2021 and the luxury real estate market in Urdu
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The most important thing is to say in the beginning: According to experts, despite the epidemic, the demand and prices of luxury real estate for housing will continue to rise in 2021. The epidemic will also increase the demand for single-family homes, which will increase not only their prices but also rents.
The reasons for this trend?
While the global epidemic has affected every aspect of life, the real estate sector has not been affected. This has had negative effects on construction activities and the decline in real estate demand, resulting in lower prices. At the same time, the luxury real estate market has seen some changes, which are proving to be positive for this segment of real estate.
The main reason for these changes is that influential and rich people are now adopting healthier ways of life than ever before, including in their homes. This means that their homes must be able to care for the needs of the world during and after the plague.
2021 and the luxury real estate market
Growing trend from home to work
The influential class, which had moved away from urban life to its second home in the days of the plague, is most likely to return to the fast-paced and sometimes chaotic urban life of those belonging to this class. It will be difficult to come. Experts believe that many people belonging to this class will make their second home their permanent home.
This situation is expected to continue for the next one to two years until the epidemic situation in the West and other parts of the world is brought under control. However, in the long run, people will not be able to stay away from urban life for long, but in the post-epidemic world, people will look at their urban homes from different angles.
Expectations from the global market in 2021
According to experts, consumers in the United States and other developed markets will spend more on real estate that provides protection, health insurance and privacy to them and their families as their needs change. For the affluent, much of 2021 will be spent in a place where schools, social networking and entertainment will be available in one place.
Use of technology
The use of technology by real estate owners and the real estate industry will not only continue in 2021, but will also increase. The use of technology will help in attracting real estate buyers and making deals. Just as potential buyers before the epidemic preferred to view each property in person, but more than once, the epidemic has completely changed the situation, they will now prefer virtual tours and e-security.
This is because if we can use technology to do anything faster, exercise more or negotiate with someone, why not use technology to make our home safer and more efficient? This is not about using smart home technology, but about making the basic home safety and maintenance process meaningful, easy and efficient with the help of technology.
Provision of capital from banks
Record low-cost housing finance and mortgage schemes have been introduced by the US Federal Reserve and other central banks to deal with the epidemic. Experts believe that despite a possible recovery in the economy in 2021, the US Federal Reserve will keep interest rates at a low level, which could help keep up the demand for luxury real estate.
Mortgage rates in the United States are currently at a 50-year low. Experts believe that the global economy will see a full recovery by the end of 2021 or early 2022.
Increased demand for single family homes
The epidemic has forced people to live in isolation. This means that the demand for single-family homes will increase during the epidemic and in the post-epidemic world, and in 2021 this demand may reach its highest point. An increase is expected.