The coronavirus pandemic has brought around unprecedented changes in our lifestyles, preferences and habits. Surveyors and researchers are increasingly reporting changes in amenity and lifestyle trends. This change also applies to the real estate industry, as consumer demands are rapidly changing.
Developers across the globe are seen to be delaying projects ever since the pandemic began, and these delays stem from the shifting dynamics of real estate demand and supply. Developers and builders are forced to rethink their goals and feasibility agendas associated with their future projects.
A recently conducted research reveals that 6 out of 10 major developers across the globe are delaying future projects. 44% of the developers and builders feeling consider reassessing the design elements in the wake of the global health crisis.
The report, published by Knight Frank, a global real estate firm, survey 160 developers across 22 different locations worldwide. Majority of the cities added to the survey are major economic hubs, such as London and New York. The study offers valuable insight into how the pandemic is redefining our future, and altering the dynamics of housing demand and supply across the globe.
Shifting Housing Trends
The survey reveals that the COVID-19 pandemic has elevated the speed of multiple amenity and lifestyle trends that were gradually gaining prominence. Nearly 38% of the participants revealed that they are more likely to look for bicycle facilities in the city to carve out a healthier lifestyle and seek eco-friendly commuting mediums.
The global health crisis has driven people towards conscious choices that are grounded in practicality. For instance, the survey highlighted that the demand for state-of-the-art telecommunications infrastructure has risen sharply. This stems from the demand for robust connectivity across apartment buildings.
Multiple developers are considering the prospects of designing mixed-use buildings and projects to provide rentable workspaces for the residents. This consideration is aligned with the heightened trend of remote working, as many organizations are mulling over the benefits of permanently adopting the work-at-home model.
The demand for usable outdoor space has also increased dramatically, particularly amongst city-dwellers who seek to carve out healthier, more fulfilling lifestyles. Developers have taken note of this shifting lifestyle trend with the agenda of incorporating outdoor spaces into housing development plans.
The global health crisis has compelled developers across the world to align their designs with the demands of local buyers. Developers and realtors have also realized that modern-day investors and buyers are more inclined towards virtual processes and buying experiences. Online tours are set to become a prominent feature of real estate sales and investments as social distancing is still very much the norm.