Covid brought a high level of uncertainty for all businesses and introduced a lot of fluctuations in the property market.
At the start of 2022, despite positive waves of economic recovery, we must take into consideration that there will still be a significant amount of volatility and fluctuations brought on by inflation and the new Omicron variant. Here are some ways that Covid will continue to influence the property market.
Continual need for flexibility
After two years of lockdown and restrictions, we have experienced some drastic changes in both our private, work and social life. We learnt that stability is a rare privilege and we need to be flexible and agile in understanding how to adapt and excel when change happens.
One area that will highly impact the way we take decisions will be when and where to invest.
For most people, buying a property is one of their biggest investments in life so it is essential that they are educated on the topic by talking to consultants and having access to quality information. Buyers might also need to be more flexible as to where they choose to invest, and spend time looking at areas that they might not have considered before.
Another industry where is was crucial to be flexible to the changing circumstances is the hospitality sector, which was highly impacted by Covid and still has to continuously adapt to the new rules set by the government. Hiring the right consultants can alleviate the internal cost and effort needed to restructure the space to fit with the current guidelines.
Demand for smart, affordable solutions when building a home
People in the Nordic countries tend to invest more in their home as they spend so much time in it during winter, in comparison to people living in other European countries who might spend more time on outdoor experiences. The rest of the world is finally catching up to this ethos now that we are all spending more time at home because of Covid.
During the past year, we noticed that our clients now pay greater attention to the quality, space and storage of a property. However, the prices for supplies are going up in 2022 and there is the need to find a balanced approach so that property developers and future homebuyers can build and enjoy premium quality houses at affordable prices.
One solution is for the interior designer and architect to spend more time analysing the floor plan at the very start to see how efficient the space is and see how it can be improved. Improving the efficiency of the space can have a considerable impact on the overall building cost.
Designing certain areas such as the kitchen bench tops according to stock sizes will also help minimize waste and costs.
These are solutions that an experienced design professional can help with at the very beginning, which will make paying an additional fee to hire a consultant worth it once you consider the costs saved during the building process.
Demand for homes that are sustainable and affordable
There is an increase in buyer consciousness nowadays for better-designed homes that are focused on sustainability.
This is a prime opportunity for the property industry to seek design solutions that will better meet buyers’ key concerns of affordability and sustainability.
Adopting clever design solutions, such as spending more time in the beginning to figure out the best layout and orientation of the house so that the occupants can use less energy to heat or cool it, can help tick both the sustainability and affordability boxes.
There are also new and innovative materials available on the market that is a more sustainable solution — hempcrete is a biocomposite material made from hemp and concrete that is a great insulator, is resistant to fire and termites, and help prevent mould — all of which can help save money for the homeowner in the long run.
The move to regional areas
As working from home is now the norm and people don’t have to worry about commuting to work daily, more families are seeking to live further away from the city centres. Whether it is for more living space, lower property prices, or a more tranquil lifestyle, people are migrating to the regional areas, which means that supply for housing in the CBD and inner-city suburbs may exceed demand, a trend that might affect property prices in such suburbs.
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