Across Asia, particularly in India, the pandemic experience has rekindled aspirations for home ownership. As many as 14% Indians cited an inclination towards moving house within the next one year as a result of the COVID-19 even as 77% homebuyers ranked proximity to large green space, 64% considered access to good healthcare and 56% proximity to workspace as important location features post the contagion.
“In India, affordability has been at its best in recent times. Lowest home-loans rates in over 15 years, attractive house prices, purchase incentives as well as policy measures like stamp duty cut have helped the home buying momentum sustain despite the pandemic. Aided by the pandemic strong willingness to relocate across buyer categories has fuelled demand,” said Shishir Baijal, chairman and managing director Knight Frank India.
More than 50% said that they preferred moving to the cities rather than suburbs, Knight Frank’s Global Buyer Survey – The Asia-Pacific Supplement has said.
“This growing demand has arrested the decline in values that was experienced by most markets, and should the trend continue, prices are expected to firm up in the next few quarters. Therefore, we expect consumers will utilise the current opportunity to conclude their house purchase decision avoiding future price increases,” Baijal added.