The Chicago Association of REALTORS®, the “Voice for Real Estate” in Chicago since 1883, represents over 17,000 members from all real estate specialties including commercial sales, development, property management, appraisal, auctions and residential sales.
Since the COVID-19 pandemic began in March 2020, uncertainty has sparked in many aspects of our lives, especially for those transacting global real estate.
With what is hopefully a promising 2021 ahead with the widespread availability of a vaccine, Ronan McMahon shared his thoughts with International Living on what will be the biggest trends and opportunities in the global real estate market in 2021. Here’s what he shared:
The Ability to Work from Home
We’ve seen the impact that working from home has had on homebuyers in the U.S. The length of a commute has become less of a concern during the process. Now, people can work from wherever they have an internet connection, which has and will continue to create opportunities for global REALTORS® who are working internationally.
The Rise of the Rental
More younger travelers are opting for the “live like a local” option when going on trips, which has lead to the success of vacation rental companies like Airbnb or VRBO. These companies provide great opportunities for homeowners looking to make money off of vacant homes in international locations.
Countries Luring in Foreigners
Many countries have created programs allowing visitors to stay for extended lengths of time while working remotely. This is a great option for those looking at global citizenship, which can create many opportunities for global REALTORS®.
Zero Interest Rates
Interest rates are historically low in the U.S. and in many other countries. This is a great leverage point for real estate investors to move internationally.
Buying in Europe’s Fragile Real Estate Market
Countries like Spain and Italy have seen a decrease in real estate values in world-class locations. Investing now will put you in a great spot when tourism bounces back.
More Direct Flights
Airlines are anticipating that post-pandemic, most people will be looking to avoid flights with layovers. Improved access will lead to more travel, demand for vacation rentals and opportunities for REALTORS®.