Hyderabad housing market highly optimistic: Knight Frank survey
Hyderabad: As consumers around the globe adjust to Covid times, there is a significant variance in buyer’s sentiment and behaviour. In a latest research carried out by Knight Frank on the home price expectation, 80 per cent of respondents from Hyderabad said they expect the value of their primary residence to increase by more than […]
Hyderabad: As consumers around the globe adjust to Covid times, there is a significant variance in buyer’s sentiment and behaviour. In a latest research carried out by Knight Frank on the home price expectation, 80 per cent of respondents from Hyderabad said they expect the value of their primary residence to increase by more than 10-19 per cent in the next 12 months.
This is a quantum shift towards optimistic sentimental value as more than half reported a decline in the value of their primary residence since the start of the pandemic.
Knight Frank India, in its latest survey “India Buyer Survey 2021- Living in the times of Covid19” showed that more than half of the respondents in the city are inclined to consider shifting to a new home within the city. Around 55 per cent of the respondents expressed willingness to purchase a second home in the next 12 months.
On the key reasons that will influence purchase decisions in the future, 43 per cent of the city respondents opined increase in family size as the primary reason that would influence their decision. Upgrading a family’s primary residence (22 per cent of the respondents) was opined as the second most important reason that would influence their future home purchase decision. Respondents also cited purchase decisions pertaining to Holiday Home (12 per cent) as an important factor that influences home purchase decisions in future.
On the aspect of preferred location features that will influence purchase decisions in future, 97 per cent of the respondents reported larger green spaces as the primary feature to influence the purchase decision. Accessibility to good healthcare (91 per cent of the respondents) was opined as the second most important feature and proximity to the workplace (78 per cent of the respondents) resulted as the third most important feature.
On the aspect of relocation or moving to a new home, 54 per cent of the respondents from Hyderabad reported to have relocated their residence since the start of the pandemic. It further revealed that 58 per cent of the respondents who relocated have cited the need for more open space / outdoor spaces as the primary motivator for their decision.
When enquired whether the pandemic influenced any relocation plans over the next 12 months, 76 per cent of respondents opined that the pandemic makes no change to their relocation plans. If inclined, the preference will be to move within the city.
Rajani Sinha, chief economist and national director, Research, Knight Frank India said, “The Hyderabad housing market has been very optimistic on various key parameters across buyers’ sentiments. While IT firms continued to grow in their core business, Hyderabad continued to be a promising residential destination for end users and investors alike. Interestingly, the attitudes of the home buyers have been positive when it comes to spending propensity.”
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