A research firm, Independent Investment Research, recently released a statement saying that the present environment has the potential for investors to make their fortunes by creating value in downtrodden companies who have been affected by the coronavirus. Whilst his statement was referring to the stock market, the same is true for the property market.

While the overall property market has held up remarkably well, there are still areas that have been affected. And these areas are an opportunity for investors to buy low, add value, and make a tidy profit when the market recovers.

Buying in areas such as a tourist hub that have been most affected by the restrictions is an obvious example of this. Vendors are likely open to reducing their asking price for faster settlements, and if you’re able to ride out the lack of rent in the interim, gains will follow when the market recovers.

Value add activity such as renovations and property development are further examples of great opportunities within the current market. Consider this: If a property is going to be untenanted for a period of time, that’s an ideal time to pivot and conduct renovations or develop the property to improve value. In the case of properties used for short-term stays, by the time international restrictions are lifted and tourism is back to normal, you could have improved the overall desirability and hence demand—resulting in increasing your rental income.

These are just a few examples of how forward thinking investors are taking advantage of current market conditions to add value and reap the rewards on the other side of the current crisis.