Let’s just hope that the ray of light that we see in some sectors like the real estate industry will propel us in our goal for economic recovery.