«Is it the end of cities?» This is a question that many experts are facing due to the expansion of the new coronavirus COVID-19, which has already been declared possible endemic disease by the WHO.
With the expectation of a new normality that includes the COVID-19 in our daily lives, experts in all fields have released predictions. Within the Real Estate industry, everything points out to the fact that crowds of people wanting to live close to everyone is something better left in the past.
Let’s us be really straightforward: it’s not the end of cities, however the value of living outside of them will increase greatly in the short and medium term for several reasons:
When you live on the suburbs, you acquire a right that the city folk doesn’t have: you have your own space.
There are usually little cars, noise is a distant thing and you can enjoy a peace and tranquility that is can usually saved for holidays when you live in a urban environment.
The value of privacy is great, and is in the suburbs where is easier to enjoy.
Health safety is easier
One of the main reasons we might see a boom in land acquisition outside of metropolitan areas is precisely that it is easier to get away from others.
Cities comply with shortening distances and bring everyone closer to the basic services, shops and recreation centers to live, but when it comes to quarantining, living in the city can become difficult.
You have to think ahead. After this pandemic, our sense of distance will most likely change, and we will measure the time it takes to get from one place to another differently because distance will become an investment in health security.
There are future growth opportunities
This depends a lot on where you decide to invest. In Mérida, for example, the city is growing towards Progreso for several reasons:
- This side of the city connects with the Yucatecan coast.
- The northern area has been the favorite for new residential developments.
- The proliferation of businesses, shops and other services in that area of the city.
And buying a residential land on the suburbs of the city (between Mérida and Progreso in this case) can let you enjoy many years of peace, and at the same time be an excellent opportunity to offer it as rent in the long term because it is most likely that the city will grow towards your property.
The cost of land is affordable
The value of land on the outskirts of the city is usually much lower than within it. Before, that value was based on the relationship between supply and demand, and in a globalizing world, it made sense. Everyone wanted to live near their workplaces, in an apartment, or within the metropolitan area.
As the new normality begins to become daily and the demand for land outside the city increases, the price will also go up. And we can tell you that it is almost certain that the sales of these lands will increase for two simple reasons:
- Due to the economic crisis caused by the great confinement, purchasing power is reduced and cheap land will be the best options for many.
- The feeling of security that arises from the having a proper distance between you and everybody else.
… And this translates into greater capital gain
This means that the best time to invest to livi in the suburbs of the city is now, regardless of whether you see it is as an investment or as something you will keep for your family. The added value that can be earned by buying now is very attractive, and should not be overlooked.
Today, the value of the land remains stable, but if you are looking for a home right now, here are some good reasons to live in the suburbs of the city. When are you going to start thinking about your future?