It is true that the real estate market has gone through certain ups and downs, yet it is a strong competitor for other industries.
Additionally, the buyer’s preferences change according to the trends. To keep you updated on the changing real estate industry trends, our Lancor team has collected the main ones which are going to dominate in 2020.
Let’s get started
Today, you can see a growth in the real estate industry as many business people, homebuyers, & foreigners have started investing in it.
According to Statistica, in 2020 the growth of the real estate industry is estimated to be around 11.2%.
Therefore, when you have your own land or apartment, you can either lease it, start a business, build a home, or do anything.
Owing to the increased price rate in cement, brick, sand, etc the rental homes are also increasing in their price.
Therefore, the tenants find it easy to buy a real estate property than paying the rentals every month. The real estate industry will also launch new projects for homes at an affordable price and at a low-interest rate.
Millennials Make Up the Majority of Home Buyers
Yes, you have read that right !
- According to Realtor.com, around 45% of Millennials have been securing stable jobs, contributing to their home purchasing capability.
- Recently, Bankrate put forward a question which is the best way to invest money? About 31% of Millennials suggested investing in the real estate industry.
Millennials start their careers at a young age and are mindful to own a home. They are aware of the economic policies and are planning to invest in a long-term industry like real estate.
Need for Affordable Homes
A stat from the NDTVProfit says that in India affordable housing will continue to be a key opportunity as buyers will benefit from the availability of low-cost home loans and lower GST rates.
Also, the 2019 Union Budget stated about the tax deductions on the home loan interest. All these boost the growth of affordable homes in the real estate industry.
Shift to Second-Tier Cities
Typically, the sky-rocketing prices in the cities have made the real estate agents and investors move to second-tier cities like Pune, Cochin, Mangalore, etc.and outskirts of the cities.
Investing in second-tier cities gives you certain benefits, for example, huge lands at affordable price and high employment opportunities
Therefore, it is clear that real estate investments in second-tier cities are going to be trending in 2020. Click here to know about property investment in Chennai outskirts.
Use of New Technology
According to Realtor, 50% of buyers find a home on the internet. Technology has modernized the real estate industry. Technologies like online home selling platforms, apps, social media are implemented already.
In 2020, Artificial Intelligence is going to have a greater impact on the real estate industry in India. The agents can collect and analyze the buyer’s data effectively through AI and give the buyers an experience to buy their property without risks.
More Listings for Luxury Homes
In India, many people prefer to have a comfortable living style. So, there is a high demand for luxury homes. By 2020, luxury homes are going to be trending in the real estate industry.
Therefore, realtors are opening up new projects for villas, gated community apartments that are compacted with world-class amenities and luxuries. If you wish to know more about the benefits of buying a home in a gated community, click here.
Use of Amenities
In 2020, unique amenities will be added to shape the residential property. Convenient grocery, tech Integration, on-demand dining are some of the amenities that will be incorporated in the future.
And importantly, investors investing in smart homes will be high in 2020. Sanjay Malhotra, Clearbridge Mobile Founder predicts that homes will turn more interactive because of smart home technology.
According to the outsource2india, smart homes will reach $50 billion in 2020.
Here is a graphic that sums up the entire post.
Trends keep changing in the real estate industry. But, when you go along with the trends, you will be able to enjoy the benefits that the trends bring!
There will be many upcoming trends in the real estate industry, stay tuned with Lancor to get those updates!