The real estate market has proven time and again that it is able to recover from even the worst crises, whether it be financial, social or medical. The reason for the market’s stability lies in its properties’ stability. While stock markets crash and abstract financial concepts such as inflation crumble during a pandemic, properties continue to stand unaffected. And while stock trading is quite low on the priority list during a worldwide pandemic, such as the COVID-19 outbreak, a priority that is still at the top is the need for housing. The real estate market, by nature, prevails.
So once the lockdown is lifted, don’t rush things. Use the same diligent consideration in every decision and make sure you invest accordingly.
That said, there is one way in which the lockdown should influence your purchase. Use the negative experiences and shortfalls of your current (or soon to be previous) home to help guide you towards what it is you truly need and want in a home. An experience that may have seemed negative will help you to create a clear vision of what your next home should be.
Once the lockdown has lifted, precautionary measures may still be put in place, especially regarding social distancing, nevermind people’s own fears of entering society again. The introduction of the Electonic Deeds Registration System, introduced at the end of 2019, will further assist the restoration of the property market even as the scare of the pandemic continues to loom over the country even after the lockdown has been lifted. This electronic platform allows property ownership to be transferred without having to set a foot inside a cramped government office, effectively continuing social distancing and creating a more efficient conveyancing process.
So keep calm and plan your property comeback accordingly.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)