Abstract
The health emergency caused by the COVID-19 pandemic has affected the entire world since the beginning of 2020, changing living and working conditions. The pandemic has generated a crisis that is having and will continue to have consequences on all sectors of the economy, including the real estate market. During the lockdown period, houses became spaces for both living and working, as well as for leisure activities. Therefore, they were modified to meet the new requirements of communities forced to spend most of their time at home. This will also affect the real estate market in the near future in terms of trends and the characteristics of desirable houses. This research aims to analyse the trends in the residential market in Italy and in particular in the metropolitan area of Naples (Italy). Starting from official sources, the trends of the real estate market, and in particular in the metropolitan area of Naples from 2009 to 2020, have been analysed. Then, two surveys were conducted involving both the community and real estate agents operating in the territory, in order to investigate the effects that COVID-19 has had on the real estate market. The analysis carried out highlights structural changes in the demand for residential properties in the metropolitan area of Naples due to the new requirements as a result of COVID-19.
Highlights
The COVID-19 pandemic has had negative impacts beyond the health sector [1,2,3] and it has generated a crisis worldwide that is having consequences on sectors of the economy, including real estate [4,5].In the first phase of the pandemic, all business activities ceased, except for essential services such as food provision, pharmacies and manufacturing
The present study focuses on the analysis of buying and selling, and rental trends in the residential market relating to the pre- and post-lockdown periods in order to understand the real impact of COVID-19 on the sector
The results of both questionnaires have been analysed in order to understand how the real estate market has been changing due to COVID-19, by means of graphs and cross-tabulation analysis
Summary
The COVID-19 pandemic has had (and continues to have) negative impacts beyond the health sector [1,2,3] and it has generated a crisis worldwide that is having (and will continue to have) consequences on sectors of the economy, including real estate [4,5].In the first phase of the pandemic, all business activities ceased, except for essential services such as food provision, pharmacies and manufacturing. The COVID-19 pandemic has had (and continues to have) negative impacts beyond the health sector [1,2,3] and it has generated a crisis worldwide that is having (and will continue to have) consequences on sectors of the economy, including real estate [4,5]. The closures led to negative impacts on consumption, investments and trade, causing a demand and supply shock [6]. Most people were “stuck” in their own homes because of the “stay-at-home” measures implemented by governments [7]. Technology helped people to maintain relationships and has contributed to the preservation of a sense of community, perhaps more rooted than that experienced under normal conditions. Virtual proximity proved to be a “kindly weapon” capable of overcoming the “liquid modernity” on which society has been based [8]
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