COVID-19 Crisis Driving Home Buyers to Own Bigger Homes

COVID-19 Crisis Driving Home Buyers to Own Bigger Homes

The COVID-19 era represents a radically transformed real estate, shifting preferences to meet new business realities. Even after the lockdown, with work-from-home a viable option, many homebuyers would move to the peripheral areas for bigger homes to lead a better lifestyle.

WFH Culture Spotlighted Bigger Housing Sales 

With COVID 19 pandemic, the work-from-home concept has become the central aid for home-buying decisions. It is observed that inquiries for independent houses in Hyderabad have risen due to Working from home (WFH) culture which has changed the mindset of buyers to opt for spacious houses. In view of this, several reputed developers have already begun to recognize this latest trend while constructing new houses.

The home buyers now seemed willing to buy bigger houses than they had planned earlier in the wake of the WFH concept gaining preference. Those who previously searched for apartments with three or four bedrooms are now showing interest in buying individual houses with spacious places for a comfortable stay. Therefore, due to the Covid-19 pandemic, demand for independent houses would increase.

Existing Real Estate Market 

According to the experts, sales gained traction in the last couple of weeks. Many developers feared the impact of the Covid-19 could last longer, but unexpectedly, home buyers are coming forward, and there are sales going on in the city, and the market is in a positive trend. Yet recovery for the sector will take at least three to four months.

The price of houses in Hyderabad would not come down soon. Some people have the perception that prices in the city are going down. Three out of ten people are searching for new homes and expect prices to decline. But, as inventory levels are very low, this is unlikely to happen here. Additionally, developers have no bandwidth to cut prices as construction costs have been rising due to labor shortages, etc.

The real estate market in Hyderabad is slowly gaining momentum since there is no widely spread negative feeling. However, this will take the market some time to get back on track and regain the pre-COVID stage.

Hyderabad market's main strength is that it is an end-user driven one. There are not a lot of speculative buyers here who buy houses for investment. This is why Hyderabad's real estate still has good demand.

However, With the rise of the WFH culture, bigger houses would draw demand from buyers in the real estate sector.

By: Shailaja K