Our world has turned upside down after the pandemic, which left us with no other choice, but to restructure our living and working styles. The real estate market is no exception for the bounce back phase in the year 2022.
This year and the coming ones are supposedly considered a golden period for the real estate market due to a lot of factors as the consumers think differently and have more thought process attached while buying or investing in commercial property, whether its industrial or housing space. Some of the reasons that can be considered for a rise in the real estate demand are listed below.
Real Estate Review in 2022
Rise in sustainable living
The buyers are consciously making decisions to live in a way that can benefit them the most from nature. Instead of going for all artificial styles, nowadays, the buyers prefer sustainable resources. Having green buildings, waste management, rainwater harvesting and many more are being preferred by the buyers to make their living simple yet effective in the long run. Therefore, they look for designs and buildings which accommodate these values. Most of the developers & builders have now incorporated these as a part of their core value system to meet the demands of the buyers.
Ever since the pandemic hit, there has been a huge shift in the way people want to use their available spaces. Work from home has created a demand for office space at home while the need for a balanced life has created a demand for offering space in the office which makes the employees more productive and healthy. This demand has led to creation of flexi spaces which can be converted as per the need and yet look trendy, space saving as well as economical. A hybrid design is preferred over the traditional one and more buyers are inclined to have flexi spaces now.
Rise in residential spaces
The pandemic got this realization to people that having an owned space is a prime need. Apart from just the rise in buyers for investing in simple homes, the demand has further increased for having homes with multiple benefits & upgraded technology as well. With the rising population and rising demands, the year 2022 is surely going to be a great year for real estate.
Warehousing demands due to E-Commerce
Online shopping has become one of the biggest sectors and it is going to rise at the same speed in the future as well. With more and more e-commerce companies, there is likely to be a demand for warehouses & units to manage & store inventories. No wonder, that the warehousing demand can be the next big thing in the real estate sector.
All the sectors have undergone huge technological impact over the last few years. Real estate shall be no exception for the same. Today’s buyer is socially advanced and is tech driven. Right from online and hassle free payments, rent agreements, security checks with IT applications and many more solutions through software and technology, the buyer needs it all. The real estate industry is undergoing drastic changes to bring an impact in the buyer’s life while growing at a fast pace.
The rising inflation has led to a rise in the cost of living. This has affected the material cost leading to a rise in the prices further. The buyer’s interest in purchasing the real estate properties for residential purposes is likely to go up depending on this factor.
Rise in luxury segment
The changing demands of the buyers have been the centre of more and more upgradation for the real estate developers. With the increase in luxury homes as per the new age consumers, the prices for the real estate market are sure to go up. The growing trends are a sign of growth for the real estate market in the coming days.
If we take a look at the demand from the new age buyers, Ahmedabad seems to be a promising and preferred location for NRIs and other investors. The residential and commercial real estate projects in Ahmedabad are one of the leading and most desired ones across the nation. Along with that, the property growth rate in India is expected to reach US$ 1 trillion by 2030. All these factors clearly indicate the growth of this sector in the year 2022.