Top Real Estate Trends to Watch in 2024
The real estate market is dynamic and always keeps changing. This change is shaped by many factors such as affordable living and better infrastructure in suburbs. A proactive approach is needed by homebuyers so that they stay ahead of the real estate trends and make informed decisions when purchasing their home.
Whether you're a first-time buyer or an investor looking to expand your property, keeping up with the latest real estate trends and market developments is vital for making informed decisions.
In this blog, we'll explore the current trends in the real estate market and how they impact the decisions of potential buyers.
Affordable housing
High-interest rates and inflation are a few factors that are making people search for affordable housing. Negative urban migration is a trend that has made people look for houses in less desirable areas.
This year many housing schemes too have been launched by the government of India which aims at making homeownership accessible to first-time home buyers. Real estate developers are focusing on this segment by introducing projects that are affordable for first-time buyers. From metro cities, and IT cities to emerging urban centers everyone will see unprecedented growth in the affordable housing sector.
Sustainable Housing
In today's world with increasing concerns about the environment, buyers are conscious about their carbon footprint. So they want homes that are energy efficient and eco-friendly. Many real estate companies are also accepting this trend and are adopting green building practices like solar paneling, energy-efficient windows, green roofs, and rainwater harvesting.
Digital house hunting
During Covid 19 we saw digitization across various sectors, and real estate hunting also was no exception. With people unable to visit the properties many buyers turned to 3D tours of their properties. The present generation of homebuyers are tech savvy and they are taking the help of technology and digital media to learn more about the property they are keen on investing in. Hence real estate companies will be laying more emphasis on 3D tours and virtual staging to lure their potential buyers.
Shifting from Cities to Suburbs
The desire for a work-life balance and the trend to move out of big cities has gained momentum. Wealthy people are moving out of cities and are shifting to suburbs so many real estate companies are also coming up with independent housing projects that provide spacious living with all modern amenities to the urban upper middle class.
Many developers will be going beyond the top 8 cities where demand for amenities-driven homes is going up. Most of this demand is seen in tier 2 & 3 cities such as Lucknow, Indore, Jaipur, Ahmedabad, Coimbatore, and Chandigarh.
Conclusion
Factors such as rising costs, affordable living, and consumer awareness in the real estate market can see a rise in major branded properties. Emerging economies are also coming up with promising developmental opportunities. This growth is also driven by factors such as greater connectivity, changing lifestyle preferences, and infrastructure developments.
Sarthak Singapore offers a wide range of property options as per these latest trends. Do visit us for more details.