Property price trends during COVID-19 and after as envisioned by Benjamin Gordon of Palm Beach

Benjamin Gordon the COVID-19 pandemic is on a rampage as the menace keeps growing across the US. It has recorded 2,542,165 confirmed cases and also 1,25,747 deaths as of June 27, and also its severity. On public health and also the economy has been devastating that is going to last long. The destruction that the pandemic has caused to the economy is unprecedented. In the absence of any track-record of the virus, it is only left to our imagination. What the future and also long-term effects would be like as everyone is trying to do the best guesswork. Whatever may be the outcome, it will be as grim as one can imagine.

In continuation of the huge adverse impact that COVID-19 has created in the financial markets. Many property owners and also home buyers, as well as real estate investors, are trying to gauge. The impact of the crisis on the real estate market, observes Benjamin Gordon of Palm Beach. They want to know which way property prices. Would move once the crisis is over and also whether it is tumbling down now that the virus is in full flow.

Residential property price trends analyzed by Benjamin Gordon of Palm Beach

Property prices were on an upward trend before the pandemic. The prices were driven. By high demand for residential spaces as the trend of migration to medium-sized cities. And also metropolitan regions that have pushed up the costs of the rental as well as properties for sale. New construction activities could not meet demand.  Despite the crisis, the demand for residential space will not come down because the need for homes will persist.  Given the current market situation, it is challenging to predict property prices, especially whether it will fall or not. However, it appears that the property market. In major cities will remain stable despite the coronavirus crisis because people are banking. On the safety of investing in real estate when the stock markets have hit the nadir.

Real estate investment is still attractive

The COVID-19 crisis has damaged almost every aspect of the economy. But the real estate sector seems to have escaped its fury. Considering that there will not be any reduction. In demand for residential property, the impact of the crisis on the real estate industry is much less. As compared to other sectors of the economy. Real estate has not lost its attractiveness despite the coronavirus crisis and also remains. The safest bet for investors even amid the crisis.

The price scenario in Commercial real estate

Although commercial real estate prices are stable, the pandemic’s effect has been varied in the individual sectors. While the hospitality industry, like hotels. And also retail sectors, are hard hit by COVID-19, there is a rise in demand. For storage space in the warehousing industry. Learning a lesson from the crisis, companies are keen to augment their supply chains spanning across countries. This could increase the demand for more warehousing space, thereby boosting the market.

In contrast, as the office market goes through a downturn, it could result in normalization. And also see the truncation of long-term lease agreements.