Are you on the lookout for buying a new property this year? If so, you may want to understand the current market situation. In the midst of the ongoing pandemic.
To make it easier for you, our experts have analyzed the current market situation. They have considered several factors like business trends, buying and selling patterns, and industry insights to conclude their findings. So, let’s look at them and make your property buying decision easier.
Housing property market trends for 2022
Property consultant Knight Frank India has recently released a report revealing how property prices are likely to surge by 5% during this year. According to them, the previous year saw buying and selling remaining affected due to the pandemic. However, things will improve on both residential and commercial fronts in 2022.
The report further elaborated that the preference of home buyers will be for bigger properties that offer better amenities. Buyers will want to invest in a property that offers a serene and healthy environment along with the access to all the ultra-modern facilities necessary for a holistic lifestyle.
Buyer demand for housing properties in 2022
With offices resuming physical operations, people who had migrated to their towns will also have to return to cities. It will directly increase rental value of houses and will also promote the boost in rates of new properties. As the past few years have been pessimistic for many, the new hope will change the tide for the better.
Home loans offered by financial institutions and the ease of getting them now will be another factor, besides that, the economy is also experiencing recovery that can have a sizable impact on property demand and prices.
The recently announced finance budget too had provisions for subsidies under the Pradhan Mantri Awas Yojana (PMAY) scheme. A total of 48,000 crore rupees were allocated under this head. All these factors will likely lead to an increased demand for real estate in the coming months.
Is it the best time to buy a house now?
It is a good opportunity for buyers who want to move into more spacious homes. The affordable prices available now might not last for more than a few months. As the demand picks up, the offers will also likely come down.
Another factor to consider is the rising prices of raw materials in the construction space. It will directly impact property prices as the cost of raw materials goes up. You can expect the housing prices to get impacted by at least a few percent. It thus doesn’t make any sense to play the waiting game.
If you want to buy a property, “Now” is the best time to jump into the market. Starting early is the key to getting the most returns on your investments.