One in 4 buyers in a survey conducted in 44 countries will likely move in the next 12 months due to the pandemic, with up to 40% for other assets in the same location. More than one part (56%) buyers expect costs to fall in the next 12 months, according to Knight Frank’s Global Buyer Survey.
The modernization of the family’s main apartment is the main explanation of the purchase, with greater access to quality fitness care at the moment. A holiday home under the sun ranked third, followed by business or employment.
The survey looks at the effect of the Covid-19 pandemic on genuine real estate markets and, in particular, on the attitude of residential buyers around the world. It represents the reviews of more than 700 customers in 44 countries.
About 26% of homebuyers said they were willing to move to other assets elsewhere in the same country and 34% of those contemplating moving are contemplating an acquisition (9% of all respondents).
The United Kingdom, Spain and France were the most sensitive to the list of favourite destinations for home purchases, followed by Australia, Canada, Switzerland and the United States. All are countries that offer a smart quality of life, political stability, a safe currency, adequate school systems and are generally easily accessible. New Zealand, Portugal, Malta and Norway are also the most sensitive on the list.
After an era of contention, respondents’ message is no surprise that buyers need space. 45% of respondents said they were more likely to buy a house from an indifferent circle of relatives than before Covid-19, with waterfront homes (40%) and cottages (37%) who also favored it.
More people need home offices
Having a workplace at home is vital, and nearly two-thirds of respondents, 64%, say they’re more likely to be attracted to the pictures in the house after closing. 32% say their way of life in painting will remain the same as before, suggesting that the workplace still has a vital role to play as a center of innovation, collaboration, schooling and socialization.
Two-thirds of respondents, 66%, say gardens and giant spaces are more important, as the era of blockade has focused on the link between well-being and open spaces.
Confidentiality is also asked with 52% of respondents as saying it is more important, and 33% are more likely to need an annex for members of the family circle, with Covid-19 perhaps emphasizing the preference of having older members or a prolonged circle of relatives nearby.
Prices are going to fall
The survey highlights buyers’ expectations that costs will fall over the next 12 months. Knight Frank Prime’s global forecasts, made in April 2020, show that, on average, costs are expected to fall in 16 of the 20 cities tracked in the report in 2020.
Of the 56% of respondents who expect costs to fall in the next 12 months, 27% expect costs to fall by less than 10%, but 25% expect them not to be replaced and 19% expect costs to rise.
53% of buyers that their budget has remained the same or has increased since the start of the crisis. With few opportunities to spend during the lockout, it’s very likely that buyers have spent less and stored more.
However, more than 30% of respondents say their budget has fallen by more than 10% since the start of the crisis, probably due to the need for hospitality corporations to pay cuts, working hours or layoffs.
Preference for households
More than 26% of respondents said they will most likely acquire a momentary home after the pandemic, likely to lifestyle and use it as a refuge in the event of a momentary spike.
The UK, Spain and France are the 3 most sensitive countries for those contemplating moving after Covid-19.
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