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Housing trends to watch out for in 2022
August 24: The sector of Real Estate, which has been in its periodic declivity since 2013, went through its most abysmal phase during the last two years owing to the pandemic. With a world struggling to survive, the business in this industry came to a complete cessation which only got worse with the second wave in […]
August 24: The sector of Real Estate, which has been in its periodic declivity since 2013, went through its most abysmal phase during the last two years owing to the pandemic. With a world struggling to survive, the business in this industry came to a complete cessation which only got worse with the second wave in mid- 2021. The working population escaped from the big cities and made abodes in the mountains, beaches or their humble hometowns. The work that kept them chained to these cities suddenly set them free through virtue of the “work from home” phenomenon. The world witnessed a catastrophic situation where every individual irrespective of geography, ethnicity, social standing, age and gender, had to pause, lament and start over.
However, despite the difficult last two years, mottled by the Covid-19 pandemic, there are signs of recovery in the economy and business sectors alike. As a result, the world will now start undergoing a new shift in lifestyles, ideas and preferences since many of the pandemic-induced behaviours are here to stay. Life is slowly coming back to the pre-pandemic era with people returning to offices, schools reopening and travel restarting. After a protracted period of plummeting and then steadying, the prices for residential properties are showing signs of rising again. The sales of the Residential Real Estate sector will continue to exhibit propulsion through the year 2022. The reasons contributing to this momentum are multifarious, as the mindset of prospective homebuyers is undergoing a lot of changes.
During the harrowing times of the Lock-down, families across the nation and globe were restricted in their homes with nowhere to go. People craved open spaces and larger living areas. This has very clearly created a demand upswing for larger homes with dedicated spaces for office work and exercise. There has to be a focus on quality and comfort in all areas, from green areas and gardens to uninhabited rooftops, as these will be the coveted accesses to fresh air, natural light, and ventilation, balconies, and terraces, basal and uncontaminated indoor environments, safe and filtered entrances, etc. Larger layouts and adjoining study formats will be a coveted segment amongst people looking for new homes in 2022. Search engine queries for 3+ BHK apartment configurations have shown a growth spurt since the end of 2021. Also, the share of sales in the INR 10 mn and above ticket- size grew notably to 25 percent in H1 2022 compared to 20 percent a year ago.
