How real estate decisions have changed post-COVID

Due to COVID-19, consumers have shifted their mindsets in matters including investments, information search, developer choices, and future plans

Singapore skyline. joyfull/Shutterstock

PropertyGuru’s collaboration with Intuit Research Consultants helps identify shifts in consumer preferences and decisions for the real estate markets in Indonesia, Malaysia, Singapore, and Thailandand how developers can adjust as we live in a post-COVID world.  

The Property Sentiment Survey aims to help property agents and consumers further understand the local property market, as well as enrich business decisions and impart in the development of innovation investment avenues.  

As a result of COVID-19, delay in property transactions is seen highest in Indonesia and Thailand. In Malaysia and Singapore, price uncertainty is seen as the top impact, while difficulty in viewing properties is experienced widely in the region.  

Virtual home viewings have transformed into a norm in many countries that haven’t opened up, since consumers have accepted the reality of living in a world post-COVID.  

On the other hand, Thais (44 percent) are the most hesitant in terms of making investments, whereas Singaporeans (41 percent) haven’t changed their investment perspectives. A large number of investors in Indonesia are waiting for stability before making any investment decisions.  

In terms of information searching, more respondents in Thailand and Indonesia are shifting to online platforms for property buying data, including social media, property portals, developer websites, and aggregated deal platforms. Location and pricing are the main subjects when conducting an information search.  

When it comes to selecting a property agent, area of specialisationreputation, and responsiveness of agent are the three top factors in both Malaysia and Indonesia.  

More: Emerging trends in Asia Pacific’s real estate industry 2021

Consumers plan to purchase property in the future, with the highest number of homebuyers in Singapore. The majority of consumers in the region seek to purchase property for more personal and family space, as well as for investment purposes.  

Australia has become a hotspot for most overseas buyers in the region, for reasons such as retirement, better yield on rental, better environment and surroundings, and planning for children’s education.