The real estate market changed significantly during the COVID-19 pandemic , a little like so many others. This period had a particular effect on the premium segment , giving rise to a complete paradigm shift in the search for property . Thus, the pandemic situation inevitably forced buyers to redefine housing needs and priorities .
Discover some of the reasons that justified the change in behavior of potential investors and also how the Portuguese began to view some characteristics associated with real estate .
The transformation of society’s lifestyles
The new coronavirus has caused a profound transformation in the lifestyles of the world’s population. In the national context, the state of emergency and the calamity situation were decreed and extended successively. As a consequence, pandemic mitigation and prevention measures were adopted that significantly limited freedom and the performance of routine actions in society.
At the same time, the luxury real estate market remained very active, providing solutions for the well-being , comfort and leisure demands that became more acute with the upward evolution of the pandemic.
Home as a multifaceted space
The term home has undoubtedly acquired a new meaning in the wake of COVID-19. In the period before the appearance of the new coronavirus, the home was largely intended for rest at the end of the day. There was, therefore, a set of daily activities carried out outside the place of residence, such as work , school and leisure .
However, as a result of the constraints imposed by the pandemic, the cohabitation experience has undergone a true revolution. Looking for a solution, the Portuguese had to diagnose the configuration of their homes and assess the need for deep or superficial adjustments.
Within the luxury real estate market , the demand for valued outdoor spaces with generous areas has intensified, as would be expected. Terraces , gyms and swimming pools have gained enormous popularity among the desires of buyers of this type of property .
The massification of teleworking
Teleworking spread at an impressive speed nationwide. Its mass expansion encouraged the acquisition of large properties, with a space specially reserved for the same purpose.
This measure, which covered several sectors of activity, also redefined the perception of the employer and its employees regarding the workplace.
Oscillating between mandatory and recommended, teleworking remains in vogue. It is expected that it will continue to be an increasingly common reality over the next few years.
Strong investment in more peripheral areas
As daily trips to schools and workplaces were not essential, there was a focus on housing located in more peripheral areas. Unlike urban centers, the fact that the cost of purchasing a luxury property in the suburbs is much more attractive has largely contributed to the expansion of this trend.
A real feeling of security
The number of hours we spent at home never reached the level of current days. Therefore, there was a growing desire within the real estate market to acquire properties equipped with a diverse range of amenities .
In this way, and given the volatility of the pandemic situation, it becomes possible to enjoy pleasant indoor and outdoor spaces. All this with family and safety , avoiding unnecessary travel.
Does purchasing a premium property figure in your short or medium term plans? Would you be interested in finding out more details about trends in the luxury real estate market ? Take the opportunity, then, to visit the DS PRIVATE blog and follow all the news related to this segment!
