The future of real estate moving forward in 2020 and beyond is a mixture of positive and negative developments. With Millennials coming into the picture, real estate is expected to develop more and more properties like San Juan townhouses, tailored-fit to their needs and demands. Meanwhile, there are some forecasts of prices skyrocketing due to varied driving factors. Not to mention the onset of technology which has also a huge impact on real estate development in the future. With that, here are the rising trends that shape the future of real estate.
Communities Per Generation
With the penetration of millennial parents in the consumer market of real estate, suburb-living has started to evolve in the outskirts of large cities with business districts. These communities are considered to be the most diverse group yet. Such communities consist of pedestrian-friendly streets, accessible community transit or public transportation, and stores in every corner of the community in close proximity. With this, real estate developers must find a way to cope to provide solutions to such requirements.
Meanwhile, baby boomers who are now turning 60s are beginning to downsize their properties. Since their children now have their own lives, the need for a large house is no longer necessary. As millennials look for accessibility and ease of living, baby boomers require living in communities with plenty of recreational space for past-time activities and hobbies.
In relation to communities being developed tailored-fit to cater to the needs of each generation, another forecast has been made regarding the types of properties. The shifts in demographic trends will significantly affect real estate development. The older population will now need spaces with plenty of activities and livelihoods whereas the younger population will dominate affordable housing in business-centred cities as well as the suburban areas. With this prediction, the housing market in 2020 and moving forward will witness new and diverse types of properties as provided by real estate developers.
Real Estate Technology
Technology in 2020 will drastically increase the utilization of the web for a better online presence. Since the consumer market developed a purchasing habit of confirming online the services and products of a retailer or developer, it is just appropriate for real estate companies to start acknowledging the concept of the internet. With the steady and constant improvement of technology day by day, automation will definitely be a portion of any business’ core operations. As artificial intelligence (AI) and predictive analysis begin to convince their importance in every business, it is slowly becoming a necessity to remain a player in the industry’s competitive landscape.
In regards to real estate technology, blockchain is set to demand its presence in real estate transactions. While blockchain still connotes negative concepts for many due to its relationship with cryptocurrency, the future of real estate agents could revolve around it. As technology improves, the need for and reliance on real estate agents may significantly reduce. With this, real estate brokers and agents must learn to accept the rising trend of blockchain to remain in the picture of transactions.
Sustainability and Eco-friendly
As much as the economy changes, the world itself will experience plenty of changes. The worldwide population will significantly increase as more and more children are born by millennial parents. It has been projected that the word will need 50 percent more energy, 40 percent more water, and 35 percent more food as sustenance. With this, real estate developers must look at going green or sustainable. Renewable energy and waste usage reduction is a great start to help save the planet as well as to accommodate the desires of the consumer market to be sustainable.
In 2020, sustainable housing will become a hotter topic. The challenge for real estate players remains to find cost-effective ways to build sustainable houses to continue generating profit. One of the key energy-efficient features of a sustainable house is the solar panels for providing power to the entire house. They are usually installed on the roof or in the backyard.
With the expected increase in prices for real estate moving forward in 2020, a portion of the consumer market may be discouraged from buying properties. Despite the forecast, there are still plenty of options and support consumers may avail of purchasing a property like a townhouse. While any year preceding or following the year of significant changes, 2020, have had and may experience ups and downs, the success of players in the real estate industry depends on how well they play their cards. Gaining traction despite the negative changes lies in the decisions of real estate businesses. The game changes for a real estate player in the industry through R&D and continuous study of the market.
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