Predicting the future can seem challenging in a world like today, which has been invaded in every corner by the negative impact of the Covid 19 pandemic and all its accompanying mutations. For more than a year, many of us have been convinced that the world we live in no longer offers the security and guarantees of yesteryear. The time of the pandemic has been associated with risks of enormous proportions. wide medical, social and economic adoption. We are adapting to the "culture of acceptance" of many social behaviors, which are unusual for normal life and the traditional way of human behavior. [1]
The pandemic also had a profound, immediate impact on problems related to the "world of work" and its apparent, strong influences on the labor market. For the first time across the globe appeared some phenomena that are likely to be a "long-term constant" with universal influence in the global labor market. [2]
Restrictions on freedom of movement applied worldwide in order to prevent the spread of the virus to the general population had and continue to have a substantial impact on the global economy. This emergency situation has also affected the real estate sector, becoming decisive for changing the typology of assets that investors choose to invest or not, or in the latter's demand for specific assets which enable a better adaptation to the new living and working conditions in the post-Covidian era.
Seasonal accommodation
Housing has been quite important during the pandemic given the occasional quarantine periods and virtual work from home. However significant restrictions on national and international travel, access to online education, and limited student accommodation in student cities have led to as a result of a significant decline in demand for seasonal rental housing. This is why international companies like Air BnB suffered colossal losses during 2020. This trend, despite the slight reduction of restrictions, will continue to be evident during 2021.
Work from home
Work from home is a trend that has been seen growing recently especially after the impact of the pandemic. Important agencies and sociological surveys have shown that only 12% of respondents wanted to return to full-time work in the "classic offices and workplaces" of work, when 72% of respondents want a "hybrid model" of work even in the office but also at a distance from it. [3]
Undoubtedly, what is being said out loud is true, that humanity is entering a new era of "hybrid work". This is not a simple change. On the contrary, the successful implementation of the "hybrid model" of work is associated with many requirements and changes, related to working conditions and tools, with the evident improvement of the organization and control of its effectiveness.
The need to work from home will dictate the investment orientation towards residential properties of a larger space and of a better construction quality. People who once went to work, school or their daily activities and can to be content with small spaces, now want to move to larger living spaces [4] and obviously these spaces will have to be: facilities equipped with adequate ventilation, high speed internet, access to property maintenance services, etc. Investing in residential property seems quite attractive, as financial institutions have also tended to apply lower interest rates in the case of financing real estate purchases aimed at housing.
Second houses:
The pandemic certainly affected the focus of investors in real estate by focusing their idea on buying second homes in the event of an outbreak once again of a large wave of infections. According to a survey conducted by property agencies about 26% of respondents said they were more likely to buy a second home as a result of the pandemic to improve their lifestyle and use it in case of future outbreaks. [5] The demand for residential property on the coast or in the mountains has increased significantly in 2020 and is seen as a growing trend in 2021. The impact of the pandemic on the “world of work” by increasing the trend of working from home has certainly brought the need for investing in these types of assets. Also a second residential house in these times is seen as a good opportunity of individuals to get away from the daily chaos and difficult social and psychological situation created by all this unusual situation.
Commercial properties (offices): As is well known, the main financial consequences of the pandemic were reflected in the labor market, with corporations on the one hand cutting thousands of jobs and the immediate application of remote work. for the use of work facilities, or training and professional development facilities. In the times we are living in less and less international companies will continue to have fully operational employees, and consequently the demand to invest in assets of this typology will be relatively low even during 2021.
Industrial Properties: Today's technology has made available to the individual in the fastest possible time, all the material goods he needs to live and work qualitatively, even in conditions of complete isolation. This is why technology societies have experienced during the pandemic period the highest exponential growth of profits ever recorded. The need to provide products online to customers will gradually increase the need to invest in assets that optimize logistics, such as warehouses for storing goods delivered to customers. On the other hand traditional shops will gradually lose their initial importance and online showcases will become more and more important.
conclusions
Pademia changed in all its meaning the normal functioning of the living of individuals. Its impact on active working life, on socio-cultural activities changed the way work functions. Labor market researchers and labor sociologists assess the emergence of some new phenomena after the emergence of the pandemic, which has created conditions and opportunities for people to think about "new solutions where they want to live and create new expectations regarding work flexibility and life balance". The above changes but also other factors explained above have affected the preferences of real estate investors. A growing trend has been investing in second homes on the coast or in the mountains to change the pace of life and a declining trend is investing in commercial properties (offices).