Trends that will shape the real estate market in this decade
Metropolitan cities have benefited from the depopulation of rural areas. However, as non-metropolitan areas are fast becoming more dynamic, with good transport links, lower living costs, and with some benefiting from close proximity to key cities – these areas are experiencing positive population development.
WHAT IS DRIVING THIS TREND?
While a large share of the population still live in metropolitan cities, a higher share now lives in towns and suburbs.
Historically, people have been attracted to a metropolitan city as it offers better employment opportunities with greater access to amenities of all types. This in turn has driven demand for residential, office and retail space in central areas.
Now, an increasing number of people are becoming displaced due to the high cost of living in large metropolitan cities, forcing them to relocate to more affordable areas. This trend will now accelerate as we adapt to the new world post COVID-19. Places of work will change, no longer tying employees down to metropolitan cities. While many may opt to remain in close proximity to the city, others will prefer suburbs that are fast becoming big cities in their own right.