Residential real estate investors' motives under pandemic conditions

Abstract

Real estates are an important aspect of human life, in the area of meeting the basic needs of life as well as in the area of ambition and safe financial investment; especially in uncertain economic and social times. The decision-making process often takes place under conditions of uncertainty related to, among other things, the occurrence of cognitive errors, difficult access to information, and the inconsistent nature of data. The purpose of this research was to answer the question: whether and if so, how the country's unstable economic situation and the COVID-19 pandemic changed the motives and housing preferences of investors on the real estate market. A series of maps were developed comparing real estate transactions to the locations of the precincts with the highest concentration of services. The research addresses residential preferences in terms of quantity, spatial extent, and in relation to social infrastructure. A statistical analysis of concluded transactions with unit prices of real estate was performed. The case study research shows that there is an apparent trend of increasing demand for residential properties away from parts of cities with the highest density of social infrastructure sites in favour of urban edge areas and areas close to green spaces.