Tevfik Arif shares his take on the post-COVID-19 real estate market in New York City

The global economy was heavily affected by the COVID-19 pandemic. In this article, businessman and real estate expert Tevfik Arif shares just how much of an effect the pandemic had on New York City’s real estate market, in particular.

The global economic effects of the COVID-19 pandemic spread to many industries and even life at home. Household items became scarcer and more expensive, large industries had huge drops in revenue and market share, and tons of money was poured into staying healthy and safe in confined spaces.

Tevfik Arif shares valuable insights in this feature from his direct experience in the industry before and after the pandemic’s peak. There were many stages of effects that COVID had on New York City and the world. The problems business owners and families endured throughout the last few years appeared especially extreme in New York City due to its business-centric landscape.

NYC real estate pre-COVID, Tevfik Arif describes the setting

Tevfik Arif has collaborated on and run many real estate projects in New York City and worldwide. He is a trusted and reliable figure in the real estate scene. With his understanding and experience in the field, Arif shares unique insights that pique conversation and raise questions that give a broader perspective on the market before, during, and after the pandemic.

Right before the pandemic hit, New York City was a bustling center experiencing immense growth and economic advantages. Arif says that the city has always been known as a place that never stops growing physically, but also economically. The “land of opportunity” was always ingrained as part of the New York City culture. People moved to the city in a heartbeat, looking to it as a source of inspiration.

Arif reminds us that some of the advantages in the pre-COVID city included a strong job market, lower interest rates, and many self-starting opportunities. Real estate investors were also extremely intrigued in benefiting from NYC’s strong housing and hospitality markets. Steady growth and projected appreciation were huge advantages, as well.

The true impact of COVID-19 on the NYC real estate market, persistence through tough times

There were many uncertainties in New York City once COVID-19 became a worldwide issue. Especially in the real estate market, there were downfalls that no one expected. It was a thriving industry, going nowhere but up. Although times now are better than in the thick of the pandemic, investors and developers are still problem solving and asking further questions about the future.

Many real estate deals in NYC fell through due to business lockdowns, social distancing, and acclimation to a more digital reality. Moreover, remote work became more popular, and the need for certain properties decreased. More apartments became available in the area either due to major move out rates or city people looking for more spacious living quarters due to the new work-from-home circumstances.

Arif’s projections for the long-term

Tevfik Arif says that the number one element to keep in mind regarding post-pandemic change is market trends. While COVID-19 provided unique challenges to the market and economy, moving forward with success is the primary goal. By understanding market trends and necessities, real estate can once again become the thriving sector it was for so many decades. He says the market is steadily growing again, and buyer activity is projected to rise.

While remote work and other outcomes of the pandemic persist, now new housing and business buildings are on the rise. While many people now have more flexible schedules, going back to the office or traveling for work is increasing in popularity. Arif has worked in the hotel and real estate industries for quite some time, and he is happy to see people traveling and creating meaningful business relationships in person again.

Now, real estate may have a bigger focus on sustainability. Arif states that although COVID-19 provided major challenges, there are also amazing factors that sprouted in this time. New buildings are now including more wellness rooms, outdoor spaces, contactless amenities, and improved ventilation systems. Security and other safety measures have also been streamlined with more advanced technologies built into hotels, workspaces, or living places.

The long and uncertain journey provides positives

Despite the long and uncertain journey COVID-19 brought to the real estate market, there are some major positive outcomes. New York City is once again a thriving place to consider investing in real estate. Not only does it benefit people living and working in the city, but overall, new real estate developments uplift the city in terms of tourism, business, and growth.

Tevfik Arif has a positive outlook on New York City’s future in a post-pandemic stage regarding real estate. With developments continuing on, he is hopeful that the city will find its original magic and continue to provide many with abundant opportunities.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes