The real estate market is constantly evolving every year. Not least because it is an area that includes a wide variety of factors, from cultural trends to technological advances. As a result, the industry is facing transformations that redefine the way we buy, sell and live.
So, if you want to know the real estate trends that will influence the industry in 2024, here they are.
Inflation and monetary decisions
Although the European Central Bank has taken measures to fight inflation, problems remain. In fact, some experts predict further interest rate hikes due to persistent inflation; while others argue for a pause to prevent an economic cooling.
- ESG criteria in investment decisions
Trends in the real estate market are affected by this factor. This refers to the environmental, social and governance criteria that are central to corporate investment strategies.
- Climate change and sustainability
There is a need for sustainable residences. In addition, the EPBD will phase out fossil fuel-based heating. This will require a higher level of energy efficiency for properties.
- Housing boom
Housing remains the epicentre when it comes to property market trends. It attracts the most interest compared to other property types.
- Foreign investors
Spain continues to be an attractive country for international investors, with 14.9% of purchases made by them. This property market trend is expected to continue in 2024; especially with the arrival of people as digital nomads.
- Use of AI
AI is gaining ground in the real estate market. In fact, a large proportion of workers use it to predict prices and make transactions faster. As such, it is becoming an essential resource for those working in the sector.
- New forms of housing
Although not considered new, 2024 will see an increase in projects such as cohousing and coliving. Also, the adaptation of commercial places and offices for young people. In addition, it will diversify with ideas such as “Built To Rent” and social housing for rent, promoted by autonomous communities together with the private sector.
Get ready for 2024 with these trends
Knowing what’s trending in the property market is essential, regardless of whether you work in the industry. After all, you never know if this is the year you move in and you’re not prepared. So, here we explain them all so that, in a few months’ time, you can consider which property is the best fit for you.
