The Forbes article titled, Real Estate was a Catastrophe in 2020- makes for interesting reading for professionals and investors alike even though it was focused on the US market. We have outlined a few simple trends to pay attention to in our jurisdiction.
Real Estate in Nigeria and across
much of West Africa though not as Sophisticated- however much of the trends
reflected in the Forbes article under reference, will apply especially in the
Residential sector with more families becoming more intentional about the
quality of their homes as they continue to spend more time working and playing
from home- with the 60 hour weeks mostly gone for a very long time.
We will definitely see an
increase in transactions for single family homes, as younger families and some
retirees move to less expensive suburbs and outskirts . This is as a result of
more people enjoying the flexibility of remote work and no longer see the need
to commute relentlessly, subjecting themselves to environmental and health
hazards.
PRIME CENTRAL LOCATIONS- Way
Forward
Central location high rise/ or
multi residents type living will also see an increased demand of prop tech
enabled service delivery such as contactless everything to reduce the risk of
contact and contamination in high density residences. In addition, residential
spaces that take into account new living realities and preferences of home
buyers, tenants and investors with more
intentionality and intelligence will remain relevant. Customisation and
flexibility especially for high end luxury developments will become even more
realistic as a success strategy.
COMMERCIAL CHALLENGES
Commercial spaces will continue
to be the hardest hit, even when retail and hospitality begin to bounce back in
a post COVID world. New office configurations will be required for emerging
flexible work -remote trends, while tenant landlord collaboration will become
more important to retain good quality tenants and maintain occupancy.
A DIGITAL FUTURE FOR REALTORS AND
CLIENTS
Finally brokers, agents need to
get with the times- upgrading the outlook for client viewings to virtual more
digitally driven than physical at least for the most part. Convenience and
technology enabled interactions across board including remote closings, and
digital contracts signing will most likely play a huge impact in dealing with
clients going forward.
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