Like many other areas of the economy, the property market has adapted to the challenges brought about by COVID-19.

There’s already been an acceleration of the trend to streamline the way we buy, sell and advise on transactions by adopting new technologies. The latest software enables potential buyers to take virtual tours – even using drones – while vendors are being encouraged to take photos and videos of their properties.

Watch or read some of our observations on how the luxury property market may be impacted in the longer-term.

Over the longer term, the way we use property is likely to change as a result of the pandemic. With air travel unlikely to be back to normal until 2021, homes that are easy to reach by road or rail look more attractive. European cities with lots of parks and open spaces, as well as those that offer quick access to the countryside, have particular appeal.

The lockdown has encouraged many of us to reassess our priorities. Families that have come together under one roof have rediscovered how important it is to have a safe place to sit out the pandemic. There’s already been increased interest in properties in rural areas with more outside space, which provide the perfect escape for large families.

In the commercial space, there are questions about the future of the office now that so many of us are working from home. Sustainable investing is also likely to be an increasingly popular theme as businesses look to rent or buy the most environmentally friendly buildings they can find.

The size and shape of the commercial real estate market continues to change. The transition away from the three traditional sectors of office, retail and industrial to alternative properties is likely to gather pace. This shift is creating many other opportunities for investors – from warehouses for online sellers to student accommodation and a wide range of buildings for the healthcare sector.

Global capital flows into residential and commercial property have been significant over the past four to five years. However, in the short term, travel restrictions are likely to encourage investors to look for opportunities in their domestic markets rather than overseas. Those with cash ready to deploy will be in the best position to react quickly as opportunities arise.

Seek specialised advice

Real estate offers a sense of comfort when looking to preserve and grow wealth. Whether buying a second home, an investment property or giving your children a head start in life, there’s a lot to think about – particularly when you haven’t grown up in the country where you are purchasing. Every jurisdiction has its own regulations and taxes, depending on how you intend to use the property and eventually either sell or pass it on.

It’s important to consider your financial goals and explore the various options with your professional advisers so you can structure any purchase in the best possible way. At J.P. Morgan, we’re finding solutions to help you navigate today’s challenging environment, ensuring you are driving efficiency from both sides of your balance sheet as well as taking advantage of low interest rates as we have the capability to finance high-value residential real estate in certain jurisdictions.

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