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As we are moving into 2014, it is important to measure the mood of the home purchasers in terms of their need, fear and wish for the coming year. For this reason Makaan.com, India’s rapid growing property site, organized a research, Property Forecast 2014. The research was organized among 2058 home purchasers in November 2013 all over India such as Mumbai, Bangalore, Delhi, Hyderabad, Chennai, Chandigarh etc. The main focus of the research:
Property market will be driven by end users in 2014
The property market is driven by Investors and Speculators since long time; anyhow in 2014 they will make a way for end users. Many of the home buyers are planning to buy a property for themselves in 2014 because presently they are staying on rent. As same number of house buyers are willing to purchase property due to their growing family and for long term investment. The survey showed that there will be a positive shift in 2014 and will bring required stability in the property market compared to previous years. As there was a fall in the property transaction over past 12 months, investors and speculators are facing difficult to leave the market.
Real estate property price will either increase marginally or will be stable in 2014
Property prices have stayed constant for the past few months and the mood of the market carrying on of this trend. 26% of the House buyers feel that real estate property prices would remain constant in the year 2014. 46% of home buyers expect the prices increase from the current level and maximum of them expecting an appreciation up to 10%. This will get some satisfaction to the buyers in 2014 as normally more than 10% increase is expected yearly basis. Purchasers are recommending the prices come down by 28% from the current level. A drop of over 10% is expected by 17% of buyers.
Home Buyers Property Budget going to remain same in 2014
There has been a talk on a delay within the Indian economy with all economic indicators showing a negative style. However this has not decreased the spirit of the Indian home purchasers. Purchasing a property in 2014 will not get affected by the delay. 19% are ready to invest maximum money on buying property and 23% buyers reduced their budget.
Home Buyers Preferred choice is an Apartment
Maximum number of home consumers will be searching for flats or apartments in 2014. As the preferred choice for home purchasers residential plots also emerge. People living in Mumbai, Delhi and other cities for them apartment is the preferable choice as these cities have scarcity of land and prices for the property will be high.
Home Buyers Budget for property is 0-40 lakhs
Having a home is a dream of all Indians since ages; it is treated as a sign of social status and financial stability. 0-40 lakhs would be an affordable housing for maximum home buyers, almost 60 percent home buyers choose this.
Top preference would be given to Price and Location in 2014
Home buyers top most purchase preference will be location in 2014. The consideration for location is more than the price, which is the biggest impact for property buyers over the past few years.
The main obstacle for the home buyers is High Property Prices in 2014
Since 2009 changes in property prices has become common in Indian Real Estate Market. First time high property cost has been recognized as the sole biggest obstacle in purchasing property in 2014. More the 50% of house buyers consider high property cost as obstruction. Most of the home buyers are not able to purchase their dream home at their preferred location. They are either forced to postpone their property purchase or compromise with the area. Due to high home loan interest most people decided not to buy a property in 2014.
Property market will be driven by end users in 2014
The property market is driven by Investors and Speculators since long time; anyhow in 2014 they will make a way for end users. Many of the home buyers are planning to buy a property for themselves in 2014 because presently they are staying on rent. As same number of house buyers are willing to purchase property due to their growing family and for long term investment. The survey showed that there will be a positive shift in 2014 and will bring required stability in the property market compared to previous years. As there was a fall in the property transaction over past 12 months, investors and speculators are facing difficult to leave the market.
Real estate property price will either increase marginally or will be stable in 2014
Property prices have stayed constant for the past few months and the mood of the market carrying on of this trend. 26% of the House buyers feel that real estate property prices would remain constant in the year 2014. 46% of home buyers expect the prices increase from the current level and maximum of them expecting an appreciation up to 10%. This will get some satisfaction to the buyers in 2014 as normally more than 10% increase is expected yearly basis. Purchasers are recommending the prices come down by 28% from the current level. A drop of over 10% is expected by 17% of buyers.
Home Buyers Property Budget going to remain same in 2014
There has been a talk on a delay within the Indian economy with all economic indicators showing a negative style. However this has not decreased the spirit of the Indian home purchasers. Purchasing a property in 2014 will not get affected by the delay. 19% are ready to invest maximum money on buying property and 23% buyers reduced their budget.
Home Buyers Preferred choice is an Apartment
Maximum number of home consumers will be searching for flats or apartments in 2014. As the preferred choice for home purchasers residential plots also emerge. People living in Mumbai, Delhi and other cities for them apartment is the preferable choice as these cities have scarcity of land and prices for the property will be high.
Home Buyers Budget for property is 0-40 lakhs
Having a home is a dream of all Indians since ages; it is treated as a sign of social status and financial stability. 0-40 lakhs would be an affordable housing for maximum home buyers, almost 60 percent home buyers choose this.
Top preference would be given to Price and Location in 2014
Home buyers top most purchase preference will be location in 2014. The consideration for location is more than the price, which is the biggest impact for property buyers over the past few years.
The main obstacle for the home buyers is High Property Prices in 2014
Since 2009 changes in property prices has become common in Indian Real Estate Market. First time high property cost has been recognized as the sole biggest obstacle in purchasing property in 2014. More the 50% of house buyers consider high property cost as obstruction. Most of the home buyers are not able to purchase their dream home at their preferred location. They are either forced to postpone their property purchase or compromise with the area. Due to high home loan interest most people decided not to buy a property in 2014.
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