Consumers now keen on buying a home over renting despite COVID-19 Challenges

According to a JLL India survey, during the COVID-19 Pandemic, Real Estate has become the most emerging and most preferred investment option among consumers. Now, more people are keen on investing in property during this backdrop of economical uncertainty. Today, over 50% of consumers are planning to buy a new home in the coming six months.

This online survey was conducted on more than 2,500 prospective homebuyers from Metro Cities, like Delhi-NCR, Mumbai Metropolitan Region, Chennai, Bengaluru, and Pune.

Consumers now prefer Home Ownership than Rented homes

According to the survey, when asked to choose between renting and buying, 91% of respondents gave preference to buying a home. Moreover, 67% of consumers believed that buying a home is a crucial necessity today during these unprecedented times, not a luxury.

Respondents also stated that the emerging Coronavirus pandemic will likewise impact on job security. This is the biggest concern today and has also influenced various business sectors. The survey also revealed that a larger proportion of individuals of age ranging between 20-35 years were probably going to defer their home-buying plans by the next six months. But, now during the recent survey, above 35 years of age people demonstrated that they are more interested in purchasing a property within the next six months.

Real Estate has become the topmost Investment Option

“Today, Realty Sector has become the strongest investment choice and more consumers are focused towards home proprietorship in the long run”, said Ramesh Nair, CEO and Country Head (India), JLL.

Healthy living standards are gaining popularity among consumers and they are more interested in buying properties with all adequate wellness amenities. Homebuyers are also willing to pay for premium properties developed by the reputed builders who have great track records, ready-to-move-in properties in gated communities or have well-planned residential township ventures.

While the preference has moved towards digital modes to buy or rent homes, the requirement for physical visits despite everything persists except just for concluding the final deal, confirmed by 60% of the tenants and 55% of the homebuyers.

While surveying about home prices, 67% of homebuyers hope for prices to go down significantly and another 20% prospects are expecting a slight reduction.

Today, approximately the whole world is working from home and it has become a new reality. So, the requirement of close proximity to the workplace has dropped down from the checklist of things to consider while buying a property. This requirement was once a big concern for prospective homebuyers. However, the proximity to important areas like school, hospital, market, daily need shops are some aspects that buyers and tenants still take into consideration while buying a property.

Written by: Neha Rampal

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