There’s no shying away from the fact that the Covid19 pandemic has affected economies and industries globally. Indian Real Estate has also hit a growth recession phase. Considering the previous trends, facts and studies the Real Estate industry has witnessed similar slowdowns and stood the test of time and recovered rapidly from such situations. Also, real estate is regarded as one of the safest investment choices.
A recession market is a buyer’s market. So, whether you are looking for a house to live in or a property to invest in, the recession would probably be the best time owing to the discounted property prices. Even a small dip in property price creates a huge difference when equated overtime. Let us look at some of the more specific reasons to convince you.
Owing to the pandemic, the demand from homebuyers has gone down. This means better price & more lucrative offers to ignite demand.
The real estate industry has witnessed similar slowdowns in 2013 & 2016 and successfully recovered from it. For instance, in 2013, Hinjawadi’s property prices fell by 4% and gradually rose to nearly 24% over the next 4 years. Similar trends have been observed for curated locations in Mumbai, Delhi and Bengaluru as well.
The home loan interest rates have fallen down to as low as 6.8%. Add to it dearer prices and lucrative deals offered by developers. It certainly creates the perfect opportunity for home buying.
The dollar & Euro valuation has witnessed a steep rise since March 2020. This means more purchasing power for every penny. It only makes to make the most of it before this trend changes.