Growth of real state during COVID - 19

Real estate has been one of the most growing and dominating business globally. Ownership of a property is considered as one of the assets of an individual. However, this sector has been through different ups and down as well. But the question is, where does the real estate stand during a crisis such as the Covid-19? Read below more.
Stagnant demand for affordable homes
It is important to understand that prospective buyers are not in a state to afford luxurious homes. They are compelled to reduce their budgets due to the prevalent financial strain. Even if they had thought of owning one luxury apartment, the priority has shifted to buying an affordable home. A customer is seeking for a property with basic facilities and decent configurations. This sector is experiencing a shift in demand.
Ready-to-move-in homes
The concept of RTM homes has also gained popularity owing to the current scenario. Many people are looking for homes that are completely ready for shifting. Since construction has stopped across the real estate sector or is at a slow pace, people are looking forward to shifting to these kinds of homes.
Secured asset
Ownership of a property is seen as one of the most secure assets. With the incoming of the pandemic, the desire for owning this asset has increased more especially among the millennial.
Real estate sector has been impacted badly due to the current pandemic outbreak. However, since the property is one of the most valuable assets, this sector has a tendency of growing at a faster pace. The overall market is struggling with stalled construction, lack of workers and shift in demands. But with the help of the concept of risk-free investments regarding real estate, the growth trajectory is seeing a surge. Online selling of property is an integral reason for the upward growth of the real estate sector.

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