Bangalore’s luxury housing market has seen a considerable surge in demand in the last couple of years, some requiring the same to build up a new life by setting up their careers in this Silicon Valley of India, while others wanting to retire and settle in the calm and peaceful environment of the city. Whatever the reason, luxury property units have come on top of the list for favoured residential options by potential home buyers in Bangalore today.
Despite the pandemic and its awful economic crunches and employment insecurities, the demand for luxury housing units in Bangalore peaked in 2021; and the online luxury unit search trends have sustained in 2022 too. Furthermore, the continuation of remote working cultures has resulted in a heightened demand for 3 BHK and above configurations.
So, what is it that has resulted in this consistent hike in the demand for luxury homes in Bangalore, despite all the economic crises? Let’s take a look.
People have prioritized the work-life balance
Following the pandemic, homeowners’ choices have inclined more towards holistic lifestyles, prioritizing broth well-being and sustainability over work. While most of southern India has witnessed a preference for large self-contained residences, Bangalore predominantly has contributed a major chunk of more than 30% the total demand for luxury property units in 2021 and 2022.
People value privacy more
Despite the availability of 3 and 4 BHK apartments, people have started gravitating towards independent houses, heightening the trend of luxury homes in Bangalore. Independent houses captured around 42% of the demand share, with apartments accounting for only 18%, indicating the rising preference towards more privacy-induced and spacious luxury properties in the city. Home buyers are thus now looking more towards well-facilitated and gated properties that provide utmost ownership and solitude.
People are now getting easy and reduced home loans
As per a research, online searches for luxury homes worth Rs. 1 crore and more have has the highest demand share of 40%, while the Rs. 1-3 crore bracket capturing 33%. One major reason for this search behaviour could be the reduced home loan rates on such larger high-priced properties, which may have fostered the optimism in home buyers to go ahead. Since 2019, the home loan rates have significantly dropped from 9% to 7%, with some housing finance services also charging as low as 6.50%, making real estate purchases more accessible than ever!
The above three reasons have primarily influenced today’s home buying behaviours. A heightened preference for well-facilitated properties in prime locations is being seen lately. Most of the working population is concentrated in and around well-connected areas, which is why they may want a home either in their very own locality, or in a location that’s well-connected with other important areas of the city. Understanding the importance of staying well-connected, yet living a peaceful life away from the hustling-bustling city of Bangalore, MJR Builders has come up with the ideal solution! Away from the world of hashtags and algorithms, MJR Divine Meadows villas in Chikka Tirupathi Bangalore can help you breathe in the vista of a serene environment that is surrounded by nature. Yet, the STRR approval of the project also makes it convenient as it helps you stay easily connected with 12 other towns nearby, via a 4-6 lane access-controlled expressway.