An update on the property market in light of the COVID-19 situation

An update on the property market in light of the COVID-19 situation
New York, Mar 26: As the COVID-19 'coronavirus' pandemic spreads and grows, affecting most people on a global scale, it has, perhaps as expected, affected many different arms of business, affected the economy, and even brough some businesses to a standstill altogether.

However, despite the viruses' highly contagious nature and the issue of self-isolation, the property market has kept busy in a range of different ways, and for a range of different reasons.

Want to look out for your investment portfolio during these uncertain times, and are interested in the property market? Here are some updates on the property market, in light of the COVID-19 situation.

More security

In the midst of this corona outbreak, many of the more typically volatile markets are shifting in value, and so a lot of investors are beginning to move their money out of stocks and shares, and into property. This is due to the fact that as a brick and mortar, physical and tactile investment, prices are a lot more rigid than with some other abstract investment methods, and so aren't as risky to someone with financial commitments or concern about their portfolio surging and dipping.

Perhaps better than saving money

Versus saving, investing money into property is a better long-term endeavour, and provides much better rates than, say, a long-term savings account, for example. As saving account rates continue to fall there is less point in putting your money into an account of this nature at this point.

If anything, if you're set on putting your money into savings, you might as well go with a short-term account, as the savings rates are similar. A property investment, on the other hand, when rooted in the right place, could be a much more fruitful endeavour in terms of growth, particularly if you're wanting to set yourself up for the foreseeable and not just for the next 12 months.

Using technology to pull through

Technology has assisted many companies operating within the property market for quite some time at this point, but now, it's needed and relied upon more than ever, both as a means of communication and allowing companies and clients to continue a direct line of communication from wherever they are in the world, but also for continuing business as normally as usual.

A great example of how technology is being used in order to bridge the gap and overcome the obstacles put in place by self-isolation is virtual reality. RWinvest, for example, a property investment company with many off-plan developments in the pipeline, already use VR in order to show potential investors the investments of the future, and they also use the technology to give international investors an immersive, remote viewing opportunity, giving them an idea of what their purchase will look like upon completion. This tech can be translated into the current global situation, again giving those in self-isolation the ability to get an immersive look at a potential investment opportunity, without leaving their homes.

Looking forward

While everyone is at a standstill, working from home or perhaps even not working at all, there is understandably trepidation and uncertainty with regard to investment, but typically those that keep a level head and seize opportunities available to them can stand to benefit at least in some way financially in years to come.

Even assuming that these numbers are correct and that the virus begins to decline in the coming weeks, the COVID-19 pandemic could affect things for around 3-6 months. With everyone accepting responsibility for self-isolating themselves and doing what they can to stay safe, there is confidence and positivity that we will get through this troubling period, and come out stronger on the other end.

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An update on the property market in light of the COVID-19 situation