Impact of Covid-19 on Real Estate market

Impact of Covid-19 on Real Estate market

Lack of work due to COVID-19 has led to a reverse exodus of labourers. As the world is fighting against the deadly virus, many industries and sectors are also struggling to be stable. Among them is the real estate industry. The recovery of the losses in these industries cannot be expected to happen immediately. In the best of times, hiring labour for the realty and construction industries is challenging.

Decreasing Site visiting:

The virus has created a scare among people and today almost everyone is scared to visit places. This feeling will not wear off so easily. People will search for properties online and avoid going for site visits. Once they have shortlisted some properties, they will visit only those sites before making the final deal. This will save a lot of time and money when it comes to shortlisting of properties.

Interest Rates May Fall

The RBI may reduce interest rates to attract customers to take home loans. This is to cover up for the low demand for home loans due to the virus. This will help the home buyer in getting properties at affordable prices. However, this may be a short-term method to attract customers.

Delivery of Houses may delay

The COVID-19 has put a halt in every business. Hence, a lot of houses either remain unfinished or the paperwork is incomplete. Once the country is back to normalcy, the chances of getting your house handed over to you may get delayed. This is especially for those houses that have yet to be completed.

Property Prices May Rise

Everyone expects the prices to rise as soon as the COVID-19 scare is over. This is because the markets would want to cover their losses. The prices of all products, essentials, and non-essentials, are expected to rise. This also could apply to the real estate sector. Builders and property dealers may increase the property prices as the cost of the supplies may increase.

Lack of Labour

Due to the virus, many labours and construction workers have returned to their hometowns. Since the construction sector depends on these daily-wage earners, the sector will take time to recover. Getting labourers to resume the construction work will take time. This will delay thework.

Increasing online Property searching:

For people to get back to their normal lives will not be easy and quick. People will now have limited movement outside their home for some time. Nimmadhi is a hassle free platform that makes it possible to Rental / Manage / Maintain a house.

Nimmadhi is here to assist you at every step of the way. Seeing your rental house is now more easier at Nimmadhi live video call option. Sign up with nimmadhi.com