Facing an uncertain scenario in 2020 was a big challenge to accept for many industries, however the real estate sector didn´t lose its track and shows positive signs amid 2021 by making this sector more dynamic with the help of the governments, banks, corporations, among others.
As a result, in various places like Miami or Mexico, buyers are realizing it is a good time to invest in many types of properties. Let´s explore the positive trends that investors need to know.
- Millennials represent the new homebuyers at the 2021 market.
With a return to newnormality, many jobs are recovered, which means there is a group of millennials earning a decent salary and working from home. However, this new public has considered aspects that were previously irrelevant when acquiring or renting a property.
- The ideal home dream has changed.
Due to COVID-19 pandemic, the lifestyle and needs have changed, therefore, it is logical that the dream home has different features, for example:
1. Larger or multipurpose rooms: now buyers are looking for bigger spaces to carry out the daily activities in the best and most comfortable way as they are implementing the home office mode. This requirement is more evident if it is a family with many members because in this way it will facilitate the mobility of each one, allowing the work to be carried out without interruptions.
2. Outdoor areas: after the lockdown in many cities and countries, having a garden, balcony or terrace is no longer just a compliment for a home. Being able to have contact with the outside without having to leave home is one of the most sought-after benefits of a home.
3. Amenities for a more comprehensive life: As a result of the closure of many businesses and public areas because of the health risks associated with the pandemic existing trends have been accelerated towards the preference for the residences which have a gym, social areas, and any attribute for a better quality of life as there is a need for private spaces for personal recreation.
4. The location still is an essential factor: properties with an excellent location are and will be the most popular in the real estate market thus it is important to be close to services, tourist attractions, and shopping areas.
- Conventional loan requirements are getting more flexible.
Due to the economic crisis, mortgage rates hit historic lows all over the globe, including Mexico, as banks restructured their policies to make possible their conventional loan requirements flexible in order to promote their credits in the market.
This same case is happening with Infonavit, the Mexican state institution for ensuring families their constitutional right to decent housing.
In conclusion, investors, homebuyers need to consider these new trends if investing in real estate is among their plans since a residence that has these characteristics is a safe bet for the growth of capital.