HOW CORONAVIRUS IS CHANGING THE REAL ESTATE MARKET IN PORTUGAL

The current health-crisis is causing changes in many aspects of our lives, a few of them related to our residential preferences. For example, working from home can transform how and where we want to live. The pandemic has also encouraged the digitization of the real estate sector, also speeding up changes in related areas such as house modernization, supporting the transition to a more sustainable economy.

The coronavirus crisis is speeding up the transformation of the real estate market. During the pandemic, those with the opportunity to do so, have been forced to work from home to enable social distancing and avoid unnecessary travel.
The increase in remote working has important implications for the real estate market as it directly affects buyer preferences regarding the:

• location of the property – people can live further away from their workplaces;
• size and layout of home – for instance, with demand for larger, more versatile homes and with different uses of the space.

Changes in the way we work are affecting our way of life and helping speeding up the economic transition to a more sustainable and environmentally friendly system. Buyers are paying more attention to issues related to the sustainability of properties and their energy efficiency. The modernization of existing housing is becoming more important, as such properties tended to be built based on very different sustainability standards to those now required for new constructions.

DRP Advisers – Remote Property Viewing & Sales Services

The most digitized companies are coming out stronger. Companies that had already adopting new digital technologies have been able to continue offering their services remotely, for example through live stream property viewing and remote sales, providing very easy investment property deals. Potential buyers have also been offered better conditions, such as by being able to book an apartment for longer than usual (during the state of emergency) and with no cancellation charge, improving the client’s experience, in many cases. All these changes can lead to further client demands for greater flexibility and more personalized services, once the pandemic is over as well during it.

If you want to know more about the real estate market in Portugal, contact us for further information.

E-mail: info@drpadvisers.com

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