3 Home-Buying Trends to Look Forward to In 2023

Feb 20, 2023

2022 was comparatively a better year for the real estate industry, as offices across the globe reopened and the workforce moved to metro cities for work. Now we are in 2023, and it seems even better than the previous year for the real estate world. Experts believe that this particular sector will represent continuing resilience and withstanding market volatility owing to urbanization, growing demand for housing, and increasing incomes.

According to recent industry reports, the real estate market in India is expected to grow to ?13,00,000 crore by 2023. The contributing factors for such a surge are believed to be a favorable economic outlook, the emergence of first-time home buyers, greater numbers of individuals with considerable income investing in luxury properties, a growing economy, a lower interest rate, and more. 

Let’s see which home-buying trends we will most likely see in 2023:

House Hunting Will Go Digital

The pandemic accelerated digitization across almost every industry, and the real estate industry is no exception. Now, home sellers and residential community developers are focusing on offering home buyers a smooth house-hunting experience by providing them with an option to explore their properties from the comfort of their homes. Most developers have their website and application with all the details of their finished and upcoming projects, including 3D virtual tours, drone videos, floor plans, the option to book a property, and more. 

Obtaining a home loan is also easy these days. Home buyers can check their CIBIL score online, compare loans from different banks, apply for a loan, and get approved without stepping out of their home. 

People Moving to Greener Locations

The pandemic took a drastic toll on metro cities like Delhi, Mumbai, Bangalore, and others. With the prediction of the pandemic returning in 2023, homeowners are planning to move away from metro cities and reside in less populated, greener locations, such as Greater Noida. Living in such locations is also easy on the pocket, making them preferable among medium-income families. 

People Buying Luxury Homes

As income among families increases and mortgage rates decrease, more and more families will consider buying luxury housing to lead a convenient and comfortable life. The real estate developer will also focus more on constructing future-proof, luxurious apartment communities to cater to the growing demand for this type of housing. In a city like Greater Noida, there are already a plethora of communities that support lavish living, enabling families to live life king-size. For instance, Purvanchal Royal City Phase II, developed by Purvanchal Projects, is one of a kind housing community that offers everything families could ask for to lead a stress-free and luxurious life. 

In a Nutshell

While there are many other home-buying trends to look forward to in 2023, the three we have mentioned will have the most impact on the real estate market in India. If you are looking to buy your first or your next home, consider investing in a luxurious housing community, preferably Purvanchal Royal City Phase II for better returns down the road.