The real estate market is witnessing a paradigm shift following the evolving tastes and preferences of investors, newly unfolding situational demands with the post-pandemic age, and of course the unexpected variations in property values across different cities. While 2024 continues to withstand the unanticipated economic storms in the past couple of years, it has also very well adapted to the changing times as indicated by the latest real estate trends.
In this blog, we shall elucidate some of the latest top trends in the real estate market!
Top 7 Real Estate Trends of 2024!
Here’s how the real estate industry is taking a new turn in 2024. Remember, however, that the influence of these real estate trends is not limited to mere buying and selling of property, but it also shapes the rental rates, and investment opportunities in the long run.
#1 Housing Trend in Kolkata
Research reveals that the average flat sizes in Kolkata increased by 44% in a year from 800 sqft in Q1 2022 to 1,150 sqft in Q1 2024.
However, even though there is an increase in the area, investors seem to be more inclined towards buying residential plots as they generate significantly higher returns on investment.
Reports also suggest that the trend has become especially prevalent following the COVID-19 pandemic and that the developers are trying to meet the increasing demand by initiating plot development projects on the outskirts of popular cities.
#2 Tier-II and Tier-III Cities Are Attracting Investors
Tier-II and Tier-III cities in India have caught the attention of prominent real estate developers. This is because there’s an abundance of land, whereas the prices are reasonable compared to the bigger cities.
Furthermore, these cities have also come under the government’s spotlight with the various development schemes aiming to enhance the infrastructure and connectivity to provide locals with a better standard of living, further attracting Investors and home buyers.
#3 Sustainable Housing
The year 2024 is also witnessing a greater awareness among home buyers and real estate investors with regard to eco-friendly homes, resulting in another notable real estate trend.
The increasing environmental consciousness has given rise to the sustainable housing trend. This entails the use of energy-efficient appliances, solar panels, green construction materials, and provisions for waste management and water conservation, such as rainwater harvesting.
#4 Co-living and Co-working Spaces
The year 2024 is set to see an upsurge in the popularity of co-living and co-working spaces. These spaces, offering shared amenities and a community lifestyle,
Coliving and co-working spaces cater effectively to the needs and preferences of younger individuals and working professionals. The trend is also a result of an inclination towards cost-effective living and working solutions. Besides, it promotes networking and community building, which is great to tackle the modern, increasingly secluded lifestyle and promote mental well-being.
#5 A Hike in Property Values
The increasing demand for properties will eventually lead to an increase in prices. However, that will not keep the buyers from Investing in real estate. In fact, prospective home buyers are well aware of the rising prices and are even ready to pay a high value to grasp better appreciation in the near future.
#6 High-Interest Rates
A spike in interest rates is yet another important yet understated real estate trend of 2024. It is anticipated that the interest rates will witness a rise during the year, making real estate investments more expensive. This situation typically happens when there’s high demand for loans.
#7 Wellness-Driven Plans
In 2024, people are becoming more drawn towards development projects that strive to facilitate a healthy lifestyle for its residents. Homes and residential developments equipped with wellness facilities such as gyms, parks, and sports clubs, are becoming increasingly popular.
People are also seeking homes that share proximity to nature. They prefer natural and scenic views over the cluttered culture in urban areas. Also, communal amenities like green spaces, jogging tracks, and outdoor sports facilities are highly sought after.
Final Thoughts
Whether you’re looking to buy an independent home or invest in a Residential plot in 2024, knowing and understanding the above-discussed real estate trends will help you make informed and lucrative investment decisions.
So, seize the opportunity and benefit from the emerging real estate trends of 2024 with the 100+ acres large Sri Sai Ujaan Nagar township project in Newtown. Call us today!