Real estate and telecommuting: a new deal for buyers

The rise of telecommuting, accelerated by the Covid-19 pandemic, has profoundly transformed the real estate market. Whereas in the past, proximity to the workplace was a decisive criterion in choosing a home, today's buyers place increasing importance on quality of life and the space available at home. These changing preferences are having an impact on real estate prices, creating new geographic dynamics and modifying purchasing strategies. This article explores how telecommuting influences buyers' choices and the evolution of the real estate market.

1. Teleworking: a shift in buyers' priorities

Before the pandemic, living close to work was essential for many employees. Large metropolises, with their dynamic business centers, attracted thousands of workers who preferred housing close to the office, even if this meant sacrificing space or accepting high prices. But with the rise of telecommuting, this paradigm has changed.

Today, the need to travel to the office on a daily basis is no longer a priority for many professionals. Some only travel a few days a week, or even a month. This new working model enables buyers to broaden their geographical horizons. Quality of life is becoming an overriding criterion: green spaces, peace and quiet, the size of the home and the possibility of having a space dedicated to working at home are now central concerns.

2. A new geography for real estate demand

One of the most visible consequences of the telecommuting boom is the changing geography of real estate demand. Outlying and rural areas, once less sought-after, are experiencing a revival. Regions previously spared from real estate pressure are becoming increasingly attractive, especially those that combine a pleasant living environment with good Internet connectivity.

Medium-sized towns, offering a compromise between urban life and tranquility, are becoming increasingly attractive. The opportunity to telework while enjoying a lower cost of living than in major metropolises is attracting families and young professionals. As a result, prices in these regions are rising, sometimes significantly. For example, towns such as Angers, Poitiers and Annecy have seen their real estate prices rise due to increased demand from new residents, eager to leave the big cities while retaining a good quality of life.

3. The impact on real estate prices

The rise of telecommuting has also had a contrasting impact on real estate prices. On the one hand, major metropolises, traditionally in high demand, are seeing prices stabilize, or even fall slightly in some areas. Cities such as Paris, London and New York have seen their markets regulate, as buyers turn to more outlying areas or medium-sized towns.

On the other hand, rural and suburban areas, hitherto more affordable, are seeing their prices rise. This is due to a combination of factors: the scarcity of available property, the influx of new buyers, and improved infrastructure, particularly digital, making these areas more attractive for telecommuting.

However, this redistribution of demand is not uniform. Regions offering an attractive living environment, quality services and a good Internet connection are the main beneficiaries of this dynamic. Conversely, isolated rural areas with poor connections and no services continue to stagnate in price terms.

4. A change in property selection criteria

With telecommuting, property selection criteria have changed. Whereas before, proximity to public transport, schools and shops was paramount, buyers are now looking for homes offering more space and a better quality of life.

The demand for houses with gardens has exploded, as has demand for larger apartments with balconies or terraces. The ability to create a work space at home is becoming essential. Many homebuyers are now looking to set up an office in their own home, whether it's a dedicated room or an office area in the living room. Acoustic comfort and soundproofing have also become important criteria, especially for families where several members telecommute at the same time.

5. Implications for the future of the real estate market

Telecommuting is not just a passing trend. While its mass adoption was triggered by the pandemic, it has now become a permanent part of many workers' daily lives. This transformation implies a reorganization of the real estate market, which must continue to adapt to buyers' new expectations.

Real estate developers must now integrate these changes into their projects. Housing design is evolving to offer more space, flexibility and work-at-home environments. Cities, for their part, need to think about how to attract these new residents, by investing in infrastructure, services and connectivity.

In conclusion, the rise of telecommuting has profoundly altered the preferences of real estate buyers, redefining market dynamics. The search for comfort, space and quality of life is now taking precedence over proximity to the workplace, creating new opportunities and challenges for the real estate sector. This new situation is likely to continue to influence the market in the years ahead, paving the way for new investment and development strategies.