Omicron: Effect On Real Estate

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News about Omicron - a notorious, potentially more transmissible new COVID-19 variant has rattled markets and businesses to the core, resulting in global travel bans and renewed fears of a lockdown. 

But will omicron infect the housing market? Or is real estate immune? 

Wait And Watch

🎙 “It has definitely created a fear but it may take a few more days to a month to see the intensity of its impact on the economy and the overall real estate sector,” feels Arvind Nandan of Savills India. 

If the situation aggravates, demand for commercial real estate could take a temporary hit. 

People Need A Place To Live

However, the housing market may be more immune to Omicron because of what we have already seen in the past waves of the virus. 

Omicron could lead to a continuation of the housing trends that have been playing out during the pandemic. 

• Suitable housing inventory could become scarce if construction is affected, 
• Prices will remain steady but the growth in them will slow, and 
• the popularity of larger homes, and the suburbs will endure.

In One Sip?

Covid is not a new crisis anymore and the buying and selling process has already made necessary adjustments. 

Unless the ceiling goes yellow, homebuyers may be more willing to continue their searches, resulting in a steady rate of housing transactions. 

🤞