Real estate has witnessed a big downfall in recent times due to numerous surrounding challenges and the global recession can certainly be included in the same list. Economies around the world are really struggling due to the rising demand and falling supplies of certain products and services and respective governments are still trying it hard to get the things corrected. Njock Ajuk Eyong, one of the most renowned real estate specialists from South Africa, also points out the same factors as the biggest challenge for the given industry in the current times. As per Njock Ajuk Eyong, all the governments and the associated authorities got to deal with all the below-mentioned challenges in order to inject some life into the global real estate industry.
Inflation can surely be termed as the most undeniable factor which is causing some serious threat to the real estate industry along with the global economic crisis. Prices to certain basic commodities are on an upsurge and no government is been able to do anything about it. As per the Njock Ajuk Eyong Visa, the authorities have to bring in some effective policies and plans in order to bring the same inflation on track without any further delay.
2. Global politics
Global politics is a no- brainer for everyone and we all can witness the instability surrounding within the politico- relationships across global superpowers like USA, Russia and UK. As per Njock Ajuk Eyong, this is something that is pushing people to stay back from investing in real estate and other projects in the meantime. They really want to wait until the surrounding cold war comes to an end and they can further secure their money with some assured returns.
3. Affordable housing
Gone are the days when people used to invest highly on high graded housing projects like villas, mansions and so on. They don’t want to spend that much and simply relying on affordable housing options for the meantime. As per Njock Ajuk Eyong, this is where the core problem lies as every real estate developer isn’t been able to offer affordable housing options to the general public and they are looking towards the bigger profit margins. Well, this is something that is impacting the overall decision made by the local buyers in terms of their investment in the real estate sector.
4. Climate change
Climate change might not be considered as a bigger subject around but it’s having its own big impact on the surrounding world, especially the real estate sector. The same is giving birth to unfavorable seasonal changes, floods, storms, earthquakes and people are really worried about putting their investment at risk with the real estate sector. As per Njock Ajuk Eyong, while nothing can be done about these unforeseen calamities, we can really work around bringing a greener and favorable surroundings to counter the global climate crisis.
5. Rise of e-commerce
Well, it may sound a bit surprising but yes, the origin of e-commerce has diverted the big chunk of investment coming from the millennial into the real estate sector. People are indulged in buying all the commodities online from all the given e-commerce portals and not left with much to invest in the real estate sector. As per Njock Ajuk Eyong, most of the real estate firms and developers must come along with some attractive offers and EMI schemes to lure their customers and this is the only way for them to divert the attention of the millennial towards this potential industry base.
6. Policies regarding Real estate industry
Last but not least; governments really need to bring in favorable policies to give a desperate boost to the real estate sector. While we understand that a buyer needs to go through some big process in order to purchase land or an apartment, the included documentation and formalities always comes as a big pain. As per the Njock Ajuk Eyong visa, governments can impact the same process whilst bringing some easy and simple documentation along with all the supportive policies in the same regards.
This way, both the investors and the vendors would find a better ecosystem to get along with the deal regarding the kind of land or property they are buying through.