The coronavirus has altered the way industries and businesses are now run. It is no different when it comes to the real estate sector. In a business that is based on individuals moving around and physically moving and checking out prospective properties for buying and selling, the pandemic created quite a few roadblocks in functioning.
Impact of Covid-19 on real estate industry
Clients and lenders have had to turn to technology and do online appraisals or follow stringent social distancing and sanitization norms for on-site viewing.
Major countries like the U.S., U.K., and Canada as well as Kenya have had to alter their real estate policies to help both the private and commercial tenant and landlord see through the financial crisis. The U.S. federal government issued a 120-day moratorium on evictions from federally subsidized housing and related mortgage commitments. Even infrastructure construction projects were ceased apart from building hospitals. In the U.K. and Italy, temporary relief on mortgage payments was given. In some countries in Asia, some landlords offered temporary rebates and cuts on rents. Countries like Singapore are considering a law change that would help commercial tenants who can’t furnish rent for a six-month period.
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The impact on health and safety standards
Even as lockdowns the world over are ending steadily and markets and businesses are opening up for physical activity, there are still a lot of necessary restrictions in place that offices have to implement in their workspaces. Employers are to act responsibility towards their employees and get their office premises cleaned and sanitized as per the new health and safety law. Be it elevators, bathrooms, elevator buttons, door handles etc., they need to continuously sanitized. They have to now ensure that there are hand washes and sanitizers available at the entry and exit gates along with mandatory temperature screening.
Keeping up with the distancing guidelines provided by the local authority, office spaces will be altered with regards to desks, cubicles and boardrooms. That every employee wears a mask and avoids unnecessary travel to places affected dearly by Covid-19 needs to be ensured by the authorities. If a person has been detected with the virus then the employers must inform the local administration and take proper necessary steps of advising testing to all others at risk.
These updated guidelines in the health and safety manual are bound to benefit the real estate sector in the long run. With bank moneylenders loosening terms for the borrowers, landlords bending the tight rules of rent for the tenants, there is scope for a robust mutually agreeable framework to be established in the property business. Trust factor in trying times becomes a major aspect of the signing deal between both the parties.
(How the Covid-19 Crisis Changed the Health and Safety Law in Real Estate for the Better. Source: Pixabay)
Hotel business and construction industry, which were hit hard by the pandemic, are now opening up and becoming fully functional with proper sanitation and hygiene drives across the levels.
With all that has happened over the past year with the coronavirus and the lockdowns, real estate still continues to be an active industry as people mull the question as to where to invest in with regards to asset building for the future.