Impacts On Real Estate Market Due To COVID-19

The real estate market has estimated to face some high ups and down in dealing with the Corona Virus pandemic. As many companies are promoting work from home to sustain the workforce and continuity of the company, people would love to have a place that will give them comfort.

People who are living in smaller houses will try to upgrade if they have cash in hand keeping the epidemic condition into consideration while doing so. However, some people also lost their jobs, which can directly impact their current situation of living.

In addition to the effects on residential sales, the work from home concept is proved well deteriorating the growth of office leasing companies including Industrial Sales, Purchase & Rental in Panchkula. Many small-scale companies shut down their businesses permanently and temporarily. According to the reports of surveys, the net leasing of office space declined around 35 lakh sq. ft. in Jan – March 2021 from approx 70 lakh sq. ft. in the related year of 2020. Recently, the potential leasing transactions were further delayed and also impacted the lease rates. 

The net leasing rate of Corporate Sales, Purchase & Rental in Panchkula has already dipped by 33% from the last year and the average commercial property prices have declined by 7 to 10%. COVID-19 has delayed a lot of project completion timelines, demands have been reduced and the rents also decreased.

If the market recuperates well with the time, Estate Agents For Commercial Spaces in Panchkula has estimated the leasing of around 38mn sq. ft. of flexible workspace in the future. The retail segment has also been hit badly in the second phase as consumers are taking precautions from visiting malls and shops.

IMPACT OF COVID-19 ON PROPERTY PRICES

The second wave of the pandemic is not translated in the price movement for the residential and commercial markets. The developers continue to withhold prices due to the limits in profit margins. 

Property prices sure decreased a lot without giving the Estate Agents For Commercial Spaces in Panchkula any profit margins making them hold the deals but it has made a positive impact on people as well.

However, COVID-19 has made people realize the value of a home and corporate ownership. This makes the future of real estate more promising as many people will start to invest in real estate. 

The impact was a practically huge downfall for a certain time but people coming to realize the importance of owning something has made this negative situation give a positive variable.

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