If you invest in real estate, or your business is tied into the real estate industry, you need to keep an eye on all the industry trends that might arise in 2024. When you are able to keep up with all the industry news, you can make the best decisions and informed choices about where you place your investments and how you conduct your business. Here are 4 of the major real estate trends that you need to keep an eye on in 2024.
House Prices Are Dropping
Throughout the pandemic, house prices were on the rise for a myriad of different factors. The inflation rate grew exponentially worldwide, which had a major effect on the real estate industry. This meant that thousands of real estate investors had to change their investments or rethink certain aspects of their investment portfolio. However, experts predict that house prices will fall between 2-4% this year, so now might be the best time to buy – and the worst time to sell. Look up what the house prices have done in your area.
Apartment Construction Is On The Rise
One of the biggest real estate trends that have emerged over the past couple of years is the amount of apartments and flats that are being constructed. In the past, apartment buildings have been reserved for built-up areas and cities – however, more people are preferring apartment living over buying a house. If you’re working in the construction sector, you should ensure that your staff have the appropriate construction NVQs to be able to get on this type of work, as if not, your company could be locked out of work contracts that could be very lucrative.
You may also be required to provide valid CSCS cards for your staff if they take on this sort of work, such as a blue or gold CSCS card. Ensure that all your staff have the appropriate accreditation so that you can remain working on these contracts.
Office Spaces Are Less Common
As well as house prices, one of the big impacts of the pandemic on the real estate industry is the amount of office spaces that are now no longer needed. The change to working from home has stayed in place for many businesses, which meant the amount of office spaces that were needed before the pandemic are currently no longer needed.
Push For Sustainability Rises As Climate Crisis Worsens
As the climate crisis is only getting worse, the push for sustainability in every industry is growing – and real estate is no different. The need for thousands of green homes will be needed in the coming years, and real estate investors and construction companies need to be prepared. Understanding the green economy and what it means for your investment portfolio, as well as investing in retrofit qualifications for construction workers, will be key in the fight against climate change in real estate.
By paying attention to all of these industry changes, you can be prepared for anything and secure your investments!