Amid countries taking measures to keep working in the pandemic, businesses came to a grinding halt across the globe, forcing financial agencies to slash growth forecasts for the worldwide economy.
While the adverse effects of the pandemic are already being felt across the globe, variable opinions are rising on COVID-19’s impact on the real estate sector, a health emergency that force-launched the most important ever work-from-home experiment globally.
In countries like India, any positive predictions concerning its growth created before the sudden natural event of the worldwide tragedy stand backward, because the government gets busy with production plans to prevent businesses function normally and the economy from sinking deeper into a slump, amid impending fears of the rupee declining to a low of Rs 78 against the US dollar.
While the actual extent of the damage is difficult to know during a situation wherever a day is creating a great distinction, one issue is certainly – real estate sector can suffer short-run shocks on account of the contagion.
Also Read: Real estate - sustainable and green living
As construction activity is booming for 2020, it is expected to envision a lot of contribution to the longer term of real estate from growing cities across Asia (most fast region), Africa, the center East, and geographical area. Overall, total construction output globally is projected to succeed at $15 trillion by 2025.
Purchasing real estate is one of the most significant decisions in a person's life, and as a real estate agent, it's your job to guide clients through the process with care and confidence.
To know more about the trends in real estate industry, OpenGrowth suggests you refer these links on:
To know about the Impact of Coronavirus on Indian real estate, Click here
Here’s an outlook of the change in real estate in these current times - Click here
To read about the deepening of the crisis as housing sales plunge, Click here
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Contributor: Sudeshna Dutta
Sudeshna is an engineer in making. She is a writer at OpenGrowth. Apart from dealing with circuits and chips, she is passionate about being a keyboardist and pianist and wants to attain professionalism in it with her talent coupled with hard work.
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