Sales of Condo Units Were Low Due To The Pandemic

According to World Property Journal, the demand for condo units significantly dropped since the outbreak of COVID-19 this year. This has been proven in their reports, wherein sales of condo units were less than those of single-family homes this year. This is thanks to the record-low rates of mortgages nowadays. Add to that that most people prefer to do their work at home. This made the demand for traditional homes higher than condo units, affecting the condominium market significantly.

However, during the last few months, condos' sales have started to rise back up again. It has slowly started to overcome the sales advantage of single-family homes. This is thanks to most buyers nowadays are finding "good deals" for condo units. That good deal though, is due to the lower than normal prices of condominium units being sold in the market today. It may be a good thing for buyers, but it is the opposite of the unit sellers.

The Market of Condo Unit Sales Is Tough Due to COVID-19

According to National Real Estate Investor, the market for this kind of real estate will be tough until COVID-19 is eliminated. Currently, the economy of the condominium market is in a big crisis. Even though there is a rebound in its sales in the last few months, it is still not enough. Do take note that many deals for condo unit sales have been delayed or been terminated altogether. You can blame the current pandemic for that happening to the said market.

Furthermore, the following recession has damaged the market even more. The economy for this market has been severely affected, resulting in unemployment skyrocketing yet again. Good thing that major condominium sales are being allowed again by their local governments. This can help them to start recovering, especially that the holiday season is around the corner.

Other Countries With Markets for Condominiums Are Also Affected

Aside from major Western and European countries, some countries worldwide also have their condominium markets heavily affected. According to Inquirer.net, the sales of condominiums in Metro Manila have also been severely affected. However, just like in the United States, the Philippines have reported that market sales for this sector are also rising again.

Similarly, they have reported the lowest completed number of condominium units delivered this year. The number of 1,670 units is the lowest recorded in the past six quarters. They have expected this slowdown in completion of units due to the Enhanced Community Quarantine (ECQ) that the national government has implemented.

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