5 Reasons 2023 is the Best Time for Real Estate Investment
by TodayMediaHub Com TodayMediaHub
We're all looking forward to 2023—some of us for more reasons than one. For example, real estate investors in India are looking at a wonderful buying opportunity as the market is all set to boom. Apart from being the culmination of aspirations and dreams, real estate has emerged as a solid investment choice, a trend that is only likely to snowball in the new year. So let us take a look at some of the top reasons why experts predict 2023 to be the best time to invest in real estate.
Economic recovery - Bouncing back from the economic setback caused by the COVID-19 pandemic, India's growth trajectory is set to a high, unlike many other countries. An IMF report suggests that India's GDP is set to grow 6.1% in 2023-24 vis-a-vis a global growth of 2.7%. In a country with a burgeoning population like India, this translates into a rise in the demand for residential real estate. The sector will respond to this demand by increasing supply.
Incentives above all – Market factors apart, it is also essential to consider the steps taken by the government to incentivise home buying. Following a sequence of interest rate hikes, domestic inflation is now showing signs of slowing down. This promises a dip in interest rates or at least a smaller hike, both positive signs for the prospective home buyer in 2023. Developers, too, are keen to break the impasse of the past few years and are set to offer phenomenal discounts and incentives, making this year a great one to buy the property of your dreams.
Green, clean living – If there is one lesson that the past few years have taught us, it is that health is priceless. This renewed focus on health and fitness has prompted realty developers to delve deep into newer technology based on eco-friendly materials, green designs, and energy-efficient homes. If you dream of buying a home with large green spaces, cross ventilation, and lots of sunlight, 2023 is the time to do it. This also means a new property in Navi Mumbai may be a better buy than one of the city's older residential neighborhoods.
Focus ROI – With volatility being the buzzword of the equity market and other asset classes remaining fragile, investors are now looking at real estate once again. The country's real estate sector is set to grow to about USD 1 trillion by 2030. Investors can see a considerable price appreciation and a similar growth in the ROI in 2023. This, however, depends on the location of the project or property. Investing in a property in Navi Mumbai, Mulund West, or Goregaon is likely to appreciate more quickly than Colaba or Bandra.
Ease of buying – Technology and innovation have transformed nearly all sectors of the economy. Real estate is no different. 2023 is the year when home buyers can leverage the very best of digital innovations like virtual home visits and tours, drone tours etc., to make the best of their home-hunting efforts and quickly decide if the project is what they need.
What we are seeing in the real estate sector is a subtle but definite shift in the market power from the sellers to the buyers. With abundant information and resources, technology, and liquidity at their fingertips, this is undoubtedly the year real estate investors have been waiting for.
Created on Dec 15th 2022 16:06. Viewed 152 times.