Boom in real estate sector after Covid, increased demand for mid-segment and premium homes
According to a Knight Frank report, sales of mid-segment homes and premium apartments have seen impressive growth, rising by 3 percent and 5 percent, respectively, from the first half of 2022 to 2023. According to this report, since the Corona epidemic, there has been a strong boom in the real estate sector, due to which the demand has increased.
Sales of mid-segment homes and premium apartments have witnessed stupendous growth, rising by 3 percent and 5 percent, respectively, from the first half of 2022 to 2023.
According to a Knight Frank report, the purchase of mid-segment homes has increased from 35 percent to 38 percent and that of premium apartments by 25 to 30 percent.
The Knight Frank report highlights the growth in sales of premium and mid-range homes since 2018. Sales of mid-luxury and affordable homes have been one of the economic fallout of the pandemic. The report shows a revival in demand for mid-segment and premium residential, especially after the resumption of activity in the real estate sector in the wake of the coronavirus.
Luxury real estate continued to improve despite macroeconomic conditions, but sales in the mid-segment fell as buyers' financial freedom took a hit. However, sales in the medium and premium segments show that life forms other than luxury properties are also growing slowly and steadily and thus represent investment opportunities.
Saransh Trehan, Managing Director, Trehan Group, said that in the last two years, mid-range and premium home builders have seen positive growth in sales and demand. With the housing market stagnating due to the pandemic, home loan rates skyrocketing, and home prices skyrocketing, buyers were not investing in mid-segment homes earlier.
However, the real estate market is booming again with a huge inflow of buyers, which is a positive trend and is expected to grow exponentially in the present market scenario with the strengthening of economic power and financial fertility of the middle-income groups, which is driving real estate growth. Let's think about the estate.
Vikas Garg, managing director of Ganga Realty, said that mid-segment real estate agents heaved a sigh of relief when the reported data showed that demand for mid-segment and premium apartments has improved after the pandemic.
As soon as the economic condition of the people recovered after Kovid, after that, there has been an increase in the sale of houses this year. People are investing back in mid-segment and premium homes.
