23 Jun Are Luxury properties in high demand post pandemic?
As the country moves closer to a post-pandemic future, future trends will undoubtedly favor larger, more comfortable spaces. Despite the COVID-19 pandemic, demand for luxury homes has increased, and the real estate sector in general, and the luxury segment in particular, will benefit from the new year.
Luxury home demand has always been high, and it has increased in the post-COVID-19 era. For obvious reasons, many people are actively considering relocating to luxurious vacation homes now that remote working has become the “new normal.” What was once an aspirational “want” has evolved into a “need” for a safe and secure environment
The novel Coronavirus pandemic has sparked a surge in demand for luxury vacation homes.
The sincere desire of buyers to escape the choking, polluted, and hectic city life and recharge in a serene space in the midst of nature is what has made holiday homes or dual homes such a popular trend today and will continue to be so in the future.
Buyers also want their own vacation homes because they want social isolation, health, hygiene, safety, and comfort all in one place. The real estate industry has repeatedly proven to be a desirable asset class with higher relative returns at properties like Vivansaa Cellandine Pune.
Luxury housing will continue to evolve in the future, with sustainability and exclusivity playing a key role in this new paradigm shift. Previously, luxury was a major consideration when choosing a location; now, it will all come down to safety and privacy. Outdoor spaces that have been thoughtfully designed will stand out from the crowd because they serve as an extension of your home and an additional living area, allowing you and your guests to enjoy the outdoors in comfort.
Non-Resident Indians are Keen in Investing
Due to a variety of factors, Non-Resident Indians (NRIs) are once again showing strong interest in luxury residential real estate, which has made the last few months the best time to invest in a home after rising instances of delays and consumer activism had impacted sales in this segment in recent years.
According to the most recent consumer survey conducted by ANAROCK, at least 73 percent of NRIs now prefer properties priced between Rs 90 lakh and Rs 2.5 crore.
The second wave of COVID-19 has slowed both rental and buyout transactions in residential properties. The residential market, on the other hand, is expected to recover once the second wave has been contained. Statistical study says that in terms of sales,2021 will be a better year than 2020.
What effect will the second Covid wave have on residential home rentals and sales?
The second wave has caused lockdown in many cities and slowed the volume of rental and sale transactions. Video walkthroughs and virtual meetings, on the other hand, allow people to view and shortlist properties. Now that people understand they must live with corona for at least a year/until everyone is vaccinated, there has been a significant increase in the number of tenants and potential buyers looking at properties online. There has also been an increase in the number of owners who have posted video tours of their listings.
What is the rate of increase in residential sales in the major cities?
Sale transactions increased by 41 percent and 47 percent in Bangalore and Chennai, respectively, while they increased by 52 percent in Hyderabad. With 86 percent and 83 percent, more transactions than Q1 2020, Mumbai and Pune are the sales leaders. With a 34 percent increase, Delhi-NCR isn’t far behind.
What had caused the transaction prices to fall?
Most sellers and builders are willing to give discounts to sell properties faster, so drop-in transaction prices were primarily driven by this. There is a lot of unsold inventory on the market, and homebuyers have shown a preference for houses that are ready to move in. The average transaction price has also decreased by 3% (Bangalore) if you want to buy a flat near sarjapur bangalore, 5% (Chennai), 8% (Delhi-NCR), 4% (Hyderabad), 7% (Mumbai), and 5% (Pune) like Vivansaa Cellandine Pune.
What discounts do builders offer, and has the buyer profile changed as a result of the COVID second waves?
According to the latest builder survey conducted by a broking site, 56 percent of builders believe that buyers’ budgets have increased as a result of the pandemic. This could be due to government initiatives, low home loan interest rates, builder discounts, and other factors that make homes more affordable. According to the same survey, suburban demand accounted for 59 percent of total demand like in Vivansaa Cellandine Pune. According to 85 percent of builders, the age group 30-40 was the most active in home buying, and 87 percent agreed that discounts offered to homebuyers resulted in sales.