5 REAL ESTATE MARKET TRENDS FOR 2024

The real estate market undergoes constant change every year, with a number of factors converging in a sandy arena that are driving transformations that are reshaping and redefining the way we buy, sell and live in general.

Looking at the trends that will shape real estate in the coming year, we can see a very dynamic landscape, with the annual evolution of the industry being driven by a variety of influences; changing cultural preferences, adjusted demographic needs and the integration of new smart technologies. These trends reflect the response to shopper needs and expectations.

So, if you want to know the 5 trends that will set the tone for the industry next year, here they are. 

1. Diversification and new asset classes. Asset diversification will be crucial by 2024. Real estate companies must be ready to guide investors in discovering new asset classes, supporting them to make informed decisions and take advantage of this emerging terrain.
2. Increased interest in residential housing. Real estate investors will continue to focus primarily on residential housing rather than commercial properties, and this preference is expected to remain significant until 2024.
3. Entry into force of the New Housing Law with tax incentives to promote investment in the rental market. They include personal income tax deductions for homeowners who rent their property on a long-term basis. These tax measures can be beneficial for investors, improving the profitability of rental investments.
4. Rise of New Housing Solutions. Projects such as "coliving" or "cohousing" are gaining prominence to meet the housing needs of the young population. There is also an increase in "senior living", being one of the most important priorities for 2024, so it will be appropriate to build taking into account what kind of amenities a retired person needs. Factors such as the ability to create a community and the social relationships that can develop between people of the same age can be very attractive.
5. Home automation and connected homes. Smart homes have become a trend in the real estate market due to the benefits they offer in terms of security, energy efficiency and comfort. It is estimated that by 2024, 20% of homes (new and existing) will have some kind of connected device, which would represent a 300% growth compared to 2020.

In short, next year's real estate market looks set to be an exciting and diverse terrain, where adaptability to these emerging trends will be the key to success. Against the backdrop of this fascinating landscape that 2024 holds, we at JJ Properties recognise the importance of staying at the forefront of these evolving trends and, as a real estate company committed to innovation and excellence, we would like to invite you to be part of this transformation. Whether you are an investor looking to diversify your asset portfolio, or you are in search of the perfect home to suit your needs, we are here for you every step of the way.