Fractionalization of time and location too. We are more untethered to one place than ever and our time is never truly set anymore.
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Fractionalization of time and location too. We are more untethered to one place than ever and our time is never truly set anymore.
That is very true. My theory is that we will see the globalization of real estate similar to what we saw with manufacturing. People will be able to select the lowest cost areas since they can work from anywhere.
This will cause a great deal of disruption in the real estate market.
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This was actually starting to happen back in 2018 and 2019. Real estate investment is becoming much easier, even for those living in a different country than the real property itself. Cali, Colombia was interestingly one of the big hot spots for short-term rental investors (new developments) and investors are from all over as one notable firm was accepting investors into their group using YouTube videos as a way to attract prospective investors.
Flexibility is critical too. Arguably, the hottest vehicle prior to the pandemic was the Mercedes Sprinter, it was just so hard to get one and dealerships finally were partnering with small businesses to customize the vans as living/working spaces.
People will not only flock to lowest cost and tax burden, but also where they want to be (or not want to be) during certain times of the year.