MADISON, N.J., Nov. 22, 2021 /PRNewswire/ --
ERA® Real Estate, a global franchising leader
within the Realogy family of brands, today released a
first-of-its-kind report "The COVID-19 Pandemic's Impact on Real
Estate Around the World: An In-Depth Analysis."
With a presence in 32 countries and territories with more than
2,200 offices around the world, ERA is uniquely positioned as the
first real estate franchise to provide insight into global real
estate trends.
The impact of the COVID-19 pandemic on the real estate industry
has been well documented in the United
States. Demand outpaced supply with record-low mortgage
rates drawing so many buyers in while others took advantage of
remote work to vacate urban centers for more affordable
locations.
To learn how COVID-19's impact was felt in the housing market in
countries around the world, ERA surveyed and conducted in-depth
interviews with several ERA international leaders from around the
world, including ERA South Africa,
ERA Japan and ERA Middle East.
The results of the report found that many nations are
experiencing real estate trends similar to the U.S.:
- Low inventory and increasing prices are prevalent around the
world.
- Flight to the suburbs made sense in many countries - but not
all.
- The second home market was invigorated by the pandemic.
- The desire to own a home is stronger than ever.
However, some countries reported different trends, such as:
- Mortgage interest rates hovering at or below 1%.
- Some nations have limited suburban and rural living options
making larger and amenity-filled apartments more desired and
valuable.
- Safety can have different meanings depending on a country's
political and economic climate.
Quotes:
"Few things transcend cultures and countries like the sentiment
'there's no place like home.' As COVID-19 spread worldwide, the
entire global community became more intimately acquainted with
their homes as we stayed home to slow the spread of the virus by
reducing contact with others. This experience motivated many to
rethink their housing situation, which in turn had an impact on
housing markets around the world. Through ERA Real Estate's
expansive global network of real estate professionals, we were able
to gather insights to help us better understand how different
countries fared over the last year and half. What we learned is
that while many industries languished during the pandemic, real
estate remained 'open for business,' underscoring that housing is
an essential service no matter where you live."
-Sherry Chris, President and CEO
of ERA® Real Estate
"Overall, the housing industry in Europe is sustainable. The COVID-19 pandemic
has certainly heightened the housing shortage greatly because of
the pause in construction, however the only thing that would lead
to a slowdown would be a rise in interest rates. For agents, their
success was dependent on their mindset about change. Agents who
stayed connected to their brokers via Zoom had a very successful
year."
-Francois Gagnon, Master
Franchisor, ERA Europe
"People in Singapore are still
confident to come into the housing market. We sold more units in
2000 than in 2019. In the first half of 2021, we have sold more
units than this time last year – more than double. The market is
still hot, and we think the momentum will carry forward. Mortgage
rates are still low, and people still consider real estate a good
investment."
-Jack Chua, Master Franchisor,
ERA Singapore
"In South Africa, we are seeing a lot of movement away from city
centers to smaller towns and coastal areas as a result of being
able to work from home. We also saw a significant semi-migration of
people to the southern region of the Western Cape province. A large
influx of first-time buyers came onto the market as well, thanks to
extremely low interest rates, which finally made buying smarter
financially than renting."
-Berna Daly, CEO, ERA
South Africa
To learn more about ERA Real Estate's global presence, visit
https://www.era.com/global-hq.
About ERA Real Estate ERA ®Real Estate knows
that real estate is as local as it gets. We believe that our core
business values of collaboration, innovation, diversity and growth
are needed more than ever. As a global leader in the residential
real estate industry for nearly 50 years, ERA features a powerful
network of like-minded entrepreneurs supported by the brand's
game-changing technology, products and powerful lead
generation.
The ERA Real Estate network includes more than 39,000 affiliated
brokers and independent sales associates and approximately 2,350
offices throughout the United
States and 33 other countries and territories. ERA Franchise
Systems LLC (www.ERA.com) which operates the
ERA Real Estate system, is a subsidiary of Realogy
Holdings Corp. (NYSE: RLGY), a global provider of real estate
services. ERA Real Estate information is available
at www.ExploreERA.com.
Media Contact:
Marie VanAssendelft
201-724-6372
Marie.vanassendelft@teamera.com
Randi Rispoli
732-674-7666
Randi.rispoli@teamera.com
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SOURCE ERA Real Estate