COVID-19 and housing: while prices may fall, homes will remain unaffordable (original) (raw)
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Impact of COVID-19 on Housing Market: A Review of Emerging Literature
International Journal of Real Estate Studies, 2021
The housing market over the years has been impacted by various factors in different ways. This review paper examines the growing literature on the impact of COVID-19 on the housing market to ascertain its positive and negative effects. Thus, a total of 40 published conference papers, thesis, academic journal articles, and others obtained from secondary sources were reviewed and revealed that the novel coronavirus (COVID-19) in some scenarios had positive and negative impacts on the housing market. The paper found that the positive impacts include a rise in housing prices, increase in housing supply and reduction in mass evictions in some locations, while the negative impacts are on housing prices, demand and supply, constraints in mortgage return maintenance and delay in the construction of new housing apartments. The paper, therefore, concludes that both positive and negative impacts of the COVID-19 pandemic are felt on the housing market globally. These thereby form a basis for fu...
COVID-19: Housing market impacts and housing policy responses - An international review
COVID-19: Housing market impacts and housing policy responses - An international review, 2022
Two years after the outbreak of COVID-19, this report analyses pandemic impacts on housing systems across a range of high income countries during this period, and documents a range of policy responses relating to housing and homelessness. Our review arises from parallel studies initiated in mid-2020 by the UK Collaborative Centre for Housing Evidence (CaCHE), focused on the UK, and by the University of New South Wales, covering Australia. Mainly undertaken in Q3/Q4 2021, the current study also encompassed six other high-income countries: Canada, Germany, Ireland, New Zealand, Spain, and the US. Country selection was influenced by the need to include jurisdictions comparable with the UK and Australia, while also encompassing diversity in relaion to housing regime type and national governance systems.
INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS), 2025
This study seeks to assess the global effects of the COVID-19 pandemic on the real estate market. The results will offer valuable insights into potential impacts on macroeconomic stability, as well as provide an overview of current trends and existing literature in relation to the real estate market. These insights can aid policymakers, investors, and consumers in implementing measures to alleviate economic disruptions, counter adverse effects, and pinpoint fresh opportunities within the global real estate markets.
Social Sciences, 2020
The COVID-19 (also called “SARS-CoV-2”) pandemic is causing a dramatic reduction in consumption, with a further drop in prices and a decrease in workers’ per capita income. To this will be added an increase in unemployment, which will further depress consumption. The real estate market, as for other productive and commercial sectors, in the short and mid-run, will not tend to move independently from the context of the aforementioned economic variables. The effect of pandemics or health emergencies on housing markets is an unexplored topic in international literature. For this reason, firstly, the few specific studies found are reported and, by analogy, studies on the effects of terrorism attacks and natural disasters on real estate prices are examined too. Subsequently, beginning from the real estate dynamics and economic indicators of the Campania region before the COVID-19 emergency, the current COVID-19 scenario is defined (focusing on unemployment, personal and household income,...
The impact of covid-19 on housing affordability indexes Grenoble, France: a case study
HAL, 2021
On 30 January 2020, the World Health Organisation (WHO) declared that the outbreak of COVID-19 constituted a public health emergency of international concern. Less than two months later, on 11 March 2020, WHO announced that the outbreak had developed into an international pandemic and that the COVID-19 virus is highly contagious to humans. Preventative acts were set in place; some countries went into full isolation and virtually all businesses were closed. The impact of the pandemic manifested almost immediately on several levels. Some of these were expected, such as its effect on healthcare and the economy. Other effects, such as the pandemic’s impact on housing affordability, however, took longer to surface. Soon after the outbreak of COVID-19, scholars of housing began measuring its impact on housing. Several reports and studies were published, most notably “The State of Housing in Europe 2020,” and “Housing Europe’s Annual Report, 2021.” Despite early success in identifying the effect of the pandemic on housing affordability, there remains no systematic method to assess housing affordability indexes. Additionally, most studies on the relationship between pandemics and housing affordability focus on vulnerable groups rather than society in general. Consequently, this thesis seeks to answer the following questions: What affordability indexes are related to COVID-19? What are COVID-19’s direct and indirect effects on housing affordability? How should the pandemic’s impact on housing affordability be assessed? And what lessons can we learn from the COVID-19 outbreak to ease the impact of similar pandemics in the future? By addressing these questions, this thesis works to establish a foundational understanding of the relationship between the pandemic and housing affordability. Put more simply, it investigates COVID-19’s impact on housing affordability indicators in the long term and the short term. Additionally, it brings together the different approaches, methods, and indexes used to study housing