Homebuyer Preference Survey 2021
Discover homebuyer preferences and their outlook on purchasing a residential property amidst the pandemic.
- Samantak Das
- Vimal Nadar
The COVID-19 pandemic has significantly altered consumer behavior and preferences. While some of these changes will be fleeting in nature, others will be permanent. In the residential real estate sector, there is still a great deal of uncertainty around ‘what permanent changes we are likely to witness’. With a multitude of forces at play and the pandemic catalyzing the pace of transformation, it becomes important to understand how homebuyer preferences have changed (or not) over the course of the last few quarters.
In this backdrop, JLL’s ‘Homebuyer Preference Survey’ has sought responses to understand the preferences of prospective homebuyers and their outlook on purchasing a residential property amidst the pandemic.
More than 80% of the prospective homebuyers surveyed are likely to make a purchase within the next three months. Further, nearly 80% of the prospective homebuyers indicated a preference for properties in the sub-INR-75 lakh category.
>80% of prospective homebuyers likely to make a purchase within the next 3 months
The definition of a ‘great location’ has changed over the course of the pandemic. Earlier, connectivity to office hubs and schools were the primary concern points. This has now changed with equal or even greater emphasis being given to features such as access to healthcare and proximity to open spaces such as parks, gardens and green areas.
There is a continued affinity towards larger and spacious apartments. Additionally, prospective buyers are placing greater emphasis on the layout of apartments, presence of balconies and an additional small room for work/online classes.
Most of the changes witnessed in the sector have been structural in nature and demand for homes is only expected to increase. Importantly, lockdown restrictions across cities are being eased and the vaccination drive is gaining significant momentum. It is important to point out that even though the current business environment and consumer sentiments remain volatile, homebuyers remain cautiously optimistic about the future. If the impending Covid-19 wave can be contained and consumer sentiments improve further with the festive season, the sector is expected to make a healthy recovery in the second half of 2021.
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