The Impact of COVID-19 on the Real Estate Market Based on Case and Data Analysis

Abstract

In the previous two years, COVID-19 has been one of the pressing social issues, and empirical studies have shown that COVID-19 has a significant impact on the growth of the economy. However, more research and an analysis of the effects of COVID-19 on the global real estate market may be required. In order to better explore the effects of COVID-19 on the real estate market and the changes it has brought about, this study analyzes the real estate markets in China, the United States, and Europe together with pertinent real estate market statistics. According to the analysis, COVID-19 has caused a reduction in some office real estate deals, a rise in the market for luxury homes, a shift in consumer preferences from renting to buying. In addition, a significant uptick in the adoption of cutting-edge digital technologies by service providers. Therefore, it is advised that the real estate market performs sound market research, records changes in consumer demand, and promptly modifies its business plans. These results shed light on guiding further exploration of the impact of COVID-19 on the real estate market in the study area and the resulting changes.