Tips on buying property during a pandemic – Enness in The National

28th September 2020
Islay Robinson GROUP CEO

Islay Robinson

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GROUP CEO

Islay Robinson

If this world was in any way rational, we would be going through a massive global property market crash right now.

Residential house prices have looked inflated for years – and by rights should have collapsed after the financial crisis in 2008. At the time, global central bankers saved property owners by unleashing massive fiscal stimulus and cutting interest rates almost to near zero, triggering yet another boom.

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying a property in today’s market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying a property

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

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