The impact of the pandemic on the real estate sector: changes driven by COVID-19

The impact of the pandemic on the real estate sector: changes driven by COVID-19

COVID-19 pandemic has left an indelible mark on all aspects of society and the economy. Real estate, as little as it may seem, has turned out to be one of the most affected sectors, having to adapt to new challenges and trends in the midst of a confined world. From the rise of teleworking to the growing demand for outdoor spaces, the real estate sector has undergone a significant transformation, marked by larger, brighter properties with outdoor spaces.

The change of trends

One of the most notable transformations in the real estate sector has been the change in the perception of work. Confinement led practically all companies to implement teleworking, a trend that is here to stay in many organizations. As a result, demand for office spaces has decreased, while the search for homes with areas dedicated to remote work has increased.

Confinement has caused a greater appreciation for outdoor spaces: Terraces, patios and gardens have become high-value assets in properties, as they offer respite and the possibility of enjoying the outdoors without having to leave home. Proximity to parks and green areas has also become an important factor in the decision to buy or rent properties.

The possibility of teleworking has led to an increase in demand for properties in small towns and rural areas. Nowadays, people seek to escape the urban agglomerations in search of a better life quality and a quieter environment. This has fueled real estate growth in areas that may have previously been overlooked.

Technological implementation in the real estate sector

The pandemic has also accelerated the insertion of technology in the real estate sector. Virtual property visits, electronic signatures for contracts and online search platforms were essential to keep the sector’s activity alive during the months of confinement.

Once the pandemic is over, technology continues to be essential and is positioning itself as one of the fundamental pillars of real estate, from its initial construction phase to the final sales phase.

The future of the real estate sector

The impact of the pandemic on the real estate sector is undeniable. The way we live and work has undergone fundamental change, and the real estate industry has responded creatively and proactively to these challenges. The future of the sector is marked by greater flexibility, technology and renewed attention to the needs of the population.

At Renta Corporación we continually analyze market trends and COVID-19 has shown us the importance of adapting and evolving to meet the changing needs of society, even in times of crisis. The post-pandemic transformation is a reminder of the adaptability of a fundamental industry in our lives.