Compare Listings

65% home buyers back in real estate market: Survey

65% home buyers back in real estate market: Survey
  • 78% of tenants seek for legal safeguards in rent agreements
  • When people are trying to co-live with the pandemic virus, owning a home is becoming a necessity for safety, according to the survey

Two out of every third home buyer is now back in the real estate market, reveals consumer sentiment surveys conducted by 99acres. Out of them, 33% have think that it is a good time to buy a new house while 32% others are in the finalization stage.

Maneesh Upadhayaya, Chief Business Officer, 99acres, said 65% buyers are in the market now while only 38% were actively searching for houses post-lockdown 1.0. “In addition, buyers are still looking at real estate as the best asset to invest in. COVID-19 has further assisted in increasing the adoption of digital platforms with 55-60% buyers/tenants expressing preference for virtual visits and meets,” he said.

According to the report, 11% have completely dropped the idea of buying a property due to job and market uncertainty.

“On the tenants side, 38% of tenants are looking out for a new house for larger spaces. While looking for a new rental place, the need for safety and hygiene has taken a leap due to the spreading virus. 78% of the tenants said that they will add legal safeguards in the rental agreement regarding future uncertainties and further, 76% agreed that COVID-19 free property is an extremely important factor for them,” the survey said.

77% of the home buyers agreed that they are looking for a house for end-use whereas only 23% are willing to purchase for investment purposes. Further, ready to move property continues to be favorite as 64% of the homebuyers preferring ready to move house.

While the preference has shifted towards digital means to buy or rent homes, the need for physical visits still persists but only for finalizing the deal, confirms 55% of the homebuyers and 60% of the tenants.

When it comes to prices, 67% of homebuyers expect rates to go down significantly and another 20% are foreseeing a slight reduction.

With work from home becoming the new reality, proximity to the workplace, which was once a major concern, has dropped down in the list. However, proximity to key areas like market, hospital, and school, as well as safety were a couple of aspects that have taken over the minds of buyers and tenants while shortlisting a property.



Axiom Landbase

Related posts

Inauguration of Dwarka Expressway by PM Modi poised to uplift Gurugram’s property market

Prime Minister Narendra Modi has finally inaugurated the Haryana section of the Dwarka Expressway....

Continue reading
by Axiom Landbase

Chintels India Hands Over Two Land Parcels Valued at Rs 121.82 Crore near Dwarka Expressway to Sobha Group

Gurugram-based real estate developer Chintels India has also transferred the ownership of two land...

Continue reading
by Axiom Landbase

Gurugram Property Rates could see a potential 70% increase; here’s the reason why

The property process in Gurugram might see an unpredicted hike as a new collector rate has been...

Continue reading
by Axiom Landbase