The real estate market is always changing, and several revolutionary developments in 2023 are expected to completely reshape the sector in 2024. These developments, which range from changing consumer tastes to technology breakthroughs, have permanently altered how we view and interact with real estate. For the industry to move forward, it is crucial to look back. Some of the trends include:
Transformation Driven by Technology: This year, technology continued to alter the real estate business. Virtual reality (VR) and augmented reality (AR) have increasingly been used in property displays. The ease and effectiveness of the property hunting process increased by these cutting-edge technologies, enabling prospective buyers to tour properties from the comfort of their homes virtually. With the promise of more secure and transparent real estate transactions, blockchain technology for safe transactions has gained traction.
In 2024, we should anticipate even more advanced technological solutions to optimise workflows and provide individualised experiences for consumers and sellers. Algorithms utilising artificial intelligence (AI) could be more important in market analysis and property assessment because they offer a more in-depth understanding of potential investments.
Growth of Eco-Friendly and Sustainable Properties: There was a discernible increase in demand for eco-friendly and sustainable homes in 2023. Eco-aware purchasers looked for homes with smart home technologies that minimize carbon emissions, eco-friendly fixtures, and energy-efficient amenities. Growing awareness of climate change and a desire for greener living environments further boosted this trend. Daykio has implemented a green initiative in its properties such as Tumaini and Koma View Estate, by holding tree planting events to ensure the homeowners and investors of these projects are sustainable friendly and enjoy green spaces. We will continue the green initiatives to ensure all our clients and prospective landowners profit from our sustainable practices.
This trend is expected to continue in 2024, as developers and builders put a higher priority on sustainability in their projects. The incorporation of renewable energy sources, such as solar panels, and the deployment of eco-sensitive designs are likely to become normal practices, appealing to a greater range of environmentally concerned purchasers.
The Impact of Remote Work on Housing Preferences: In 2023, housing preferences were
greatly impacted by the shift towards remote work, which was hastened by the global pandemic. A growing number of people requested larger homes with designated home offices, stressing the need for adaptability and utility in their living spaces. As a result, suburban and rural areas experienced increased demand as people sought more space and calm away from urban centres.
Our properties are ideal for suburban living, with ample amenities and infrastructure that ensure residents escape the hustle and bustle of urban life while enjoying city life perks. This tendency is foreseen to continue in 2024, with customers’ decisions still being influenced by remote
employment. Real estate developers may focus on building flexible living spaces that appeal to work and recreation, emphasising adaptive design and facilities that allow remote work arrangements.
Problems with Affordable Housing and Creative Solutions: Housing costs continued to rise in many areas in 2023, making access to affordable housing a persistent concern. This discrepancy in housing costs and income levels sparked talks about creative solutions, such as developing more affordable housing options, promoting community-driven efforts, and investigating alternative construction methods to lower building costs.
The resolution of affordable housing challenges will continue to be a top priority for real estate players and legislators in the upcoming year. When it comes to closing the affordability gap and opening up homeownership to more people, cooperative efforts and creative approaches are
going to be crucial.
As we approach 2024, these factors will continue to reshape the real estate industry, fueling innovation and changing buyer expectations. To prosper in a market that is becoming more and more dynamic, industry stakeholders will need to adjust to these changes. Undoubtedly, embracing technology, sustainability, affordability, and flexibility will continue to be crucial in determining how real estate develops in the future. The transition from 2023 to 2024, is expected to be revolutionary, creating the foundation for a real estate sector that is more progressive and
inclusive.
At Daykio, our innovative approach to these trends is present in our green initiative, tree planting events, and our properties’ strategic location to support suburban living. Our mission is to make real estate affordable and accessible, and we continuously strive to implement this by providing
financing with our financial partners for those in the diaspora and back home. We have also ensured that our properties have flexible payment plans and MoU partnerships with employers for our clients to begin their real estate venture sooner rather than later.
View our property listings here and begin your real estate journey with us:
https://daykio.com/daykio-plantations/property-listings/
Contact us at 0718180064, on WhatsApp at 0732686943/ 0791800851 or at sales@daykio.com for any queries.
