When the world was hit by a global COVID-19 pandemic, many industries came to a complete standstill, while others like real estate, changed the way they conduct their day-to-day business.
Adapting to this new set of circumstances, Malta Sotheby’s International Realty swiftly adapted its way of doing business, by implementing existing innovative technology to better serve their clients digitally as the industry trends shifted.
Now a year-and-a-half later, with vaccination plans rolling out worldwide, what does that mean for the real estate industry?
“In the beginning of the pandemic everything seemed to slow down, the market appeared to be in a lull which we expected when our boarders shut and tourism came to a standstill – it seemed to be the quiet before the storm. Overnight, we were inundated with requests for luxury rentals and enquiries from those interested in ‘upsizing’ their primary residence to something that is a bit more ‘quarantine friendly’ – to date the demand has yet to slow down,” Michael Zammit, director and joint owner of Malta Sotheby’s International Realty, says.
Zammit believes that competitive interest rates and global lockdowns were a key driving factor for the established and emerging affluent who are making quick and concise decisions when purchasing properties, as many reassessed their living situations during the worldwide lockdowns. The result is that buyers realised that they could get by on spending less in certain areas, so that they could invest more into their home.
“There seems to have been a switch in buyers’ mindsets, the sense of urgency has heightened with clients being more demanding and decisive with the decision-making process. Where clients would previously take a couple of weeks mulling over the big decision of purchasing a home, we are seeing people enter into a promise of sale within days. Previously, a property would remain on promise of sale for several months before the final deed is signed, we are now seeing the length of time reduced to a mere few weeks in many instances,” Zammit continues.
He explains that Sotheby’s International Realty has more than 1,000 offices in 74 countries and territories across the world and the brands’ accumulative data highlights that this trend is not isolated to Malta but one that is being seen worldwide.
“Listening to the feedback from our clients and the many Sotheby’s International Realty Affiliate offices across the EMEIA region (Europe, Middle East, India and Africa), one thing has been made very clear ‒ COVID-19 has been a massive driver for uptake in global property sales.”
2020 saw Malta Sotheby’s International Realty close a record number of rental agreements along with an impressive amount of signed konvenju’s (promise of sales) making 2020 a fantastic year for the company despite the global pandemic ‒ a trend that has continued into 2021.
“The uptake in demand for luxury properties means that unlike before when it was a buyers’ market, the tides have now changed in favour of the seller. Across Europe, we are seeing a shortage of available luxury properties with new properties coming onto the market and being sold at market value within record time.
“If you have been playing around with the idea of selling or renting your property, now is most definitely the time to get it on the market – while the demand is high and the stock is low,” Zammit concludes.
If you have a property you would like to sell, get in touch with Malta Sotheby’s International Realty to list your property and enjoy an unrivalled marketing experience. Contact them on +356 2010 8077, visit their websiteon www.maltasothebysrealty.com or their office on the Portomaso Marina.
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