Impact of COVID-19 on real-estate market

As per consumer sentiment survey conducted by , about two-third home buyers are now back into the real estate market. Out of them, nearly half think that it is a good time to purchase new house, whereas the other half are in the finalization stage.

The Chief Business Officer at , Mr. Maneesh Upadhayaya, said that 65 per cent buyers are present in the market and when compared to recent past, 38 per cent buyers were searching for houses during post lockdown 1.0 period. He stated that “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”.

As per the survey report, due to job and market uncertainty, about 11 per cent people have completely dropped their plans of buying a property.

The survey also told that “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”.

While talking about prices, 67 per cent of house buyers expect prices to reduce significantly whereas another 20% expect a slight reduction in prices.

The survey also highlighted that 77 per cent of home buyers accepted that they are looking for a house for personal use, and only 23 per cent are willing to purchase for investment purposes. Additionally, 64 percent of home buyers preferred ready-to-move houses.

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