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Analysis of the evolution of the real estate sector 2020

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    We are already in the year 2021, but this does not mean that we can leave behind everything that 2020 has meant. We continue to live in a health pandemic and, although it seems that the worst has already passed, now is when they are seeing more clearly what the economic consequences of landfill and COVID-19 in the real estate sector. Today we will see what the evolution of the 2020 real estate sector has been and we will see the impact that the coronavirus has had on the sale of real estate .

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    The beginnings of the real estate sector 2020: a year with good prospects

    The forecast at the beginning of 2020 was quite favorable, the price of housing had increased by 1.5% in January, compared to the previous year. In both rentals and sales, the figures were high in both demand and supply and the price of real estate was on the rise.

    But, despite the fact that prices were on an upward trend, it was beginning to see that throughout 2020 the price of housing would begin to moderate . But March and the declaration of the State of Alarm changed everything.

    The impact of confinement on the real estate sector 2020

    The confinement in March caused that many purchase and sale processes scheduled for those dates had to be paused, this created a 30-40% drop in real estate transactions during the months of March-June. In addition, we saw a drastic change in the trend of prices, to date on the rise and in three months they fell 1.6%.

    The market is expected to start to recover again in 2021, especially in the second half of the year. This is due to the drop in prices caused by different reasons: the urgency of many people to sell their houses and get liquidity and the increase in the supply and demand for rentals will end up forcing owners to lower the price of their homes.

    What can we expect after the coronavirus crisis?

    One of the key points that we have seen in this pandemic is digitization to advance as a company. Now more than ever the digital world is the order of the day , a very important aspect to be able to grow and stay afloat even if there are restrictions or confinement. Let's see what else we have seen as an effect of this crisis:

    From vacation rental to long-term rental

    Tourism is one of the sectors, along with the hospitality industry, most affected by this pandemic. This has created a big change in the sector, previously vacation rentals were a big problem in tourist cities, now all these rentals have been moved to the long term.

    Currently, there is a greater supply of rental homes due to the large number of properties , but it is quite common for the clauses to be for a short period of time. Normally, these owners are more interested in tourist rental because they can get more profitability, so, although they have had to switch to a long-term rental, they do not want to take away the opportunity to return to their business when tourism returns to a certain normality.

    Real estate sector 2020: homes with new features

    Both in renovations and a search for housing, we have been able to see how people look for other types of housing . This has arisen as a result of confinement and teleworking, new needs have been created by spending so much time at home:

    • Open concept.
    • Natural light.
    • Home automation.
    • Spacious and bright spaces.
    • Work areas.
    • Outdoor spaces.

    The evolution of housing prices

    We have already seen in the previous section the great change in trend in the price of the property. We have gone from 2020 with a forecast of rising prices but with more moderation to a drop of 1.6% in prices .

    By 2021 it is expected that we will start to see an increase in prices and transactions, but still, it is a big change for the sector.

    The digital revolution in the real estate sector 2020-2021

    Without a doubt, the great protagonist for business, investing in innovation and improvement in the digital field is key to this crisis. From a systems improvement, online business, 360 tours, virtual reality. There is a lot to do and create and we will see a lot of new in 2021.

    Resources:

    How long do I have to work to obtain an Infonavit loan

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