affordability in an effort to create a systematic framework that can be employed when specific conditions are met such as data avilability, time and location of the study. This thesis uses both qualitative and quantitative methods to investigate and analyse the relationship between the pandemic and housing affordability; it identifies commonly used definitions and approaches and examines various indexes including the state of the housing market (income and cost), housing provisions (new and existing), and the social composition of the housing landscape. While a set of qualitative tools were deployed to develop the theoretical base of this study, quantitative tools were used to form a systemic assessment framework. Both tools were used to conduct a systematic analysis of the study location on a national scale (the French Republic) and on a communal scale (the city of Grenoble). The outcome of this investigation has been formulated as a theoretical database that defines, describes, and explains pandemics, housing affordability, and the associated costs of pandemics on housing affordability indexes. In addition, a systematic framework has been developed to clarify the methods used to measure the effects of the pandemic on housing affordability in Grenoble, France. More broadly, this thesis aims to bridge the gap in the extant literature and pave the way for future research on COVID-19’s impact on housing affordability and on the methods used to measure the negative costs associated with pandemics. Keywords: housing affordability indexes, COVID-19 impacts, Grenoble
Effects of COVID-19 on Urban Housing Delivery and Affordability in Nigeria
International Journal of Real Estate Studies, 2020
The world economy has been experiencing serious disruption due to the advent of COVID-19 pandemic impacting at both local and global scales. Inquiries, studies and researches are currently ongoing to analyse the impacts COVID-19 has on various sectors of the economy so as to enable stakeholders in policy making understand and come up with adequate plans to develop resilience to the pandemic and ensure sustainability of the several affected sectors in the economy. Housing is one of the fundamental needs of man and has no doubt been affected by the advent of COVID-19 pandemic, especially in the aspect of housing need, space requirement, housing security, housing affordability and security of tenure, housing/property investment and construction. This study reviews various existing studies on the current effects and potential impact of COVID-19 pandemic on different facets of urban housing, and its effects on urban housing delivery and affordability, with a view to identifying fissures or gaps as well as filling the identified gaps and create platform for further studies and contribution to knowledge and academic research. Preferred Reporting Items for Systematic Reviews and Meta-Analyses was adopted with a total of 140 documents retrieved and 79 eliminated using adopted criteria leaving out 61, out of which 30 not addressing subject matter in the study area were excluded from findings; thus, 33 documents including PhD dissertations, MSc. thesis, peer reviewed journal articles, books, proceedings, technical reports and other published articles directly relevant to this paper work were succinctly reviewed. Results show COVID-19 has impacted housing need, space requirement, housing security, housing affordability, real estate investment and housing development. The study also shows that residential, hospitality, retail, offices, industrial and healthcare sectors have different experiences of COVID-19 impact as some are positive like in the case of industrial and healthcare while others are negative.
Impact of the Covid 19 Pandemic on the Global Real Estate Market
Micro, Macro & Mezzo Geoinformation, 2020
This paper addresses the effects and impact of the global pandemic caused by COVID19 on the real estate global market, by presenting the data from the trend of real estate cycles in different countries of the world. All predictions were that after several years of growth across all segments of the real estate market, 2020 was anticipated to confirm this trend. Nevertheless, since late December 2019, a new type of Coronavirus began to spread across the world from China. In February and March 2020, most of the European countries were hit by the pandemic and were forced to impose restrictive measures on their economies and the free movement of citizens. Along the economy, the residential real estate market has also been affected. Undoubtedly, the pandemic caused has a massive impact on financial markets and the economy worldwide. Many investors, property owners, potential home buyers and landlords are therefore asking themselves: Is the Coronavirus crisis also affecting the real estate...
Contagion in the Markets? Covid-19 and Housing in the Greater Toronto Area
Built Environment, 2021
The Covid-19 pandemic has had crucial impacts on housing markets as working from home has become a new normal for certain economic groups. In this paper, we analyse the specific role the pandemic played in worsening the ongoing housing affordability crisis in the Greater Toronto Area (GTA). The GTA has, in fact, been experiencing a housing crisis since the early 2000s. In this paper, we argue that this continuing affordability crisis stems from the economic growth model that was embraced in the late 1990s, and we discuss why the existing market-oriented housing model has failed. The economic growth model of the Toronto region depends on the convergence of the financialization of housing and massive suburbanization. Because of this, the new wave of suburbanization that has accelerated with the outbreak of Covid-19 is not a new phenomenon for the GTA. In the final analysis, we also illustrate that the ongoing Covid-related-suburbanization in the GTA has deepened the housing crisis as the region continues to be less and less affordable.