Welcome to the ever-evolving realm of real estate, where trends rise and fall like waves on a vibrant ocean. As we venture into the future, a lot of exciting and transformative trends await the eager eyes of real estate enthusiasts and investors. Brace yourself as we embark on this blog journey, where we unravel the ever-changing trends set to shape the very fabric of the real estate landscape in the years to come.
Digital House Hunting
In the past, house hunting was something that was considered only to be possible physically. But as time went by, digitization affected house hunting and digital house hunting came into the picture. Now, it is very easy to look for houses and real estate properties. Everybody can easily hunt for a house by sitting at the comfort of their homes. There are a lot of online real estate sites on the internet. GetSetHome’s ‘Xtra Income Homes’, is one of the best real estate companies in the market. They offer handpicked properties that are assured to give you high rental yields that go up to 7%.
Not only this but virtual tours have also started to become the new thing in the real estate realm. Now, you can take a look at the whole layout of the property by simply sitting at your home.
Moving To Suburbs
Now, I think you might know that people migrate from city to city and country to country for many reasons. So, before COVID a lot of people lived in major metropolitan cities. But as the pandemic hit, a huge chunk of people moved back to suburbs and this was caused because of many reasons.
- The rich are usually moving by choice. People during the pandemic realised that living in suburbs is more beneficial because the taxes are low and almost all the facilities and amenities are available at a lower cost. So, basically it helps you save money but also live comfortably in relatively bigger houses.
- Now, the other half of the people HAD to move to the cities because unfortunately when the pandemic happened a lot of people lost their jobs and could not afford to live the costly life of the cities.
So, we have seen the two main reasons why people are migrating from suburbs to the cities. But to be completely clear, this trend will not last forever. Actually on the contrary, people will soon start to migrate back to the cities in the next 5 years!
Millennials Are In Charge Now
Earlier, millennials used to prefer renting homes because they thought there was no need for owning one. But as time went by, millennials started investing in various different sectors and realized that investing in real estate is the safest option available. The real estate market these days is literally driven mainly by millennials. They are the target group of investors.
The change in the attitude arrived due to many reasons. The pandemic played a significant role in this. Basically when the pandemic hit in 2020 millennials realized the importance of owning a house and started getting into real estate investment. Now, we can say that millennials have surpassed Gen X when it comes to home-buying and this trend is supposed to persist in the coming years!
Renting Is Making A Comeback
The Model Tenancy Act of 2021 is an act that protects both the tenants and the landlords from any injustice. This act provides speedy resolution of many disputes regarding any rental problems. This act becomes one of the prominent causes as to why renting is making a comeback in major cities. The trust factor that had gone missing between tenants and landlords are finally being repaired because of this act. So be ready to see the biggest comebacks ever of renting in the coming years!
Commercial Real Estate and Co-Working Spaces Becoming More Prominent
These days time is going by pretty fast. And now as time passes the need for commercial real estate is increasing everyday. This is because new companies and brands are setting up their company branches and need new offices. This is giving commercial real estate a chance to grow in the country. This was all about commercial real estate. Now, let’s talk about co-working spaces.
Co-working spaces are one of the newest phenomena in the country. Co-working spaces have a high demand because of up and coming start-ups and independent professionals. Independent professionals and startups are always on the lookout for good working spaces and as a result of this a lot of residential real estate are including spaces that serve as co-working hubs!
Real Estate Investment Trusts (REITs)
With everything going on in the real estate world, real estate investment trusts have gained a lot of momentum. This real estate instrument has gained a lot of traction. Real estate investment trusts let you invest in real estate without actually owning a property. REITs offer opportunities for retail investors to invest in income-generating properties, such as commercial buildings and rental housing, and receive regular dividends.
The above mentioned are some of the trends that might pick up momentum in the coming years. But you have to know that these trends are ever changing and evolving and are also dependent on a lot of factors such as location, economic conditions, and government policies. So, before deciding to invest in real estate, make sure you study all the factors related to the real estate market. Happy INVESTING!