Real Estate Trends In 2023

Ever since Covid-19 was first reported, the world has gone through what can be described as a roller coaster ride. Even though 2020 started as an extremely challenging year, over the course of time, we worked around the challenges, collectively. Every industry, including the real estate industry, was severely affected across the world. However, the real estate industry has come a long way since then. It has slowly but steadily made its way back.

If you are considering buying a property or investing in the real estate market, doing proper research beforehand will help you make smarter decisions.

Real estate trends in India

Here are a few real estate trends in 2023 that you should be aware of.

1. Residential Property Prices Are Still Rising
2. Increased Demand For Sustainable Buildings
3. The Majority Of Buyers Are Going To Be Millennials
4. Growing Demand For Smart Home Technology
5. More Emphasis On Amenities

1. Residential Property Prices Are Still Rising

In April 2020, residential spaces’ prices grew by a fraction of 0.6% compared to 2012. This slower growth trend was due to the coronavirus effect and market uncertainty. As per the real estate trends in India, property prices are still on the rise this year. This is largely due to the continuous increase in raw materials costs and land value. Having said that, the investment you make today will only prove highly beneficial in the future with a range of benefits such as high return on investment, safety and stability, among others as property prices and value are expected to grow in the coming years.

2. Increased Demand For Sustainable Buildings

People are more aware of climate change now than ever before! Homebuyers are making better and more conscious choices that have increased the demand for sustainable buildings in the real estate forecast. Homebuyers are looking for environmentally friendly features such as solar panels, HVAC systems and eco-friendly construction materials, to name a few.

3. The Majority Of Buyers Are Going To Be Millennials

Once again, millennials are taking the lead as the largest group in making real estate investments and among end users. The shift in lifestyle after the pandemic has forced millennials to rethink their investment options. The various advantages such as tax exemptions and GST have resulted in an increased demand for residential properties for sale among millennials.

4. Growing Demand For Smart Home Technology

Real estate in the digital age has come a long way. Times have changed and so has technology. With the advanced technology available today, features such as smart thermostats, lighting systems, AI-controlled entertainment systems and security systems have become very popular among homebuyers. These smart home technologies have made the real estate market more convenient, efficient and secure for homebuyers.

5. More Emphasis On Amenities

Nobody has the time to step out and beat the traffic to enjoy a game of tennis or even hit the gym. This is why homebuyers are keener on the range of amenities at projects, which has forced the builders and developers to incorporate thoughtful and best-in-class amenities such as gyms, yoga studios, reflexology walkways, zumba studios and swimming pool, among other amenities.

All these real estate trends in India have paved the way towards better real estate growth today.

If you wish to have a home that is cosy yet spacious enough to help maintain a perfect work-life balance, Sterling Developers offers an ideal blend of these essential requirements at Sterling Ascentia. Homes that are conveniently located and carefully designed with luxurious amenities to help you achieve the perfect work-life balance.

As leaders and pioneers in the real estate industry for the past few decades, here’s our thought. Equity is unlikely to decrease through 2023, which leads to one decision you should bear in mind as a buyer or a seller. Buy now rather than later. While the real estate market is cyclical in nature, it is unlikely to hit rock bottom anytime soon. Hence, missing out on the current opportunity, coupled with a steady growth rate in market value, can result in an opportunity missed in the coming few months. This pandemic has taught the entire world the importance of having a home located close to essentials and medical facilities.

If you are interested in looking for well-planned and conveniently located apartments or villas in Bangalore, get in touch with our team at Sterling Developers. At Sterling, customer satisfaction is our priority. We are here to provide you with the perfect blend of options as per your requirement.