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COVID 19 or coronavirus has a huge impact on the economy and the industries. This lockdown brought the country and its operations to a halt. However, many industries have found their way out to tackle this deadly virus and are now coping with the economic recession. One of the major industries that have been hit hard by the coronavirus is the real estate industry. So here are a few changes we might see post COVID 19.

Impact On Home Buyers: We might see a trend of young home buyers post COVID19. Since many youths are now considering real estate as one of the safest forms of investments. Moreover, youths who earlier preferred staying on rent now prefer to invest in their property for its income prospect.

Fall In Demand The demand for commercial and industrial property may fall in the upcoming quarter, as people have also adapted newer ways to work from home. Though this effect will only depend upon the result of the success achieved by the companies working remotely i.e. work from home model.

Digital Tours: We might see the digital tour as the next best revolution in the real estate industry. It is convenient, fast and effective. The trend which was started as an incapability to visit physically would now become a revolution to the real estate industry.

Inability To Meet Project Deadline: Due to pandemic, every project, commercial or residential is going to get delayed. Lack of supply of raw materials, shortage of labourers and the health factor can be one of the major reasons for the same.

Reduce In Prices: It is expected that the real estate prices may go down by 20% due to uncertainty in income level, reduced demand, lack of physical assistance and delay in possession. Although it can also come out as an investment opportunity for many investors in the coming times.

Decrease In The Rate Of Home Loans: Due to a decrease in the demands of real estate, bank owners will reduce the interest rates on home loans after the repo rate cut to 4%. This will not only attract potential customers but it will also help the real estate owners to sell their properties, making it a win-win situation for both the parties.These tough times have tested the patience of every real estate owner and investor, yet they have found a way to battle against this deadly virus. And even then, the experts are predicting a jump in the real estate industry despite the virus, making it even more interesting. And people have now started considering real estate not only a form of investment but a part of their lifestyle as well.