The Future of Residential Real Estate

The COVID pandemic threw the whole world out of gear. We were forced to stay indoors and cut off physical communication from one another. Man, however, is a resilient creature and we have leapt back from the pandemic with vigour and energy. The residential real estate market, which took a big hit through the pandemic is also beginning to rebound and is showing favourable signs of picking itself up. The pandemic brough to fore the need for owning a home and post the crisis, there seems to be a renewed interest in the home owning market. More and more people, and a majority of these are millennials, are now looking at owning their own homes and investing in residential real estate. Being confined to their homes during the lockdowns bought about a realization in millennials about the importance of owning their own residences. While there are people of all different age groups that are now seriously looking at home ownership, the millennials now are the major chunk of these people. The work from home culture that has come about as a result of the lockdowns is also a factor that is spurring the potential buyers of homes to move to owning their own homes. Even with the easing of restrictions, a large number of corporates are moving to flexi work, blending work from home and work from office, which is continuing to place emphasis on homes, further adding interest to the idea of owning your own home. Also fuelled by the social distancing trend that came about as a result of the pandemic, the current trend is for people to move into areas that have a lower population density. Moving out of the city and into greener, cleaner areas also seems to be a trend that is here to stay.

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