The luxury real estate market in India has seen some fluctuation in the past few years due to the COVID-19. Especially the luxury real estate market saw rapid recovery and went up quickly with capital investment in major metro cities in India. The real estate sector is on a constructive growth trajectory. Learn more about a few emerging luxury real estate trends below. The world is finally recovering from the pandemic. The ramifications and consequences of lockdowns are gradually dissipating. With the reopening of the markets, the economy is regaining its lost momentum. The luxury real estate industry, in particular, has benefited from the COVID-19 turbulence, and this trend is expected to continue in 2022. While all real estate categories have seen an increase, estimates indicate that the luxury market will see a significant increase in 2022. HNI homeowners are enthusiastic about purchasing luxury homes.
4 Luxury Real Estate Trends in 2022 to Watch OutA report by Financial Express states that the luxury real estate market is poised to grow and show robust recovery in the year 2022-23. Let us have a closer look at the luxury real estate trends in 2022 that are contributing to the boom of the sector.
1. Enhancing LifestyleLuxury Real Estate offers freedom of better living with high-end technological products. Incorporating automation to enhance productivity and efficiency in lifestyle is a growing trend. The focus of luxury real estate is not only on offering ease of use but utmost safety and sustainability. An increasing number of projects are integrating amenities without compromising the flora and fauna of the region, which preserves the natural beauty and sustainable environment.
2. WFH or Hybrid Work CultureThe work from home culture has increased the focus on comfort and luxury. People now want spacious homes with dedicated spaces that can be customised for a home office. Hybrid work culture has paved the way for luxury home investment since now people can work from the comfort of their homes.
3. Lucrative Investment OpportunityThe most important factor that contributed to the investment surge in the luxury real estate market is the ‘safe investment factor’. India is an educational hub, one of the best countries to invest in the IT and manufacturing sectors. The country is also becoming an ideal destination for medical tourism. Hence, the idea of investing in luxury homes makes a lot of sense for many investors. There has already been a trend of service apartments in metro cities where the visiting professionals prefer to live in a ready-to-move apartment. Hence, luxury properties have become more ideal for HNIs to live in during their short duration posting. The investors make use of these luxury properties for personal use as well as for renting them out for a passive income. This kind of investment is as good as that of the high return hospitality industry.
4. Other Essential ElementsOther essential elements have contributed to the growth in the real estate sector in India, especially the luxury real estate market. The government initiatives of lower interest rates on home loans, reduced stamp duty, and registration charges are some factors that have resulted in more buyers opting for luxury real estate. Moreover, increased household income is a driving factor in luxury real estate investment.