A pandemic is difficult for everybody to deal with. But when circumstances become very tough, we find out what we’re really built of.
Housing market has shown incredible resiliency as a business. Reports suggest that determinants, and critical elements that will drive global real estate market ahead in the coming year.
The king is the homebuyer
“Coronavirus epidemic hit mankind like a ton of bricks. Though this resulted in an unavoidable and unforeseen halt in site observations, also it resulted inside the world population overall immediately appreciating the value of residence. People understood how their house is their first and greatest defence against the uncertainties of the external world when the entire planet fell under lockdown mode. People began employees to work from home, and children began to learn from home… Everyone understood they had new expectations and requirements from their house now. People required bigger space, good management, and residences that provided comprehensive lifestyle choices
“Real estate business has performed admirably. New developments also werelaunched and developed with the changing requirements of purchasers in view, with the house buyer just at forefront of all design and planning. This, along with other appealing incentives including such postponed payments, simply reduced payments, EMI vacations, free house furnishings, developer-paid stamp duty, and group discounts, is set to increase in the future fiscal year. And besides, the epidemic isn’t over yet, and a house buyer must take advantage of the incredible possibilities to purchase a home that is tailored to his specific requirements and made affordable to acquire thanks to all of the perks.”
Low interest rates on house loans
Dr. Goel goes on to say, “The Coronavirus epidemic occurred during a time when home loan interest rates were at an all-time low. The Reserve Bank of India maintained its liberal posture throughout the year, keeping Priced as low as 4.25 percent. This has a significant influence on housing loan approvals, and rates of interest on house loans stayed low. Most public and private sector banks’ house loan rates stay in the region of 6.50-9.50 percent, making it quite reasonable for the middle class, who comprise the majority of prospective home purchasers in India.”
Attractive return on investment (ROI)
“One thing is undeniable. Property market is on the increase and is accelerating. According to CBRE’s newest research, India Market Monitor, continued competitive lending conditions and government incentives are driving massive house sales. Housing sales increased 46 percent quarter over quarter to 50,000 units in the third quarter of 2021 (Q3 2021), and an impressive 86 percent year over year. As a result, despite the obstacles and instability caused by the pandemic, the residential sector has shown remarkable resilience and will continue to soar in the coming fiscal year. As residential prices are expected to rise in the near future, this trend of strong and recovering demand will provide a considerable return on investment.
Best opportunity to invest?
“According to real estate specialists, now is the finest moment in a generation to invest in property. Having costs at its minimum and a flexible financing arrangement, there should be no more hesitation in making a purchase. We must also warn that this happy era may not continue long, as once the market has completely recovered, values can skyrocket, forcing homeowners to pay up to 30% more than current prices.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.