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Indians like to purchase homes nearer to their families. A recent survey by Knight Frank says for 50% of respondents, family proximity is the deciding factor for choice of home. Knight Frank’s Global Buyer Survey examines the influence of Covid-19 on residential purchasers’ attitudes on homeownership in the region.
That said, the poll gathered responses from over 900 Knight Frank clients in 49 markets. With over 50% of respondents based in Asia-Pacific, the report looks into aggregate Asia-Pacific data and compares homebuying habits throughout Asia, Australasia, and the rest of the world.
“Across Asia and particularly in India, we note that the pandemic experience has rekindled aspirations for home ownership. In India, affordability has been at its best in recent times. Lowest home-loans rates in over 15 years, attractive house prices, purchase incentives as well as policy measures like stamp duty cut have helped the home buying momentum sustain despite the pandemic,” said Shishir Baijal, Chairman and Managing Director Knight Frank India.
Key findings
– 14% of Indian respondents indicated an increased inclination to move during the next 12 months due to the pandemic.
– Among respondents in Asia-Pacific who are more likely to move in the next 12 months, an average of 40% selected cities and 32% preferred suburbs. In India, 55% chose cities, while 36% favoured suburbs.
– After the Covid-19 outbreak, home buyers in India regarded closeness to large green space (77%), access to quality healthcare (64 %), and proximity to work (56%) as critical location advantages.
– Asia-Pacific respondents indicated that they are willing to pay a premium for branded residences at a rate of 44%, the highest of any region in the world. Around the same proportion of Indian respondents expressed a similar willingness to pay a premium for a property in a branded residence development.
“Aided by the pandemic strong willingness to relocate across buyer categories has fuelled demand. 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 utilise the current opportunity to conclude their house purchase decision avoiding future price increases,” said Baijal.