As we all know the world is resuming its activities after the covid-19 outbreak in 2020 and the economic downturn is still around the corner because lots of industries are still struggling worldwide.
It is clear by now that the Covid-19 outbreak has forever altered the ways we lived and worked. Our homes, offices, and outdoor spaces, every place have been impacted on a large scale by the virus.
Every sector of the economy, including the previously booming and quite healthy realty sector, has been hit by the novel coronavirus pandemic.
As new trends arise, the estate market is not the same as compared to the pre-Covid-19 era. The demand and supply dynamics will change and alter the decision-making of the buyers and their spending.
Covid-19 has altered the way people think. The concept of owning a home has gained new importance and higher preferences even though we just faced an unavoidable economic downturn and discernable uncertainty in the market. The lockdown has also reinforced the importance of owning a home because it is probably one of the only factors where people can save on rent money should another outbreak hits.
It makes sense when you are renting out and you lose your job, and the Landlord cannot give you concession on more than one month's rent and he kicks you out. Hence, people who were okay with renting out accommodations would now prefer to buy homes or flats soon. The home will once again become important as compared to the place of work and influence urban development and our real estate choices.
The real estate industry, like any other industry, has also been very quick to adopt the digital world. The ongoing crisis has unintentionally shown us that there is multiple as well as economic ways to conduct the human activity. The world has now gone into an era of digital irreversibility.
The real estate market will have to adjust accordingly and will feel the impact of digitization, whether it is decision making, capital deployment, property management, transactions, virtual tours, or even the consumer behavior patterns, digitization will dominate and monitor most of the processes. There are also innovations with respect to Artificial Intelligence (AI), Big Data, and Virtual Reality (VR) in this industry that is testing the limits for more opportunities and improved customer experience.
Distance is Irrelevant.
Remote working as a trend is here to stay, even after we are no longer homebound, most companies will explore to some extent of WFH for its employees. Hence, commuting is no longer required for those working online from home and this will reduce the need to rent a house close to the workplace. Subsequently, people will be more open to moving to remote locations for better affordability. The commute to work concept may lose some of its charms and new homebuyers will see the sense in moving to locations within an affordable locality.
Gwadar's real estate sector is touching new heights. It's far but since we are not office-bound and connected by internet then lots of people are investing there and moving there. Gwadar is set to become a beautiful neighborhood with its beach scene and affordable estate proposition.
Over the last ten years, the affordable housing sector has been approached by several government programs. A considerable portion of Pakistan’s workforce in the organized sectors is from underdeveloped cities. Most of these people had been forced to leave their temporary rented residences from big cities and go back to their hometowns.
This will lead to an increase in demand for the affordable housing sector which mostly consists of 3 Marla and 5 Marla schemes. Affordable housing will prove beneficial for home buyers and builders. The incentives for developers such as tax benefits, subsidized rates, and institutional funding along with the prospect of affordable housing, and reduction in GST rates have supplemented ways for attracting healthy investment in this sector.
Work from Home
With work from home becoming such a major part of everyone’s lives, developers will now find ways to capitalize on this trend. New home decors will incorporate specially designed small office setups. On the another hand, the commercial real estate sector is undergoing a bigger transformation, growing beyond just neighborhood and value proposition the industry is now focusing on finer details such as transparency and customer experience.
Social distancing has led to a push for developing and exploring more and more contactless technology, hence, business models will now be made with new technological offerings which are bespoke made for investors and customers alike.
If you are looking for an opportunity that is high in value and economical in the real estate sector, then feel free to contact globbizavenue and book your plot in Gwadar which is the boomtown.
Wednesday 10 March 2021
Gwadar Development Authority,
Gwadar Housing Projects,