As a result of the pandemic COVID-19 has boosted the purchase of properties through online platforms, so it has seen a high number of investments, it is there where they should know, how and why that domain acquired and the stability of the prices of single-family homes remain stable. Here are the 5 current trends:
1- The acquisition and search of properties has become digital: Due to the limitations due to the pandemic, the virtual transformation took an important step in the real estate sector, where the owner made the purchase without physically knowing the place, all this thanks to digital tours that allow 3D visits approaching any room and observing even the smallest details, videos with drones to observe the outside and top of the property, accompanied by facetime or online conferences with the real estate agent.
2- From the city to the suburbs: 2020 findings have driven migration from major cities to suburban locations, persisting for about 3 to 5 years, with the reason being that people move out of necessity and choice, to inhabit a more accessible and carefree domain.
3- Demand for single-family homes creates shortage: Migration from cities to the suburbs results in a growing demand for single-family homes, as they are highly coveted by buyers, the growing demand came from 2020, due to the importance of home during quarantine, social distancing and remote work.
4- Housing costs stabilize: With the increase in mortgage interest rates it is estimated that some areas will have a decrease in their values since many will not qualify and this will affect the demand in certain areas of the Island. The luxury market remains stable: This is due to the fact that Law 60 continues to attract investors to the Island.
5- This market seeks to relocate to luxury sectors where they can maintain a similar standard of living to where they come from. It should be noted that this time investors are being more judicious when investing in a property. So it is important that when you want to sell a luxury property you do not lose sight of the demands of this market in order to succeed in the sale. It is estimated that this market will continue to increase due to the benefits offered by Law 60.
The list of the most relevant real estate trends is giving us something to talk about in 2022, remember that as more people move to the suburbs and acquire a home, it is expected that the costs of single-family homes will remain stable.