After the era of the pandemic, led by COVID-19, during which the world experienced an unexpected shutdown. Thus for an extended period, and the growth was nearly zero, real estate consultant developers and investors have realized that the possibility of people returning to offices is questionable. Business owners and employees have realized that they can work comfortably from home without any problems.
Which makes it a more reliable option. Thus, a lot of changes have occurred in the real estate sector.
Therefore, New Way Real Estate brings you this blog on 7 emerging trends in the housing market
Remote Work Revolution
You can notice a substantial amount of rise in demand for the increasing preference of suburban living.
Due to the rise in demand for remote work arrangements. Individuals are now opting to move away from crowded urban centers in search of more space and affordability.
You have to thank the work flexibility provided by companies for remote areas, leading to the rise in demand for suburban homes and flats.
Sustainable Living
As the younger generations become aware of environmental issues, that are leading to global warming, there is a considerable rise in demand for sustainable and efficient homes. This demand is growing with the best real estate agency in Kolkata. The young generation is prioritizing eco-friendly homes over luxury homes, with features such as solar panels, smart thermostats, and energy-efficient appliances being the most desirable components in furnished homes.
Thus a very important point among the emerging trends in the housing market
Health and Wellness Design
Due to the impact of COVID-19, there is a rise in awareness about the importance of health and wellness in the built environment. Today, homebuyers are prioritizing features such as outdoor living spaces, gyms, and air purification systems in their flats in Rajarhat. These new designs are growing in demand for healthy living spaces, and builders are incorporating these elements to serve a wider demographic.
Rental Market Dominance
Due to the relocations of many people from one place to another, they are choosing rental properties over homeownership because of their jobs.
Many factors contribute to the growth of rental markets, such as student loan debt, changing attitudes towards homeownership, and the flexibility of renting. Investors are pouring money into rental properties to drive up the rent in markets.
Multigenerational Living
Today’s young adults and children prefer multi-generational living with their aging parents and children.
There are many factors such as their parent’s health issues, and safety concerns for children, which will be embedded in the future. Thus, the builders are preparing new designs and amenities to accommodate every generation according to their needs.
This is another very important point among the emerging trends in the housing market
Preference for Flexible Spaces
The younger generations prefer open living spaces or floor plans that they can customize according to their needs
Thus not want 3BHK flats in Kolkata designed for specific purposes.
Inclusive Design
Today’s home buyers prefer diversity and inclusivity in their housing design and development. They want accessible features for people with disabilities and culturally sensitive design elements.
Thus there is growing recognition of the need to create housing that meets the needs of every individual community. This is another very important point among the emerging trends in the housing market
Conclusions
As we conclude this blog, the real estate industry is undergoing a significant transformation, driven by factors such as remote work sustainability and changing demographics.
With this knowledge, friends, real estate investors, developers, and policymakers can navigate the evolving landscape to create homes and communities that meet the needs of today’s and tomorrow’s new generation of buyers.
So these are the 7 emerging trends in the housing market
Frequently Asked Questions
How is the real estate market in India currently?
It is said that the real estate market in India is estimated to be worth 0.33 trillion USD by the year 2024 and is expected to reach 1.04 trillion USD, with a growing compound annual growth rate (CAGR) of 25.60% during the forecast period from 2024 to 2029.
What is the future of real estate in India?
It is very safe to invest in the real estate market in India because industry experts believe that the market will expand at a rate of 9.2% between the years 2023 and 2028.
Will property prices fall in 2024 in India?
It is expected that there will be at least a 12% increase in the real estate market price.
This hike can be seen from the year 2024 due to divergent trends across micro markets and property categories. These include the areas of Whitefield in Bangalore, Wagholi in Pune, and Gachibowli in Hyderabad.
Will real estate boom again in India?
It is expected that the real estate market will experience an increase of 10 to 15% in sales.
Thus reaching over 3 lakh units. Industry executives and analysts are optimistic about this sustained growth.