Knight Frank India, a premier international real estate consultancy, in their latest survey “India Buyer Survey 2021- Living in the times of COVID 19” cited that 75% of respondents from Bengaluru expected the value of their primary residence to increase in the next 12 months. In the same period, around 47% of the respondents expressed their inclination towards purchasing a second home.
With respect to home price trajectory; 38% of the city respondents expected the price of their current residence to increase between 10% and 19% in the next 12 months. Around 19% of the respondents expect an increase up to 10% in the next 12 months. This is an indicative of an optimistic shift in the buyer’s sentiment as 44% of the respondents from the city cited perceiving a decline in the value of their primary residence since the pandemic.
On the aspect of relocation or moving to a new home, 42% of the respondents from Bengaluru have reported to relocate their primary residence since the start of the pandemic. Further analysis of the survey reveals that 48% of the respondents expressed the need to be nearer to their family and friends as the reason for allocation. When enquired whether the pandemic influenced any relocation plans over the next 12 months, 22% of respondents expressed willingness to relocate post the pandemic.
On the key reasons that will influence purchase decision in the future, 33% of the city respondents opined upgrading their family’s primary residency as the primary influencer to their decision. Holiday Home (27% of the respondents) was opined as the second most important reason that would influence their future home purchase decision.
When enquired whether the impact from the pandemic influenced their decision for a second home, 47% expressed more likeability of purchasing a second home in near future. On the aspect of change in spending propensity for a home due to the pandemic, 39% of respondents have expressed an increase in their budget for spending on a new home, while 36% have expressed a decline.
On key features buyers will look for in a home post lockdown, 78% of the respondents from Bengaluru were more likely to consider access to large green areas as an important aspect of their new residence. While, 64% of the respondents have opined accessibility to healthcare as an important decision making factor for their next home.