This, in view of the fact that the population has reached 326.7 million as of 2019 and growing. Residential firms take into account population growth and inflation, among others, to steer their company in the right direction. The health and growth of the real estate industry rest on many economic factors. Will this help make the industry more viable? The following real estate statistics should let us have a better grasp of the answer.
In general, the pandemic is bad news for sellers who are looking at international buyers to drive prices up but good news for locals who are now looking at prices more favorable to them as a result of fewer buyers competing against them.įurthermore, real estate management software adoption is rising, as the whole real estate industry has no choice but to turn to technology to help them deal with the pandemic. Elsewhere, China is showing robust growth, as does the UK. This trend has resulted in the upswing of sales of previously owned homes in the United States, for example, at a healthy 24.7% clip, the highest on record.
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In the residential space sector, the most visible effect of the pandemic can be seen in the demand for residential properties, as prospective homeowners shift their attention to the suburbs, away from the cities where the pandemic is in full swing.
The hardest hit is the commercial space sector, specifically those dealing with offices and retail spaces. As with many industries, the global real estate industry has to contend with the effects of the pandemic.
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