ADVANTAGES OF COVID-19 TO THE REAL ESTATE MARKET IN AFRICA
Middlechaseblog


The novel coronavirus (COVID-19) was identified in 2019 in Wuhan, China. It is an infectious disease that is caused by the severe acute respiratory syndrome. The COVID-19 outbreak has since spread to about 196 countries and territories in every continent. As every aspect of the economy face the hit of this deadly virus, the Real estate industry is still one of the sectors that’s resilient to the effects of the outbreak.
Advantages of COVID-19 to the Real Estate Industry In Africa
COVID- 19 will accelerate a change in the way people live and use real estate
The housing situation in most African countries is characterized by overcrowding, inadequate and dilapidated infrastructures, poor access to essential services such as water supply, electricity, sanitation facilities. Covid-19 is a highly contagious viral diseases that require sustainable isolation and social distancing for it to be effectively contained, especially in overpopulated cities. Most low-income and middle-income houses in Lagos, for example, were not designed to meet these requirements. This has a negative effect on the spread of these diseases and as such people will move and demand house types which meet the isolation and distancing requirements.
2. Demand for more sophisticated house types
The home is important for psychosocial reasons. It is the environment in which most people spend the majority of their time. I think that people are truly recognizing the value of a home and it’s never been more apparent how much our homes matter. I think the weeks and months we’re spending inside are going to forever change our ideas of home. Home is where we are eating, sleeping, playing, working and homeschooling right now. Those who will continue to work from home may be more in tuned to work and home office spaces. The relationship between housing and health is multi-faceted. The local environment is also important in determining such factors as fear of crime, access to local services and facilities and in promoting social interaction. Some workers will use the experience of the coronavirus crisis to convince their employers that they can be efficient and productive from their homes, Some organization will survive or do better during this pandemic, they will wonder why they have to pay rent for commercial space, if employees do not need to come to the office every workday, this might force employers to vacate their workspace or move to smaller spaces in other to cut cost since working remotely had a positive impact. This will force more people to seek healthy homes with better facilities to aid their work from home practice, examples include homes with a penthouse that can be used as a workspace, a massionette, homes with uninterrupted power supply etc. to make working remotely easy.

3. New ways to sustain and grow the real estate market and achieve work target
Covid-19 pandemic is really teaching us how we need to adjust and learn new ways to transact in this business. Real estate’s new virtual reality may well have long-lasting impact. Transitioning into the digital and virtual world is more important now than ever. Currently, because of the state of the market, agents and developers need to be more creative than they’ve ever been in other to close a sale. The real estate industry will experience more virtual presence, from doing 3D tours, virtual presentations, to agents and marketers going by themselves into a property, and having video previews.
I foresee that most Real estate companies will come up with Apps for their properties that can be gotten from play store to make buying and selling easy. They will also pay closer attention to their website.
4. Increase in the level of creativity on the part of the Developers
Africans have gotten a crash course on working from home, it will become much more of our everyday lives I think, I predict that home offices which are fitted out for a digital work existence will become the newest must-have amenity. Developers will infuse home offices built ready for the now ubiquitous Zoom conference, replete with green screen for the virtual background of choice. A large office space/Audio-visual hall will be added to most estates in other to aid the new work from home practice that lots of Africans will embrace.

5. Reduced cost
Crisis teaches us to be resilient, creative and gritty. Where there is a will there is a way to get any deal done. Closings are still happening. There’s no question that virtual tours are a very effective way to help buyers experience a property, now it is super important to have this technology. Using FaceTime to help buyers walk through a property, Virtual open houses that are broadcast on Facebook, Instagram and websites are another new tool to expose a property to everyone without a potential buyer even needing to be in the area. Cost of transporting clients to the site will reduce as people embrace the new virtual reality. COVID-19 has shown us that there are a lot of unnecessary meetings and trips that are not going to happen anymore, with the new virtual reality. Cost on transportation and most times refreshment will be reduced.
6. Valuation of assets
Low consumer confidence and social distancing are impacting the demand in this period of uncertainty. Commercial real estate sector that relies on cashflow is hugely affected by low occupancy rates in the hotel sector to the closure of commercial spaces due to social distancing and stay at home order. My prediction is that the residential market will be a beneficiary as demand for homes may remain stable if not high. The living sectors have defensive investment characteristics, benefiting from stable cash flows and the ability to actively manage rents in order to maintain occupancy. Multifamily, as an asset class, will remain resilient to the effects of the COVID-19 outbreak with its more stable, longer-term income profile and defensive investment characteristics.
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