The year 2020 will definitely be one that people remember in their lives as the most unpredictable year. With the spread of the coronavirus throughout the world, in less than a few months the world’s economy felt great pressure. Every country on the planet, even the ones considered economically well-off have struggled in this time of panic and uncertainty that we as a human race are facing.
The major reason for this collapse in economy has been the inability for physical work. In most of the world, both businesses and educational institutions of every kind have moved on to working remotely. However, there was one sector for which remote work is not possible. That is the real estate sector.
Following is a brief record of how countries around the world have managed to hold up their real estate sector through these difficult times:
With the unknown situation, many people don’t have job security anywhere in the world. Similar is the case for people of UAE. That’s why many companies are housing relief packages and reduction in rent to help their fellow countrymen out. One example is of Al Husn Properties that exempted rent for 3 months. Another example is os private real estate company Majid Al Futtaim that froze rent to help out the people struggling in this time.
Since most of the UAE’s investment comes from China which was poorly affected by COVID-19, the real estate sector saw its market declining at a fast rate. The situation is now being elevated as the market focus has been shifted internally to Emiratis. In addition, the sector is seeing interest from foreign countries such as Africa, India and UK.
One of the countries that faced the worst effects of coronavirus is India that already had a poor economy to begin with. The interest in India’s real estate sector has been declining for the past decade or so. Now, in a state when most business and physical activities have been halted in the country, many developers have been finding it hard to finish projects within their deadlines.
One the other side, investment in the real estate sector has also been declining as people have no surety about their own work and financial securities. This lack of job security has poorly affected many projects. However, many real estate regularity authorities are granting a relaxation of 2-3 months for developers to be able to complete their halted projects. As the rates for real estate have decreased, it is a great opportunity for Indian residents with a secure cash flow to invest in an industry that has potential.
As the worst hit country due to this pandemic, USA’s conditions are not looking good either. With the lockdowns in place, many small and local businesses are looking at low to revenue or complete shutdown. Even major brands and companies are laying off employees and there is talk of recession everywhere. In these conditions, not a lot of people are in a condition to invest in Real estate sector.
American real estate sector works with the concept of open houses with physical visits of buyer to houses. Since that is not possible, many realtors are virtually showing houses and answering questions. In places where it is allowed, beforehand registrations are being used to ensure there isn’t a crowd in open houses to cause any risks.
With new ways used by realtors to show houses, the Federal Reserve had also set aside 3 trillion dollars to help loans and 2.2 trillion dollars to help the needy in this time of struggle.
Like the whole world, Pakistan has also been poorly affected by the pandemic. Real estate sector has been no different. However, the situation is now improving as Prime Minister Imran Khan has provided some very attractive incentives for both foreign Pakistanis and people within the country. One of incentives allows people to turn their black money to white allowing people to invest in the real estate at low tax rates.
One other advantage that Pakistan has with respect to this sector is that people don’t necessarily have to look too hard to find properties to invest in. There are various ways to help that. One of the helping factors is Asasa, the best property portal in Pakistan.
With this property portal app, Pakistanis don’t have to worry about searching hard to find a place of their own choice to invest in. What makes this the best property portal in Pakistan is the fact that with this property portal app, you don’t even have to physically visit the sites of real estate you want to invest in.
It offers 360ᵒ technology to view properties of your choice. All you need to do is open the property portal app and look around in the area of your interest. You can use the best property portal in Pakistan to see properties around you and if you like one, you can see the property in more detail through 360 view and specifications mentioned along with. If you like a property, all that will be left to do is to contact Asasa’s dealers and figure out the details.