The current article is about the condition of the properties, real estate, and economic condition of the specific state of the United States of America. Due to Covid, the pandemic state creates the lockdown condition all over the country. Also, the authorities on the order of the government, suggested as well as guided the property owners to don’t force the people to vacant their property. Along with-it government also implemented some rules, according to them no property owners can insist any of their tenants vacate the property, because of the lockdown all of the employments and businesses are impacted badly.
Impact of Covid on Property Businesses (USA):
According to the report that is issued by a well-known organization, which is named as STATISCA, they described that very few businesses are those that can be able to do manage the impact of the Covid 19. Most of the research on the property is usually divided and calculated based on the 6 divisions.
Following are those divisions that are being considered to get the impact of the Covid.
As it can be seen that these 6 sectors of the property have different requirements and protocols according to their need for the investor, that’s why it is also affected by the Covid 19. The following graph will also elaborate that the type of property affected seriously by the Covid.
For example, 76 and 62 % of the retail and office-based properties have been affected the reason is the lockdown, because of the lockdown people are not allowed to do the travel or come out from their homes.
Impact of Covid on Property Businesses In Nassau County:
Nassau County is considered as the home to the pocket of the even greater wealth. That is why it has the greater contribution to the economic growth of New York i.e. USA. The state of the lockdown affected the people as well as the business of the people. Because of that the investment in the area also become down, which is a major red light for the economic condition of the County itself, as well as for New York. For the survival of the businesses although the government has taken some serious steps, for example, provided the public to have easy access to the vaccination, which is beneficial for the public to stand up again, against the Covid 19. In this way, the people can return to the businesses easily.
If the pandemic is still spreading all over the world, without people there is no business, remain. In the following graph, it can be seen that how the pandemic affected Nassau County. In the July of the previous year, the condition becomes quite good because of the season of Nassau County and the lockdown state in the whole country. While on the other hand in January again Covid gets the Peak and till July it is becoming down. But in the current case, the lockdown is not the main cause of the decline of the Cases but the Vaccination of the people of Nassau County,
Impact of the Vaccination on Nassau County:
According to the government of Nassau County, about 85% to 90% of the public and officials have taken their first dose of the vaccinations and very few cases are those that are facing the corona symptoms again.
Vaccination and Businesses:
It also positively affects the businesses, now people have the motivation and way to get out from their homes, and do their daily tasks with less risk. While in the previous days the pandemic creates a huge increase in the rates of the properties, the reason is because of the shortage of labor and all type of other kinds of stuff, that makes the building of any property nearly impossible.
But over time the pricing that is increased up to 20 to 24 percent are falling to 10 percent and in near future, it is expected that the prices will be normal once the phase of the pandemic is over. According to some reports, the control phase of the pandemic is almost started, once every person is vaccinated there are chances that all of the businesses become on track. Different countries make their states mask-free, in other words, they almost get rid of the Covid.
Impact of Covid on Property Businesses In Suffolk County:
Suffolk County is also situated in New York, on the most eastern long Island. It is considered the 30th richest County in the country. In the period of the lockdown, the people, as well as the business of the people, are seriously affected. The potato business is famous in the area, but the investment in the area also become down, which was major risk light for the economic condition of the County itself as well as for New York.
Along with the other businesses of the county it also has the investment in agriculture, which can be seen in the USA economy graph, is less affected. But still, like the county, it has some major impact as well as the circumstances on the general public and economy of the county.
In the following graph, it can be seen that how the pandemic affected Suffolk County. In the July of the previous year, the condition becomes quite good because of the summer season of Suffolk County and the lockdown state in the whole country. While on the other hand in January again Covid gets the peak and till July it is becoming down. The vaccination of the people of Suffolk County is also improving. Also, the medical condition of the people of this county was quite better that’s why fewer people than Nassau County were infected by the Covid virus.
Vaccination and Businesses:
The vaccination has a good impact on businesses, now people of Suffolk County can do the business in a normal way after the complete vaccination, still, they are following the SOPs of the Corona that is provided by the WHO.
So it is the right time for the investors to invest in the property businesses because it is expected that the phase of the pandemic will be over soon. After that the market of both Suffolk County and Nassau County become valuable.
