COVID-19 notes for property market

People are now looking for things that they used to access away from home, like the gym, spa, sauna, pools, and spaces where their children can study and play.

As the world struggles through the economic crisis, it is surprising that home prices continue to gain and demand for housing is still growing.

In fact, there are players in the industry that are even doing better these days. This is true even in the Philippines, making it important for local real estate professionals to really listen and take note of what people are looking for in living spaces.

Whenever possible, add a touch of greenery as it is proven to improve people’s well-being.

In late July, surveyed 1,000 people who bought homes during the pandemic and found out that because of COVID-19, 40 percent have changed their criteria for choosing a house to buy. For example, 25 percent now prefer a bigger space with an enclosed backyard and 15 percent would not go for an open floor plan. People are now looking for things that they used to access away from home, like the gym, spa, sauna, pools, and spaces where their children can study and play.

A ‘Zoom room’ is priority

A third of those surveyed said that the home they bought (or intend to buy) should have space for work. The dining table just won’t do anymore. And many families now require a quiet and adequate space for their children to study and/or attend online classes.

It should be light and airy

Property developers must include in their layouts a dedicated space for work and study.

Comfort is a premium. Homebuyers would love a space where they can work and study comfortably, which could mean big windows, lots of natural light, central air conditioning, adequate lighting for working at night, etc.

Outdoor common spaces are in

To limit travel, families want to be able to do outdoor activities right in their own backyard. Grilling cabanas, fire pits, swimming pools, outdoor dining areas, and comfy lounges, and expansive green areas not just for humans but also for pets.

Offer basic amenities

People will have to go out for groceries and grooming, for instance, so developers are starting to build residences with complete amenities like a supermarket, salon, fitness center, dental clinic, vet, a café, laundromat, and business suite. Residents don’t need to leave the building, so to speak, to access basic services.

Due to COVID-19, homebuyers prefer lots with open spaces for outdoor activities.

Safety and flexibility are on the list

 Renters and buyers are looking for safety measures like disinfecting systems for common areas and package delivery protocols, for instance. As far as fixtures or furnishings are concerned, flexibility and performance are top considerations. They would love work desks that can be used as a dining table, modular furniture, and indoor furniture that can also be used outdoors.

Plants are here to stay

The pandemic has proven that nature is necessary for people’s well-being. Incorporate greenery wherever possible: fire escape gardens, Zen gardens, and pocket parks, vertical gardens, a verdant backyard. People love healthy and green living spaces — we know this now more than ever.

Sources: CNBC, Detroit News, Architectural Digest