COVID-19 Impacts on Real Estate Industry

COVID-19 Impacts on Real Estate Industry

The effects of the COVID-19 pandemic have hit the world with dramatic force. Many nations have taken extraordinary measures to stem the spread. The quarantine, lockdown, travel limitations, and network disturbances are affecting the worldwide economy, which has spiraled into downturn fears. The real estate industry, which was booming for several years, has now hit rock bottom.


Novel Coronavirus is a new kind of respiratory virus. The world came to know about it for the first time in Wuhan city of China, on December 31st, 2019. Public health officials are continually working to identify the source of the virus.

The new force of Coronavirus has its links to the Huanan Wholesale Seafood Market. It’s a huge animal and seafood market in Wuhan, which was also selling snakes and bats. Doctors and health specialists believe that people contracted the virus by either touching an infected animal or eating its meat. Though, new research implies that the outbreak in China apparently originated in some other place before entering the Huanan Wholesale Seafood Market.

COVID-19 Symptoms

The symptoms of Coronavirus in human beings are quite similar to those observed during pneumonia and flu:

  • Difficulty in breathing, fever, and dry cough
  • Diarrhea and Gastrointestinal problems
  • Fluid begins filling up the lungs
  • In critical cases, total kidney failure causes death

Who is Prone to this Virus?

  • People with low immune systems especially the elderly and children are most likely to contract Coronavirus
  • Anyone getting in contact with patients suffering from Coronavirus
  • Those who often travel to different countries affected by this disease
  • Those people who are not taking any precautionary measures to avoid this virus
  • Those who eat undercooked seafood and meat

How to Avoid The Spread of COVID-19

Doctors and health specialists have come up with a set of directives to avoid the spread of the Coronavirus.

  • Do not come in contact with those people who have caught the virus as health professionals and doctors have found out that droplets spread the virus.
  • The virus spreads through airborne droplets, coughing, and sneezing.
  • Avoid touching your eyes, nose, or face with your hands if you are suffering from flu-like symptoms as it can spread the disease.

Prevention Tips

  • Do not visit animal markets unnecessary, without taking any precautionary measures
  • Do not eat undercooked meat. If you are handling animal organs, raw meat, or milk, take proper care to prevent contamination.
  • Be sure to load up your diet with a lot of Vitamin C
  • Take care of your health and increase your stamina and strengthen your immune system
  • Wash your hands frequently. Use a sanitizer often when you aren’t at home.

Isolation Techniques

Quarantine and isolation are two major tools to control the spread of Coronavirus. According to the coronavirus isolation guideline, an isolation period of fourteen days is necessary for individuals having flu-like symptoms of Coronavirus. However, this measure helps avoid transmitting the contagious disease to others. It is because the incubation period of the virus is fourteen days. Authorities are using proper screening measures at airports across the globe. This is because the World Health Organization (WHO) calls it a global health emergency. 

Tips to Prevent COVID-19 at Home

Bear in mind that prevention is better than cure – this adage holds true with regard to the current situation of Coronavirus in Pakistan. The official tally of coronavirus cases in the country has increased to 230, as of March 18, 2020. At a difficult time when the most developed countries are engaging with the outbreak, it is best to take proper precautionary measures to protect yourself and your loved ones.

  • Disinfect most frequently touched surfaces like kitchen, washrooms, etc.
  • Handle the laundry of a sick person with proper care
  • Wash clothes in warm water to kill the germs
  • Wear protective gloves and a mask when cleaning
  • Properly clean your mobile phones

COVID-19 Tests in Pakistan

Primarily three hospitals in Pakistan are currently conducting tests for Coronavirus: the National Institute of Health in Islamabad, Aga Khan University Hospital in Karachi, and Shaukat Khanum Hospital in Lahore.

The following are given ways of how the process of coronavirus test in Pakistan works:

  • A sample is taken through the nasopharyngeal, i.e., the throat and nose swab test
  • The sample is then put in a liquid medium
  • They move your sample to the testing hospital
  • After reaching the lab, it is made sure that the results are not cross-contaminated with other samples
  • The virus is taken to a machine, where they test it for results
  • The test is then faxed to the respective hospital
  • Results are given within eight hours

The Following are Some Preventive Measures.

  • Wash your hands completely for thirty seconds. Wash the back of your hands, under the nails, and the palm area.
  • Wear a protective mask, but if a person in front of you is sneezing and coughing, the outer surface of your mask may carry the infection. If you have a surgical mask, be sure to discard it after using it for a day.
  • In case you see someone coughing and sneezing, maintain a distance of two meters to avoid any droplets.
  • If an infected person coughs and sneezes, then touch any object, he can transfer the virus onto an object such as doorknobs, pen, mouse, laptop, etc.
  • Remember, viruses can last for forty-eight hours on objects, and the only efficient way of getting rid of the virus is to wash them with hot water and soap.
  • Keep a separate cup, glass, food utensils, towel, and other items for each member of the family – particularly if you spot signs of influenza.
  • Build your immune system. Take lots of fresh juices, drink more water, and take care of your health.

COVID-19 Deadly Effects:

Lockdown in every city has taken a chance for people to reconsider any business plans and implement them. The state of our country is going through a huge confusion. It has left people quite uncertain of everything about plans, which is very unpleasant. The costs of the tasks are additionally falling down; this is an amazing open opportunity for individuals who trust that the prices will drop to long-haul ventures. But the question is, who is going to consider business and ventures when they face a dangerous pandemic?

COVID-19 Impacts on Real Estate Industry

Diverse real estate companies have been affected by the infection to differing degrees. The quick hit to request has been blatantly in the retail and hospitality areas. At the same time, office properties have been negatively influenced as corporate extension and migration plans are delayed. The economies of various nations are confronting a profound stock drop. The real estate industry is likewise facing a ton of destruction, as are the realtors in Islamabad, Karachi, and Lahore. Individuals have quit investing with the aim that discovering infection-free areas to settle in first.

Reduction in Property Prices

The Real estate market in Pakistan had to face difficulties in the year 2018. This recession was a great deal for investors back then to get through, and now as the COVID-19 pandemic has hit us hard, the genuine inquiry is how much land prices will fall. To discover the proper response, we should audit the Great Recession of the year 2008 which slammed property costs by almost twenty percent around the world.

Recovery of the Real Estate Industry

Seeing the recession of the years 2008, 2013, and 2018 it is clear that this virus is another huge obstacle. Recovery from past recessions took several years, and comparing it to the current situation; we should be prepared for ups and downs in the market. This will ultimately take more time than ever to recover the prices and real estate market as national banks around the world cannot spring up property costs because of zero percent interest costs.

Some landowners are now beginning the process of thinking ahead to when the crisis is over. Strategic review processes aim to know how real estate usage might change going forward. Though, rather than relying on traditional economic or customer-survey-driven approaches, real estate leaders are looking to futurists, psychologists, technologists, and sociologists for answers.

As during the global financial crisis of the year 2008, right now, we are witnessing some real estate pros go beyond adapting and flourishing, while others may fade. Realtors’ firms’ abilities to weather the storm will ultimately depend on how they respond to challenges to the industry—especially the current declines in short-term cash flow and demand for space, as well as the uncertainty surrounding commercial residents/tenants’ ability to pay their bills. In the long term, the different behaviors forced upon the industry will have likely altered the way businesses and consumers use and interact with real estate. The critical question is which of these changes will stick. Moving quickly and smartly will help decide the fate of players not only in these challenging times but also as the industry develops from the current crisis and inevitably reinvents itself.