Post-Pandemic Home Buying Trends Among Millennials
Realty's spokesperson Members of the millennial generation were born between the mid-1990s and the early 2000s, particularly between 1981 and 1996. In India, millennials are stereotyped as wasteful spenders who prefer instant gratification over worrying about or planning for the future. The millennials' behaviour remained similar until the COVID-19 epidemic hit in early 2020, when the same millennials showed a substantial shift in their behaviour. Following are the significant millennial house ownership trends following the pandemic:
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Millennials are buying more homes than ever before. The demand for property ownership among Indian millennials has risen significantly during the pandemic, compared to pre-pandemic levels. As a result, mortgage rates have dropped to multi-decade lows, and more people expect to work from home on a regular or permanent basis in the future. This desire stems in part from millennials' expectations of future limited mobility as the work-from-home culture takes hold, as well as a rising sentiment shift toward saving & wealth creation in the aftermath of the epidemic.
Millennials are buying more homes than ever before. The demand for property ownership among Indian millennials has risen significantly during the pandemic, compared to pre-pandemic levels. As a result, mortgage rates have dropped to multi-decade lows, and more people expect to work from home on a regular or permanent basis in the future. This desire stems in part from millennials' expectations of future limited mobility as the work-from-home culture takes hold, as well as a rising sentiment shift toward saving & wealth creation in the aftermath of the epidemic.
Rentals' Appeal Has Reduced In July 2021, residential real estate sales in Mumbai are not only higher than pre-COVID levels, but also at their highest level in the last ten years. According to recent trends, millennials pushed this growth, illustrating another behavioural change triggered by the COVID-19 outbreak, as these younger cohorts were previously supposed to prefer renting over buying a home. A wave of reforms had made real estate unviable as an investment for many, and renting had become increasingly enticing in recent years. Owning a home has become increasingly tempting to millennials, with home loan rates at a multi-decade low of roughly 7% and more widespread demand.
Suburban locations are preferred. India has more than 400 million millennials, which is more than the entire population of the United States, according to data. With a spending power of $3.6 billion, India's millennials, who are now between the ages of 25 and 40, account for one-third of the population and 46% of the workforce? Millennials are eager to relocate to suburban areas where things are more affordable and roomy as the necessity for a separate workstation develops in a work-from-home economy. They want to buy a 3 BHK flat in an area near an IT cluster, which is comparable in price to a 1 or 2 BHK.
Purchasing Real Estate with the Help of Technology Technology is playing an increasingly important role in encouraging millennials to buy houses in the post-COVID era. The application of information technology to the study, buying, sale, and management of real estate transactions is known as PropTech. In the aftermath of the epidemic, PropTech has been a lifeline for the real estate industry, helping it stay afloat amid the global health crisis. Millennials are a technologically advanced generation that demands instant gratification in everything they do, from online shopping to home buying. Thanks to technology improvements, millennials can now experience rapid pleasure. There is a big opportunity in real estate for the next generation of buyers, the millennials, who want everything smart – from their phones to their apartments.
Better Facilities and Designer Architecture are preferred. Millennials also want to expand their living spaces beyond their homes to include outdoor spaces. They want to take advantage of great places to get some fresh air while also optimizing space, such as terrace or rooftop gardens & decks. They choose important features like well-organized parts with less dead space, beautiful architecture, or a quirky style that is more comfortable to use. They also want modern amenities, such as a barbeque or an inside Jacuzzi, as well as outside features such as a gym, clubhouse, multipurpose party hall, swimming pool, movie theatre, and so on.
In conclusion, there is a pandemic effect on millennial home buyers. Because millennials are spending more time at home than ever before, the need for space is more important than ever. Millennials believe that having a tangible asset provides a safe and secure future for themselves and their families, as well as income tax benefits. Increased access to home financing options and an increase in disposable income have also contributed to their shift in thinking & encouraged people to invest in real estate. Understanding that millennials consider their homes to be an extension of their personalities and much more than just a place to live reinforces the same sentiment, with millennials accounting for 55% of all purchasers looking to buy their first home this year.
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