Kingsley U.N Chikwendu
The covid-19 pandemic brought a new perspective that building activities can be carried out from anywhere with no physical presence, than previously thought, it may bring or have brought significant dimension to the real estate sector. Employers and workers are embracing the freedom of where to live and work, if that trend persists, it will lead to more improved, faster pace of carrying out real estate business.
The thoughts of some smart real estate developers would be that this is an opportunity to invest in satellite areas not far from the city – the understanding will be towards developing affordable, lower cost housing that offers a safer and potentially, that rich lifestyle setting.
There are some areas that are not quite developed like an expensive city but, affordable and offering some nice outdoor activities like snookers, good restaurants, good fast food outlets, nice hotel accommodation, affordable homes almost comparable to the ones in the city to rent or purchase. Markets and the goods in them, some are of the same quality as the ones in the city, some shops or retail stores in some satellite towns are almost the same in quality as those in the city yet, more affordable and cheaper.
In a way, this could transform our understanding of how we look at real estate business, the benefits and possibility of creating or developing good affordable housing in non-city areas. Doing this will spread development on every side, demand for affordable houses in non-city areas will improve because people have the capacity to pay.
This is where the government comes in by making sure basic amenities that are necessary for a society to function properly are there to support these houses. It also helps in lowering the cost of housing. When the government provides portable water, good drainage system, proper sanitation system, good accessible roads, electricity, security, good shopping destinations, adequate health facilities, these will bring developers to do more houses in the area, at affordable rates.
It is possible that it will lead to a less demand of expensive housing in urban areas. People would prefer to come to a satellite town to get quality houses at affordable rates than spending huge sums in the city. Prices or rent of properties in the city will reduce considerably as a result. Satellite towns will reap the benefit from this shift, offering safety, good schools, lower cost of living and some measures of outdoor and cultural activities. Living in these places may be easier than imagined, it affords residents the opportunity to still work and enjoy an enhanced lifestyle like the city.