The measures of social isolation had an immense negative impact on the country’s economy, with a historic drop in GDP and an increase in unemployment. On the other hand, although the expectation was also harmful to the sector, real estate marketing was surprised with positive results in the pandemic.
The base interest rate at the lowest level in history (2% per year) and the demand for more spacious properties created by the confinement were the main drivers of sales. However, this good moment would not have been possible if companies had not bet on some innovations, such as 100% digital sales.
These new ways of buying, selling, and financing property are already part of the new reality. Check out the top five real estate market trends for 2020 and 2021:
Property valuation as a safe investment
The time to buy property is now. This statement may sound strange in times of crisis, but owning a home has once again become a safe investment option for many people.
The high interest rates and long-term indebtedness have always been the biggest headaches for those thinking of borrowing to buy property. So in this scenario, it was natural for most people to opt for the location.
But now, with interest rates at historic lows, those who did not have their income compromised by the pandemic face a perfect opportunity to fulfill their dream of owning a home. And banks and loan startups that understood this new moment in the market already offer better financing conditions.
New credit options
The account is simple: when the Selic falls, the interest on the financing falls. In addition to charging less for mortgages, the pandemic also accelerated the digital transformation of banks and made fintech think of new ways to facilitate payments. To get an idea of the new credit options available on the market, check out the news announced by Caixa Econômica Federal in October :
- Lower interest rate reduction from 6.5% + TR (Referential Rate, now zero) to 6.25% + TR, while the highest fell from 8.5% + TR to 8% + TR.
- Customers with already contracted financing will be able to pay 50% of the monthly fee for three months, or 50% to 75% for up to six months, depending on the profile.
With the new measures announced by Caixa, it is natural that the competition does not want to be left behind. Therefore, the trend is for other financial institutions to reduce interest rates and present better credit offers.
Debureaucratization of processes
In the past, buying or selling a property was synonymous with hours spent going to notary offices to resolve bureaucratic processes. However, the scenario began to change with the arrival of platforms that allow this process to be completely virtual.
Although it was already available, this type of technology – which allows, for example, the digital signature of documents – only became a trend thanks to the pandemic. After all, notary offices had to adapt to social isolation measures in order not to lose revenue.
Adoption of innovative technologies
Even before the pandemic, increasingly innovative technologies to attract customers were a growing trend in the industry. In the post-Covid real estate market, what was a differentiator will become a must.
Around the world, the use of drones and virtual reality, and augmented reality devices has become more and more common. In a scenario of social isolation, these tools are the best solutions for presenting new projects and visiting properties.
This type of innovation brings benefits both to companies in the sector and to customers. While the former manages to serve a more significant number of interested parties, the latter saves time and protects the health, knowing the property’s characteristics without leaving the house.
Transactions 100% online
All four trends mentioned so far have helped consolidate a practice that will continue to increase traction in real estate Pakistan in 2020, 2021, and throughout the decade. If we face a distant future, buying and selling 100% real estate online is a path of no return.
In other words, those who don’t adapt will be left behind. In this new scenario, companies like Leads360 are highlighted for offering everything necessary for those who want to buy a property without leaving their home.
It is the primary trend. Real estate professionals will increasingly use virtual tools to attract clients and close sales. At the same time, consumers will prefer digital companies that allow them to carry out all the steps of a real estate negotiation online.
It will be increasingly common to use artificial intelligence to search for properties according to your needs and preferences. It is also possible to get to know them through video visits or with the help of virtual and augmented reality devices.
Another advantage of the digital environment is always providing advice to customers, whether by phone, chat, or WhatsApp. Not to mention the possibility of registering contracts and deeds at the notary’s office through electronic signature.