In the past year, the pandemic has affected the growth of various industries, including real estate. Surprisingly, the demand for luxury homes has increased despite this change. In fact, the lockdowns hardly affected people’s inclination to buy luxury villas and caused a minimal impact on the luxury residential segment business.
Here are five factors why the demand for premium houses and luxury homes is on the rise.
The need for better work from home conditions
With the ‘big reset’ in 2020, most people were confined to their homes while doing their jobs. As a result, they required more room to set up their workspaces or carve out separate home offices. Additionally, people who started small businesses also required large, functional spaces to work efficiently.
Another reason why Indians are looking for luxury holiday homes to buy because expansive luxury homes are equipped with state-of-the-art technology. Thus, they’re the ideal choice for technologically advanced buyers who need smart homes.
The desire for a relaxing getaway
Earlier investing in a second home was a way of earning rental income or future appreciation. However, that’s not the case anymore. The need for overall health and wellness amidst the pandemic has created a demand for spacious homes surrounded by greenery. People wish to spend some time away from the pollution and stress of crowded cities to relax in luxury homes that offer a calm environment.
If you wish to buy a luxury home, a home loan can help you arrange funds quickly.
Additional Read: Best Amenities to Look for When Buying a Luxury Home
High demand from affluent buyers
Top-level executives, business class, NRIs and HNIs prefer to invest in luxury homes. In fact, the pandemic witnessed maximum demand from this affluent segment. With the USD-INR difference growing, HNIs and NRIs are bound to invest more and more in premium living spaces.
It is the right time to buy
In the present scenario, the home loan interest rates are much affordable than before. Therefore, more people are gravitating towards purchasing luxury homes for residential and investment purposes.
Moreover, with the benefit of lower interest rates, you can buy the luxury property of your choice at relatively smaller repayment costs.
Setting up vacation homes
There has been a rush to buy holiday homes in India in tourist spots, and here is why. These houses are exquisite, offer a luxurious lifestyle, and are designed with high standards of aesthetics in mind.
Thus, they offer a sophisticated living experience to guests. They are a profitable investment option in locations that see a high influx of tourists all year round, such as Goa.
Additional Read: 5 Things You Need to Know About the Mumbai Luxury Housing Market
Real estate has always been the go-to investment choice for many Indians, and expensive luxury homes offer lucrative returns. Many Indians now realise the need for a comfortable office-cum-living space and seek spacious houses rather than compact apartments.
Looking to purchase a house for living or investment purposes? Tata Capital’s easy housing loans can help you. Not only do we offer flexible repayment options and seamless processing, but you can also use our home loan EMI calculator to estimate your EMIs in advance.
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