Real Estate and Tourism industry after Pandemic

Hotel:

The tourism industry has experienced a significant impact from the pandemic, but it has quickly bounced back. Nevertheless, there has been a shift in consumer holiday habits in the short term, with alternative accommodation types such as less-dense hotels, boats, caravans, and detached villas gaining popularity. There has also been an increase in demand for the luxury hotel segment, which offers lower-intensity vacation options and detached houses/villas rented through channels such as Airbnb.

These alternative accommodation options are expected to remain popular even after the pandemic, which could continue to pressure traditional hotels in terms of room rates and occupancy. As a result, hotels that offer unique concepts and experiences may have an opportunity to attract visitors in the future.

Residential Sector:

The pandemic period had a limited impact on the residential sector due to interest rate reduction campaigns and increased immigration. There has been a high demand for housing, particularly in projects that feature green and social areas, as investors seek to protect themselves from rising inflation following the pandemic.

Due to the remote working model, there has been an increase in the number of residents in the southern regions, even outside of the summer season. Consequently, rental and sales prices have increased more in these areas than the national average. The construction of “Tiny House”-“-style buildings in agricultural areas or areas that have lost their forest quality has increased rapidly, as it is more economically feasible during and after the pandemic.

Boutique housing projects and lands away from city life and integrated with nature have gained popularity. Some large housing developers have switched to the land sale model instead of the build-sell model. With rising housing costs, improving and selling land is expected to gain traction.

Following the earthquake, there has been an increase in demand for houses built after 2000. Consumers are now more interested in the region’s ground, whether it adheres to earthquake regulations, and the type of concrete used when purchasing a house during this period.

The demand for new buildings in areas with more solid ground will continue in the coming period, particularly in earthquake-prone cities. During this time, developers can capitalize on renewing old housing stock in central locations. Old housing stock in central locations.