How The Housing Industry Is Changing In 2020
The 100 largest construction companies in the world had revenues of more than 1,393 trillion. dollars in 2018, an increase of 10% over the previous year, according to the annual report of Deloitte “Global Powers of Construction ” (GPoC). The report analyzes the global construction industry and examines the strategies and performance of the top listed construction companies in 2018. Now, following the COVID 19 crisis, it is getting back on its feet once again.
The industry is looking at multiple changes not only to health and safety but to the carbon footprint and making more economical and sustainable buildings. A lot of the housing industry is also booming too with condos for sale and lots of property on the market.
Is it right to invest in property right now?
It certainly could be. The COVID 19 crisis has seen a drop in house prices but it is also good to be very aware of the construction industry at the moment and the ways in which you should proceed if you want to buy a new house. To know how to present your property, you need to know what else is on the market. Research on how many houses are for sale in your area, at what prices they are offered, and what their characteristics are will lead you to a better presentation of your property. Also, gather information on whether they are offered through brokers or individuals. Do not forget to gather information about the gaps and the unavailable. If you have all this information you are ready.
An investor should know the area in which he is looking for real estate or turns to a professional broker, with knowledge of the market, to help him. There are many parameters to a profitable investment that one needs time to learn. In case someone is looking for a property that he wants to resell, with renovation or not, then he should take into account the demand and supply that exists in the area and the type of property he has chosen, in order to be the right property. The location of a property is a key criterion in investment because it also helps how easily it can be rented. You need to choose an area where supply is low and demand is high, with the place that people or companies will want to rent. For example, many successful homes are within walking distance of large schools. If you buy a property near a university, students may want to rent it more easily. The same will happen if it is close to public transport.
In conclusion, what we want to point out is that investing money in real estate has always been one of the main pillars of the development of any country, which when done properly and thoughtfully and at the right time, always brings significant profits to the owners. Today more than ever, this is so vital, and therefore, investing in construction and real estate is a great idea but proceed with caution.