impact of covid-19 on real estate

Impact of Covid-19 on Real Estate

All the years that came before 2020 suffered high or low prices in the real estate. But, the beginning of 2020 has just marked the worst Impact of Covid-19 on the property dealers. The pandemic has just ceased its market and inflow of income. But the doubt arises in the customers as this situation brings some low prices properties to them.

What is the scenario of real estate dealers in Hyderabad?

When talking about the overall market recession, the primary focus goes upon popular cities such as Hyderabad. Nowadays, apartments for sale in lb nagar have gained momentum due to the low prices. The straight Impact of Covid-19 on Hyderabad’s real estate is visible in the 43% price fall. It is surprisingly the most inexpensive sales figure for the entire decade.

In the real estate and property business, ground workers are said to be the pillars of the industries. Because they are the actual people that give birth to the entire establishment. But the Impact of Covid-19 is visible over the poor workers in the form of a financial crisis. As soon as the lockdown hit the nation, workers had to travel back to their homes leaving the projects behind.

And, all these half-done projects are a burden on the head of builders and dealers. They can neither sell nor complete these projects. Even if they want to sell these properties, prices need to be kept low. Hence, the situation is clearly a loss-full deal for the dealers.

Opportunities for Buyers

The fate of dealers and sellers is clearly in darkness but buyers can still keep their show going. Since the prices are dropping down, the chances of getting a big deal at a small price are high. If you have the right money, then it is a golden opportunity to buy your dream flat or get into some gated community in hafeezpet. In short, property buyers are subjected to the following benefits:-

  • Cheap loan interest rates– During this pandemic, the low-cost properties are backed by low-interest loans too. In case you do not have an ample amount of bank balance, you can take an easy loan at low interests. According to the director and HOR of Anarock, the loan interest rates have now gone down to 7.15% to 7.8% only.

 

  • Great chance to grab some solid asset– While running in the race of leading a stable life, the milestone of earning a secure asset has always remained untouched. But this COVID-19 situation can make you achieve it. Any house/flat/property is a great way to invest your money for good future returns.

 

  • Buy properties from the comfort of home– Since COVID-19 is an era of social distancing, dealers have digitalized their business. Many of the builders and property sellers have moved on to the internet for showing properties in the form of virtual tours. Thus, it will be another good advantage if you can buy your property by sitting at the comfort of your home.

 Conclusion

Therefore, this pandemic has left different impacts on different kinds of people. Dealers and builders might be facing some loss but they can still try to make up for it by other means. Whereas customers should definitely take benefit of this opportunity by contacting some best dealers.

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