Property buyers’ priorities have evolved significantly due to the pandemic. We’ve put together a list of trends we’ve noticed in the property industry, so you’ll never fall behind.
1. Location matters more than before
Location has always been an important consideration in property hunting. However, the pandemic has brought about new significant considerations in property locations. On a micro level, one consideration would be convenience. In Singapore, most areas are easily accessible to public transport and various amenities, however, some are still a lot more convenient than others. With more of us spending more time at home, this means even the most minute of details, like walking a longer distance to the coffee shop to “da bao” or to get groceries from the nearest supermarket, can become an inconvenience. 61% of respondents in a H2 2020 Consumer Sentiment Survey said that proximity to F&B outlets and malls are more important to them following the breakout of COVID-19.
As a result of the pandemic, many are still uncertain about the future of property prices and consider themselves less able to afford a property as prices rise. Thus, buyers may instead seek non-central mature estates that are both affordable and convenient.
Top rental locations on Carousell in Q1 2021
- Pasir Ris
2. Working from Home as the New Normal – Natural light and ventilation, noise levels and pollution play bigger factors.
Work from home looks set to become a normality, or at least a hybrid situation. As companies realise the associated benefits, employees also get to enjoy the elimination of time-consuming commute, which lends a lot to work-life balance. Of course that includes us at Carousell as well!
Natural light, good ventilation and low noise levels are one of the main considerations as work from home becomes more commonplace. In the past, most homes were simply just “places to sleep”, but as homes evolve, trivial things like higher floors for more wind, units that let in natural light and quiet neighbourhoods or units that don’t face the main road have become significant considerations. 54% of people surveyed in a 2020 consumer sentiment survey said that these factors have become more important.
3. Flexible spaces for work and play
As a result, longer hours will be spent at home, and more homeowners will plan to maximise the use of space in their homes to enhance conducive conditions. As people spend more time in their homes due to the pandemic, some may prefer to avoid communal facilities as well. Homeowners may start investing in personal amenities such as fitness or entertainment rooms. Property agents can look towards putting in more emphasis on homes with features for home-based working and personal amenities, or furnish homes such that are able to cater to self-sufficiency and convenience.
4. Going online while property hunting
Many home seekers are tech-savvy, even more so after the COVID-19 outbreak. With that being said, much of what has emerged from this pandemic has been the increase in adoption of technology in the e-commerce sector. While physical viewings are still preferred over full-reliance on virtual viewings, it has its perks and can be coupled with physical viewings to make buyers have a better sense of the property. With virtual viewings, buyers can take their time to unpack the property and inspect every nook and cranny at their own disposal. Once they’re satisfied, they can be given the option to inspect the house physically, making the buyer journey much smoother. Furthermore, foreign investors looking to buy property in Singapore may not have the means to travel, thus virtual viewings and transacting online would be ideal for them.
Due to travel restrictions, browsing activity has generally gone up on Carousell. In the ‘Property’ category, we’ve seen a 28% increase year-on-year in browsing activity for the month of January alone, and a small but steady increase for the months in Q1.
What to do from here on?
Property agents need to be quick to adapt to changing consumer behaviour in order to gain leverage over competitors. The pandemic has brought about significant changes in consumer habits and changing demographics as well. And while all this might be a challenge to strategise for, it is worse for the consumer as they are often less knowledgeable in terms of industry knowledge. Thus, agents must remember that the key to building trust and hence success is also in educating potential buyers homeowners.
Carousell Property is an online classified marketplace that connects property buyers and sellers offering 100,000 fresh listings monthly—from low-cost to high-end properties. Listing on Carousell is an easy and convenient way to sell or rent out your property.
Why advertise on Carousell Property?
|200K monthly users in the property category|
|3M listing views per month|
How it works
Take up to 10 photos of your property and upload it to your listing.
Fill up the fields accordingly and list it within our Property category. Ensure to indicate if you’re looking to sell or rent.
Congrats! Now sit back and wait for enquiries from our community of home-seekers. You’ll be on your way to a successful transaction in no time.