The COVID-19 Impact on Real Estate Developers

COVID-19’s influence on the real estate industry goes beyond buying, selling and renting.

For real estate developers, they have had to pivot original plans and expand their methods to adapt to the changing times. For Valor Capital’s CEO Moises Agami, that meant prioritizing health and safety.

“We saw an opportunity to lead in innovation by providing for healthier spaces, focusing on wellness and quality. For example, we created a touchless entry system from your vehicle through the elevators and building to your front door without touching anything. We are providing each unit with an independent air intake so as not to share air with the rest of the building. We included top-of -the-line air and water filtration and protection systems, as well as stringent cleaning and sanitization protocols. And finally, we are including solar energy panels to reduce the cost of the increased electrical usage people have by staying at home for extended periods of time,” said Agami.

Designs that worked prior to the pandemic are now obsolete, Agami said. “Architects and engineers must implement solutions that will allow for a strong pandemic to pass by without affecting the community at large. It is a lot of work, but it must be done.”

Even as more and more Americans become vaccinated and things slowly return to some version of “normal,” Agami predicts some of these changes are here to stay.

“Even though COVID-19 will pass, and life will return somewhat to what it was before, it is our responsibility to care for the needs of residents for the next 100 years. We must plan and act for the future, not only for COVID-19,” said Agami. “We find buyers are very excited about these changes and many see that through the use of technology we are providing for a cleaner and healthier environment than they ever expected a condominium could have.”