The joy of purchasing a home is one of life’s greatest achievements. The essence of accomplishment is unrivalled by any other emotion. But what distinguishing features transform a house into something truly exceptional that deserves the label of “luxury home”?
Although the pandemic has tempered the real estate market, the enthusiasm with which people are flocking to luxury homes is unparalleled, particularly in Millennials.
So, let’s probe deeper into understanding what goes into the making of a luxury home
mindshare.
How pandemic affected Millennial’s behaviour towards Indian Real Estate?
Millennials were not rushing out to buy homes until a few years ago, as they aspired to an undying love for their on-the-go lifestyles, pursuing jobs all over the world. However, the pandemic has dramatically ended the pitch, and millennials are now racing ahead, buying multimillion-dollar homes in India.
Reasons as follows:
- For starters, the virus has forced young professionals indoors for inordinately long periods, making them rethink their homestay options.
- Housing prices have not increased recently.
- Mortgage levels are at an all-time low, and with expenditures on travel and eating out dropped sharply, people’s savings have doubled during the outbreak.
Of course – these factors have altered their mindset for investing in property for a rainy day and emotional security.
Which Millennial category is investing?
Typically, double-income young families, high-paid new-tech professionals, start-up founders, and stock market millionaires have the money and desire a culture to match. They prefer to have all of the modern amenities right where they live, hence why many choose gated communities.
This is backed up by the evidence that there has been a significant increase in luxury residential real estate in cities such as Bangalore, Hyderabad, and the Delhi-NCR region, where most tech-rich reside, so far into 2021.
Are millennials forced to watch out for in luxury homes?
With the pandemic making us work from home, one thing is pretty clear – a great home is no longer optional.
Millennials, the most educated generation in human history, realised that the more space, amenities, the better. So, from children’s education to zoom spaces within homes, they consider location, accessibility, and size – in short, everything required for holistic quality of life
What comes next into the picture?
The next reasonable question is whether the real estate sector is prepared to meet this demand. Millennial buyers inspect the developer’s credence and track record, the property’s construction stage, nearby social and retail facilities, and now – health services. As a result, every one of these factors will affect potential property value in the coming year.
Without a doubt, the real estate sector kept tabs on millennial home buyer preferences, knowing that they will significantly influence the real estate market’s growth. And they will also fund a high price for the right home.
What’s fuelling buyers towards these luxury homes?
According to market trends, 63 per cent of real estate players expect luxury home costs to rise over the next three years, and more than 70 per cent anticipate increased demand for luxury properties in 2021.
Because these buyers are not glancing for the safest or most profitable income source with luxury homes; rather, they want to live in their new home.
Choose the experts
A good and reputed real estate developer can help you find out your suitable luxury home.
Contact your right realtor partner https://extaticoestates.com who represents quintessential development that makes the feel right at home.
