Quarantine transforms residential market

Quarantine transforms residential market

The quarantine stopped not only service companies, but also made adjustments to the work of construction sites. “Already, random inspections of construction sites are taking place, followed by a statement of the protocol for non-compliance with the rules. And if now most of the construction projects continue to work, what will happen tomorrow – no one can say for sure,” says Andriy Ryzhykov, CEO and managing partner of the development company DC Evolution.

Everyone spends quarantined time in their own way: people who were previously interested in housing continue to do so now. “Activity as it was, and remains, the form of appeals has simply changed. The first place went to the tools that have been trending among advanced developers for the past few years: virtual tours, augmented reality applications, programs for remote communication of the client with the sales department. If earlier, some developers considered these tools only as an opportunity to get additional leads, now they are starting to use them 100%,” said Roman Savchenko, CEO of UTG Residence.

Not only the form of communication is changing, but even the signing of contracts. “For several years in Ukraine there is an opportunity to use a personal digital signature – this is available for both legal and physical persons. That is, in order to sign a preliminary contract, it is not necessary to come to the sales department – it is enough to put your digital signature on the document and transfer the advance from the card,” says Andriy Ryzhykov.

“Developers need cash flow, no one wants to pause this time, so now it’s very important not to slow down. All these metamorphoses will positively affect our market. A crisis is not only a loss, but also an opportunity. The combination of various factors allows us to look into the future with cautious optimism. Most likely, we will not leave quarantine in the complete decline of the market – it will simply be transformed,” said Roman Savchenko.

At the same time, Andriy Ryzhykov notes that many apartments, especially in the low price segment, were taken in installments from the builder. And now some of the families who are on unpaid vacations or have completely lost their jobs will not be able to pay them, and this will prove to be an additional threat to developers. In this case, Roman Savchenko notes, the state should help – with cheap money for developers and credit resources for buyers.

“Everyone wants to live comfortably – in a crisis, in a pandemic, in a calm time, so the market should move on. As soon as there is an understanding that people are safe and the pandemic is defeated, I think the economy will recover quickly. Moreover, many economies in the world will inject a cheap resource and our country just needs to take advantage of it,” summarizes Roman Savchenko.