- Knight Frank’s Global Buyer Survey delivers good news for the Indian Real Estate sector
- Close of 14% of Indian respondents said they would move house in the coming 12 months
According to the Knight Frank’s Global Buyer Survey, close to 14% of the respondents from India cited that they are inclined towards movie houses within the coming 12 months owing to the pandemic.
Comparing it to China Mainland, 40% of respondents are looking to move house in the coming 12 months.
Additionally, the Survey also presented that data showing there is an appetite for purchasing property which continues to grow globally with one in four people looking to move home in next 12 months.
The survey represents views of more than 900 Knight Frank clients across 49 markets with over 50% of the respondents located in Asia-Pacific.
According to the survey, only 19% of Asia-Pacific respondents have moved since the onset of the pandemic, and of those who have not yet moved, only 15% are inclined to do in the next 12 months.
Among those who recently moved, 22% and 20% of Asia-Pacific respondents stated more indoor and outdoor space were the main reason for their shift, respectively.
However, Indian respondents (50%), cited being near to family as the primary reason for their shift.
In India, 14% of respondents are looking to move compared with 10% in Singapore, 15% in the Philippines and 18% in Hong Kong. However, what comes as a surprise that that almost half of respondents from the Chinese mainland are looking to shift in the next 12 months.
In the report, Knight Frank said, “Out of the Asia-Pacific respondents, who are more inclined to move in the next 12 months, an average of 40% preferred city and 32% preferred suburbs. From India context, 55% preferred city whereas 36% showcased preference for suburbs”.
Additionally, the house buyers in the Asia-Pacific region rank air quality (70%), proximity to green spaces (69%), and access to good healthcare (64%) as their top three location features.
In India, the house buyers ranked proximity to large green space (77%), access to good healthcare (64%), and proximity to the workspace (56%) as important location features post COVID-19 pandemic.
Chairman and Managing Director of Knight Frank India, Shishir Baijal said, “Aided by the pandemic strong willingness to relocate across buyer categories has fueled demand (in India). This growing demand has arrested the decline in values that was experienced by most markets, and should the trend continue, prices are expected to firm up in the next few quarters.
“Therefore, we expect consumers will utilize the current opportunity to conclude their house purchase decision avoiding future price increases”.
Knight Frank believes that homebuying across the Asia-Pacific region may continue to be slow in the coming months while families take time to recuperate their budgets and wait for property values to plateau.