A study conducted on Storia.ro shows the intentions, expectations and decisions of Romanians regarding the real estate activity in the context of the pandemic.
74% of the respondents of the study conducted on Storia.ro planned to make a real estate transaction this year, most of them being interested in selling or buying (63%).
Asked if the new information about the pandemic could change their plans, 56% of the study participants answered affirmative, where the most affected properties are apartments (43%), houses (41%), followed by lands (11%) and other types of properties (5%).
How real estate acquisitions and the rental process are changing and how Romanians’ plans are influenced by the pandemic are just some of the information revealed by the Storia.ro study.
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How are Romanians’ plans influenced by the information about COVID-19
Of those planning to buy or rent a home, 44% say their plans are not affected in any way by the information about COVID-19. However, 27% are thinking of choosing a cheaper property, and 14% are thinking of giving up buying and considering renting.
Most Romanians believe that prices could go down in the next period, while a smaller percentage believe that this is difficult to estimate at this point.
“The period we are going through has made people reevaluate and reorganize several aspects of their lives, so we wanted to find out if and to what extent the intentions, expectations and decisions of Romanians regarding the real estate activity have changed. We found out that they are still interested in buying and renting properties and the decision of most of them was not influenced by the pandemic, while some Romanians are thinking to postpone the decision for three months to a year. A common point we saw in many of the respondents concerns the choice to work with a real estate agent. Among the respondents who want to buy or rent, 59% intend to use the services of an agent“, said Mihai Sava, Real Estate Business Manager OLX Group.
How is the purchasing process changing in the context of the pandemic for buyers
Asked how the pandemic affected their purchase, 30% of respondents said they are not intending to postpone the purchase. Only 8% are thinking of giving up the purchase, while 31% of respondents want to postpone the purchase for a maximum of 3-6 months. 8% of potential buyers even want to speed up the process.
When asked how they plan to finance the real estate acquisition they planned, 53% of Romanians said they will choose the option of a mortgage loan, while 35% of Romanians said they already have the necessary amount.
In the near future, 49% of Romanians who want to buy a home are planning to explore the online offers, while 37% are willing to go to house viewings.
When asked which factors would make the decision easier when buying a property, 50% said it would help to see the property through a virtual tour, while 22% said it would help watching a video presentation.
How is the rental process changing in the context of the pandemic for those looking for a home
Regarding the rental process, 43% of Romanians say that the pandemic does not influence their decision in any way. At the same time, 22% of respondents want to speed up the rental process and 31% are thinking of postponing the rental process – 20% for three months, 6% for six months and 5% for up to a year.
When asked how they plan to pay the rent, 73% of respondents said they already have the necessary amount, 16% said they will live with someone and will share the payment while 10% will apply for a loan.
In the near future, 40% of Romanians who want to rent are planning to explore the online offers and another 40% are willing to go to house viewings, while 12% are planning to sign the final documents.
For those who want to rent, the factors that would make their decision easier are similar to those mentioned by potential buyers – 52% said it would be useful to view the property through a virtual tour, and 19% agreed that it would help to watch the house through a video presentation.
How is the process changing for those who want to sell a property
30% of Romanians who planned to sell a property have already published the online ad, 19% are in the stage of renovating the property to increase its value, followed by 14% who are looking for an agent to take charge of the process.
In the near future, owners who want to sell are planning to publish an online ad (54%), and another 31% will meet with potential buyers for house viewings. When asked what factors could make the sale easier, 35% of respondents chose to film a virtual tour while 23% believe in the possibility of signing a contract without leaving the house, only with digital means.
How is the rental process changing in the context of the pandemic for the owners who want to rent a house
36% of Romanians who planned to rent a house are in the stage of renovating the property to increase its value, followed by 29% who have already posted the online ad.
In the near future, all the owners who want to rent an apartment, respondents to the study, are planning to publish an online ad (100%). Asked what factors could make the renting easier, 25% chose to film a virtual tour and another 25% chose to film a video presentation of the property.
The study was conducted in May 2020, through an online questionnaire applied to Storia.ro visitors. The sample included 2565 respondents.