Future of Real Estate in 2019- An Analysis
“With an increase in associations and foreign investments attracted by India this year, its Real Estate market is definitely going to get benefitted”.
Earlier it was a mindset that, one of the most important portion of people’s wealth is taken up by real estate industry, be it your own property or something you’ve rented. But, no matter what you assume, you can’t ignore that realtors provide you with space for living, working, shopping, amusement, and much more. Looking out for next year, i.e. 2019 you must be battling on the idea to invest in Real Estate this year. Thinking of your investment, do keep in mind that there are certain factors that influence and channelize its movement which makes it a crucial market.
Factors that will influence the future of real estate industry in 2019:
Economy: One of the key factors which determine the fate of the real estate market, is the overall health of an economy, which is generally measured in terms of economic indicators like GDP, prices of goods, employment data, etc. This can be seen by an example, if people are employed permanently they will demand a space to their name near their workplace and to fulfil this need commercial projects in Gurgaon are developed. To say, if the economy is doing well in the current year, the real estate market will also do well in the next year.
Government Policies: Legislation highly impacts on how the real estate works and fixes its prices and norms for selling off a property. The union budget of 2017, brought in a lot of changes like the adoption of RERA Act, which brings in benefit to customers. The extension of tenure loans under CLSS etc. are all policies which shall greatly impact real estate market Gurgaon in 2019.
Interest Rates: Since one cannot completely buy a property on one go (complete payment), or all by themselves, interest rates come into play due to borrowing of loans. The way one approaches for investing in a property is highly dependent of the current home loans or property loans that are applicable in the market. Ones the rates are low, demand for it increases and vice versa.
Demographics: This is a factor which shows the composition of a population, such as age, race, gender, income, migration patterns and population growth. Though these factors are usually overlooked but becomes the deciding factors of how people will exactly think when it comes to buying or investing in a property, and thus affect its property pricing. If the demographic scenario changes, it will highly affect the trends of a real estate market in 2019.
For example, in India once a couple decides to marry, they think of buying or rent an apartment for themselves and look for best schemes available in their budget, which is well thought of by real estate Gurgaon.
So, to say like every other industries or market are pioneering their future based on their prospect customers and their demands, real estate will be driven in 2019 on the above factors.