Emerging Trends in a Post-Pandemic World
Category Property Advice
The Covid-19 pandemic has run rough-shod over many industries, leaving some in a complete state of disarray, and while the Real Estate industry has been allowed to resume in some shape / form under Level 3 of the lockdown regulations, we will still need to wait and see just how the virus will re-shape in terms of the consumer trends.
By being behind in the global spread of the virus, South Africans can, however, monitor the trends abroad, with the likelihood high that the local market will eventually follow in line with the global trends. Below, we look at some of the trends that are beginning to take shape in the Real Estate industry in other countries.
Going virtual or physical viewings still an option?
Much of the focus during the pandemic has been how companies have shifted to a digital workspace, with the Real Estate industry being no different. A strong digital presence has been crucial for companies, with websites and social media platforms being maximized, while a shift to virtual viewings has also taken hold.
So will we see a return to physical viewings or are the days of showhouses and show by appointment over? According to an article in the New York Times (https://www.nytimes.com/2020/06/05/your-money/houses-prices-coronavirus.html), it's likely to be a combination of the two, with many buyers looking to maximise their research online, before visiting the properties that show the most promise. It shows a clear trend that while happy to research digitally, many buyers would not be willing to put in an offer without actually visiting the property. Many sellers, meanwhile, are equally hesitant regarding open houses - for obvious reasons - and are looking to place restrictions on how appointments are conducted. So while the pandemic may not halt physical viewings, it has certainly left a mark, with buyers and sellers wary of a return to the old normal.
"We have always been behind digital transformation in our sector," says Lynn Pinn. "But it is crucial to not simply pivot to a virtual world entirely. It is our belief that buyers still want to - and should - view the property they are interested in person. There is value in virtual tours, but we would advise a physical viewing in tandem with the online research to ensure you make the right decision for your personal needs."
Working from home or living at the office?
One undeniable learning from the Covid-19 pandemic, is that many people are able to work from home, providing, of course, that they have a working internet connection and the necessary tools to do so. This has resulted in a number of design trends taking shape, many of which lend themselves to remote work. Working from home is one thing, but nobody wants to feel like they are living at the office. By creating a separate workspace at home, you not only ensure you have an area that is organized and structured to maximise your productivity, but it also means you can leave the 'office' behind you when your workday is over. Another design trend is installing a gym or workout area, using previously unused space, such as in the garage or basement, at home. Can't get to the gym or the weather isn't right for a run or cycle? Simply head downstairs and get the endorphins going. Take a look at some other design trends taking off overseas. (https://www.decorilla.com/online-decorating/interior-design-trends-2020/ ).
"The Agency Property Group has always favoured a remote working culture," says Simony Santos, "and it's been interesting to see how it has been a key adaption in this current climate. Historically, many companies may have feared that allowing their staff to work remotely would lead to a drop in productivity, but our experience has been exactly the opposite."
Safety first in a post-pandemic world
Understandably, a big factor in the fight against the Corona virus has been to highlight the importance of personal hygiene, sanitation and the practice of social distancing. As such, many foreign markets have already considered how the desire for safety will drive consumer demand. Considerations around the safety and sanitization of structures as well as automation have begun to factor into the property designs of the future. Buyers will look to ensure they have plenty of space and are not living on top of other people, so it only makes sense that the industry will shift its thinking to cater for this in terms of property designs. So too, for enhanced safety protocols, with mixed-used building and digital transformation coming to the fore, with people now looking to avoid unnecessary contact. (https://www.cityscape-intelligence.com/industrial/top-5-trends-will-transform-uaes-real-estate-sector-post-covid-19-era).
What will luxury mean in a post-pandemic world?
The pandemic has also, of course, changed what buyers consider to be important assets in a home. Living close to your place of work will not mean as much if you home has become your workspace, but a comfortable, practical and separate work area will be. Having a large living space, ample amenities and an outdoor space will also be important, with many realizing through lockdown just how important this can be for one's mental - and physical - state. Large apartments will undoubtedly become like gold dust, with a premium being put on space at home. Remote work is likely to take a stronger hold in the future and as such many things considered to be a luxury in a pre-Covid world, will fall away as the world braces for a post-pandemic world.
Author: The Agency Property Group
