The global crisis has brought business to a halt in many fields, and real estate is one of the markets that’s been affected. This hasn’t been the same as other past recessions however and there will some very different prospects on the horizon in the post-pandemic property market. The economic crash hasn’t been due to mortgage lending and banking crisis, instead, people have been forced into their homes to stay there. This situation will play out in a different way in the post-pandemic world, and here are some opportunities to take advantage of.
The European Market
Cities such as Paris and Lisbon were on the rise pre-pandemic and as soon as the situation improves you can expect a see surge of property listings, but for a better price. Now is the time to invest in that city break holiday apartment. Cities like Paris and Lisbon are unlikely to be short of renters. Paris is the most visited city in the world, so Air BnB and other private holiday homes can be a very lucrative business. At the moment travel and tourism are at a bit of standstill, however. It’s important to buy somewhere you can commit to long-term. Lisbon has recently made a deal with international ex-pats where residents bought property to qualify for the golden visa program. It’s also a growing market with booming tourism.
The pandemic has brought about new laws in social-distancing. This means more crowded cities have been the worse affected. Low-density, smaller cities with a higher quality of life will be in demand in the post-pandemic market. Many people will want to live somewhere with a lower population and intensity. Suburbs and rural areas will be on the rise. You can find a lowdown of the best cities to move to online. Many people are looking to move abroad, even with travel restrictions still in place. A couple of examples of cities with ideal conditions to develop post-lockdown are Medillin, Colombia, and Cuenca, Ecuador. It’s all about weighing up population density and infrastructure.
Wait until the time is right
The idea now is to start preparing, take stock, and be ready to move when the time is right. There are opportunities around the corner and it’s crucial to maintain a level head. It’s important to keep certain things in mind. Don’t wait too long for a further drop in prices as you could miss the boat. Budget what you can afford and study the market. Speak to an adviser for a professional opinion. For help with financing try Your Finance Adviser and start planning ahead for the kind of mortgage options you want to go for.
It’s advisable to wait until you can view the place, especially you aren’t very experienced in buying property. This doesn’t mean that you can’t get the ball rolling now. Weigh up the risk against losing out on a deal. There is always the option of virtual tours, but make sure you’re confident in what you decide.