With the new phases and lockdowns come new dawn in the world of the real estate market. The world has suffered the effects of covid 19. However, real estate suffered anything but a boom during the pandemic. Fueled by the various consequences of the lockdown, there was an incredible surge in the global housing market.
Currently, many millennials are reaching their perfect age and financial state to buy residential homes in various parts like Hulu Langat, and Mutiara Damansara. People are stricken with the need for a change in lifestyle amidst the pandemic. From eating habits to goods consumption, lives completely changed.
Despite the number of people being laid off work and left jobless, it didn’t stop the global housing market from making some noise during the pandemic. It was likely that many rushed to join the competition and sales because of the pandemic. The demand and supply in the urban areas compared to the rural areas were even more significant as people changed their life from urban to rural. These changes in the real estate market are not made by one or two factors by several at hand. Let’s take a look at various influences and key factors of the market that make all the ups and downs.
Changing demographics in society plays a great role in the real estate market. The number of people who are millennials, baby boomers, Gen Z is important to real estate agents. Demographics not only coverage but also things like race, income, and population. It depends on the number of people living in rural areas compared to urban areas and the way people are moving in between these. The demographic changes in the area have a great potential for the real estate market and its boom and crash.
What is the economy like? Are we currently in a recession? And how does this change the real estate market? Usually a healthy economy leads to a very healthy and moving real estate market. A good economy is an indicator of how many people are productive and earning in the community. It shows the value of the goods produced in the country and how people deal with consuming goods in the current time. Are things too expensive and therefore driving even the prices on the housing market? Real estate and a good economy go hand in hand so we must understand the relevance of both!
Politics And Government
The government decides on the type of subsidies, taxes, and loans that apply to the citizens. What incentive systems you have, or what you need to pay are all changed by the government policies and it is important to pay attention to every one of them.
When buying a home whether it is in Hulu Langat or anywhere across Malaysia, it is important to consider factors that increase and decrease the prices in the housing market. What will increase the value of your home? How can you buy a good home and when should you buy it? These answers can be understood using the given indicators and rivers of the real estate market.