Property market trends: What to expect from buyers in 2024
The real estate market is always subject to change, and in 2024 we can expect many interesting trends that will shape buyer behaviour. Economic conditions, new preferences and regulatory changes will all influence supply and demand in the property market. In this article, we look at the key trends that are likely to shape buyer preferences in the coming year.
1. Demand for homes with improved energy efficiency
One of the major trends in 2024 will be the growing interest in energy efficient and environmentally friendly properties. Modern buyers are increasingly looking at sustainable solutions such as homes with energy-saving technologies, solar panels, good insulation and efficient heating systems.
These changes are not only due to a desire to reduce utility costs, but also to an increased consciousness of the importance of the environment. In 2024, we can expect buyers to be willing to pay more for homes that help conserve resources and reduce their carbon footprint.
2. Flexibility in layouts and spaces for remote working
With the shift to telecommuting and hybrid working patterns, many buyers will start looking for flats and homes that can easily adapt to changing needs. Spaces that allow you to comfortably work and live at the same time will become especially sought after. These may be flats with separate work areas or houses with rooms that can be turned into offices.
In 2024, buyers will favour properties with more open and functional layouts that can support flexible lifestyles, especially as the boundaries between work and home increasingly blur.
3. A resurgence of interest in suburban property
In recent years there has been a trend towards moving to suburban areas and country properties, and this trend will continue to grow in 2024. After the pandemic and travel restrictions, many people have realised the value of living away from the hustle and bustle of the city. Spacious homes with plots of land and good ecology are becoming increasingly popular.
Buyers will not only be looking for comfort and privacy, but also accessibility to infrastructure, convenient transport and the ability to work from home. Suburban property will continue to attract those who are looking for harmony between nature and urban civilisation.
4. Growing interest in the rental market
In 2024, we can expect to see an increase in interest in the rental market from both buyers and landlords. Many people, including young people and professionals with flexible working hours, prefer to rent rather than buy. This is due to increased mobility, uncertainty about the future and a desire to reduce financial risks.
In turn, property owners will be more attentive to the condition of their homes, focusing on the growing demand for quality and well-maintained rental properties. Renting in new and renovated houses or flats with good conditions will become more and more in demand.
5. The impact of new technologies and digitalisation
In 2024, buyers will increasingly use digital tools to find and buy property. Online platforms for viewing properties, virtual tours, augmented reality - all these technologies are becoming part of the familiar home buying process.
Buyers will expect convenient and secure digital services from estate agents that allow them not only to explore homes but also to close a deal without face-to-face meetings, which is especially important in an environment where remote interactions are becoming the standard.
6. Attractiveness of property in large cities and their suburbs
Uncertainty in the economy and social sphere also affects buyers' preferences. In 2024, it can be expected that interest in property in large cities will continue, especially in megacities such as Moscow, St. Petersburg and other major cities. However, a significant proportion of buyers will start looking for housing in the suburbs, where property costs are lower and quality of life is higher.
Hybrid living patterns, working from home and accessibility to infrastructure are creating new opportunities to move to areas that are quieter but not remote from major cities.
Conclusion
The year 2024 will bring many changes to the property market. Demand for energy efficient housing, flexibility in layouts and demand for out-of-town properties will all influence buyer preferences. Importantly, buyers in 2024 will not only be looking for comfort and convenience, but also for technology that will ensure quality of life and reduce costs in the long term. Real estate agencies and developers should take into account these changes and adapt to the new market requirements.