Impact of COVID-19 on Housing Market: A Review of Emerging Literature

Abstract

The housing market over the years has been impacted by various factors in different ways. This review paper examines the growing literature on the impact of COVID-19 on the housing market to ascertain its positive and negative effects. Thus, a total of 40 published conference papers, thesis, academic journal articles, and others obtained from secondary sources were reviewed and revealed that the novel coronavirus (COVID-19) in some scenarios had positive and negative impacts on the housing market. The paper found that the positive impacts include a rise in housing prices, increase in housing supply and reduction in mass evictions in some locations, while the negative impacts are on housing prices, demand and supply, constraints in mortgage return maintenance and delay in the construction of new housing apartments. The paper, therefore, concludes that both positive and negative impacts of the COVID-19 pandemic are felt on the housing market globally. These thereby form a basis for further studies on the growing impacts of the pandemic concerning the housing market.