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COVID-19 afflicted every country on the planet. It caused severe consequences and many businesses closed. The income of the population has decreased significantly, which affects the decision to purchase real estate.
A "discount" war could be observed on all completed projects in 2021. Developers tried to implement completed projects with an immediate transfer of ownership.
The situation improved in the third quarter of 2021; when developers started launching new projects. Most of them are low-rise housing projects. The share of condominiums declined substantially.
Low-rise housing buyers are real potential residents, while condos are often a buy-to-invest type of property, with the aim of making a profit. Developers make less profit from low-rise buildings than from condominiums. But the income is quite sizable because of the high demand for this type of housing.
Entrepreneurs who develop both housing and condominium projects still gain income and profits that have not declined much over the past 2 years.
Large developers with these types of projects continue to increase their share of low-rise projects in order to generate income and decrease the number of condominiums. These developers did not suspend their activities during the pandemic.