It's no secret that the real estate industry has undergone radical change during the past decade. Some of the latest developments in the real estate market in 2022 include eco-friendly architecture, landscape planning, gated communities, upgraded facilities, reduced mortgage rates, and increased government aid for low-income people.

Therefore, the real estate industry is predicted to expand strongly in 2023. With homes becoming more accessible and fractional ownership becoming more widespread, Non-Resident Indians (NRIs) and millennials wanting to invest in residential property will fuel the 2023 real estate market. The market's upward trend will also be supported by prospects of economic growth.

The following trends showcase, why investing in real estate will be a wise decision in 2023

Varied purposes of investment

It is expected that the market would be dominated by real estate assets and investment entities that are created purely for the purpose of investment and profit. Historically, the real estate market has separated the purchase of a residence for one's own use from that of a property for investment. Some asset classifications are now marketed as investment properties, rentals, or income-producing assets, indicating the industry's evolution and development. This shift means that residential real estate is now mostly used for private usage, while commercial real estate is the principal investment vehicle because of the income it generates.

NRI's investing in Indian real estate

The present real estate market trend demonstrates that non-resident Indians are mostly buying homes for their own occupancy rather than as an investment. Due to the pandemic, NRIs are seeking to provide a secure living environment for their family, which is increasing demand for upscale real estate. As more NRIs return to their home countries, projects that fill this gap will gather momentum.

Millennials are eager to buy homes

Many individuals view the acquisition of a home as a significant achievement in their lifetime, and millennials, in particular, seem to have a greater understanding of the steps involved in the process than any other generation. The millennial generation places a different emphasis on a number of factors, which contributes to a larger percentage of successful home purchases than older generations. They are aware of the importance of acting quickly, and they are ready to see a return on the money they have invested.

Demand for homes is increasing

The housing market is expanding, and real estate prices are going through the roof to keep up with it. It is heartening to see this turn of events since it provides evidence that the real estate market across the country is thriving. As both the population and the level of income have increased in India, there has been a corresponding growth in the demand for real estate, which has led to the construction of more dwellings.

To conclude, the field of real estate in India is experiencing significant growth at the moment. Because of shifting lifestyles, the need for more space, a significant increase in the number of people looking to buy homes over the past decade, and the ease with which property investments can be made, investing in real estate can be lucrative at the moment. To assure zero hassle in your home-buying process, you can always contact Dwello!