5 Trends That Will Shape the Property Market in 2020 and Beyond

5 Trends That Will Shape the Property Market in 2020 and Beyond

This year might have had a rough start for many different industries. The world of real estate is no exception. Some customer preferences, market shifts, and major projects will still have an impact on the market’s performance. In fact, some of the expected trends will surely transcend the limitations of 2020 brought about by the pandemic and surge well into 2021. No matter if you’re an investor, a contractor, or looking to buy a home for yourself.  The following trends are bound to shape the property market.  Based on these predictions, you can make smarter choices when it comes to purchasing, reselling, or remodelling a property of your own. Here’s what to look out for in the months to come. 5 trends that will shape the property market in 20202 and beyond.

1. Striving for greener options

For several years now, green solutions have become the main focus. For almost every single real estate agency and individual looking for a home. The market is striving to discover and utilize primarily sustainable solutions that will not only be in line with reducing our negative impact on the environment but also improve the quality of urban life for the modern human. As for the long-term expectations, the market will seize every chance to implement a green option rather than its traditional counterpart. This will lead to financial benefits, too. Since governments and organizations of all shapes and sizes will gladly invest in green projects from start to finish. 

2. Tailor-made urban solutions

Whether you’re looking for a base for your new business where you need an entire building to meet your growth needs. Or you’re interested in building your new home – customized urban solutions are needed more than ever. Expertise in this area needs to incorporate everything from legal compliance, all the way to feasibility and the design process. 

More than ever, the need for customized urban development solutions is on the rise, allowing individuals, investors, and organizations alike to find and craft specific, tailored designs. Considering the growing need for housing and commercial properties in urban areas. The competitive nature of the market is making this approach indispensable; for anyone looking to truly establish a presence in this market today.

3. Renting over buying 

We cannot blame the pandemic alone since this particular trend has been on the rise for the past several years. The Millennial buyer, in particular; is often more likely to rent out a home or an apartment than to purchase one. The student debt still hanging over their head paired with the rising prices of properties, and you have a stalemate for the modern buyer.

To that end, more property owners and real estate agents are investing in rent-worthy properties; and then refurbishing and remodelling homes to make them more appealing. This mindset is considered a part of property investment basics each and every homeowner or investor needs to follow when considering the next steps for their property in the current market climate.

4. Innovative tech for the modern market

Wherever you look, there’s another new platform for renting out a property (does Airbnb ring a bell?). More recently, for selling homes online. These platforms have become the modern equivalent of real estate agents. They connect the owners and agents with the entire world. Then there are AI-based analytics tools; that enable real estate companies to run forecasts and market assessments more robust and more data-rich than ever before.

Moreover, from a financial perspective, the blockchain within the real estate will certainly cause multiple disruptions. It eliminates intermediaries in every possible way and helps establish greater transactional security for all parties involved. 

5. The climate has a say

Urban planning for this year is not just customized towards the buyers’ interests, as we’ve already mentioned; but it also needs to encompass how climate is changing the world. Modern planners do take into account how their major projects will impact various ecosystems, as well as; how they can preserve the flora and fauna indigenous to an area.  Add to that, the climate is literally bringing on a whole new level of challenges that the market needs to tackle: hurricanes, flooding, and other potential disasters related to the sea level rise. This is especially vital for coastal cities, so more planners are taking on projects based on greater weather resilience. 

This year likely has more in store for us than we could anticipate as far as real estate goes. We can certainly expect the listed trends to shape the market in the months to come; and well into the next year. Use these guidelines to make the most of your own role in this market; to make sure you’re on firm footing before you invest.