The COVID pandemic hit the world really hard. Humans were caught completely unawares and the entire world as we knew it came to a grinding halt. New restrictions began to be imposed, social distancing was being enforced, and the “normal” of the world changed. One major consequence of this COVID pandemic was the lockdowns that were enforced the world over. People began to suffer loss of income and many went into dire straits financially. A number of industries and businesses suffered for lack of work and markets. For others, work from home became the new work culture. During those lockdowns, people sat back and took stock of their situations as many of them had to go through financial setbacks. This did not bode well for the real estate industry as no one was interested in investing. However, by the time the second wave of COVID hit and new lockdowns were imposed, people were beginning to rebound back. Humans are a resilient species and now they were beginning to think seriously about home owning as the work from home culture had already taken root. Property prices had not risen dramatically, home loan interest rates were down, and the government had introduced policies such as reduction in stamp duty to encourage more sales in real estate. Property sales in the third quarter of financial year have shown a marked rise and it does seem like the real estate market is undergoing a revival. The question remains, however, if lockdown is a good time to invest in the real estate market and the answer to that is, it is an individual decision. If you are financially stable and can afford to pay your loans on time, then yes, it is a good time. If you are unsure, then it would make sense to wait until your financial situation stabilises and then invest.
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