HIBAPRESS DISCOUNT
«When real estate goes, everything goes” Since the start of the health crisis linked to Covid-19, this transverse sector, hit hard by the stoppage of construction sites in all regions of Morocco, has caused a considerable ripple effect on the whole of the country’s economy. Dozens of trades and more than a million employees found themselves in an alarming situation, caused by the drop of 29.5% in real estate transactions this first quarter. And the lack of visibility for the post-Covid-19 period is not to reassure.
In this context, Houda Houti, a professional broker and real estate adviser, urges professionals in the sector, including real estate developers, to undertake a real disruption. A paradigm shift which should, according to the CEO of the agency Côté Immo, significantly accelerate the recovery of the sector.
To do this, the brokerage and real estate expert offers several levers to activate to prepare for the recovery period and quickly revive the sector. They were formulated around 5 main recommendations:
- An optimal arrangement of real estate
This period of confinement highlighted the importance of the layout of real estate by integrating several living spaces such as office spaces and those conducive to games, sport and relaxation. Property developers should also adapt the design of their real estate by including terraces, green garden areas and larger windows for better lighting and sunshine.
- Eco-responsible products
It is no longer a luxury or a selling point, but a necessity. Eco-responsible housing, using materials that respect the environment, is now less expensive and allows the integration of larger openings for better sunlight and therefore optimal heat propagation.
- Relax procedures and lower prices and taxes
To accelerate the recovery of the sector, professionals should revise their prices. On the one hand, property developers would sell their stock and could launch this type of suitable projects, on the other hand this will facilitate access to property by a middle class affected by the crisis. In addition, the simplification of administrative procedures and tax incentives by the State, both for developers and for buyers, (lower taxes and registration fees) and the downward revision of interest rates banks, could create a new dynamic in the sector.
- Rehabilitate the status of the real estate agent
The status of the real estate agent must be rehabilitated and recognized at its fair value. The use of professional real estate agents, both by developers, owners and buyers, should be further encouraged. They are, in fact, real market experts and an invaluable source of information for the ecosystem of the real estate sector. This without forgetting their main role of advising and accompanying clients from research to the conclusion of the transaction.
- Bet on digital
Property developers and real estate agencies have demonstrated, during this period of confinement, their capacity for adaptation and innovation. Several have used digital technology to promote their real estate projects and have strengthened their presence, particularly on social networks. This momentum of digital innovation must be maintained and consolidated in the post-Covid-19 period, by organizing more and more virtual tours thanks in particular to videos and augmented reality technology.
By receiving a favorable response from all stakeholders in the real estate sector, these recommendations will undoubtedly provide a disruptive vision for a revival of the post covid-19 market.
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