Real estate in Bangalore is changing rapidly due to technology, but the industry is also largely unchanged. With a growing number of investments in startups and technology in the industry, the rising influence of new buyers on the market and so much more should be watched closely by investors.
Here are three trends listed below that will drive significant change in Bangalore’s real estate market in over the next couple of years.
Rise of suburbs
The first-time home buyers are changing the way people think about real estate investment in cities. Despite being told by many real estate experts, home buyers are not typically looking for properties in the city. They do not feel very much connected to the high-rise apartments in the city, but they embrace the open area and want to migrate out of the city into suburban areas.
Those who come from other parts of India and have stayed in the urban areas are also moving out. They know that the better work opportunities are available everywhere in the city and the best thing is that they can enjoy a balanced work and luxury life while living in suburbs away from the crowd. So while more people are leaving the city areas for pleasing suburban environments, people who are staying in the city and planning to invest are looking to enjoy the best of both city and suburban real estate market.
More Educated Buyers
Home buyers today are from the world with high expectations and they are well-educated about the real estate market. Even if an average home buyer is not a pro, today’s home buyers at least know the basics and are ready with questions and answers. Before they jump into the market, they prepare themselves as much as possible or at least collect information about how they can reach to a level where they can give a shape to their dream of buying a home.
With knowledge comes expectation. The demands of home buyers have been increased and ultra-modern amenities in the new house are in their focus. The demand for neighborhoods with strong social infrastructure, food, local shopping, and entertainment options at a walkable distance is growing.
As the market changes are huge, it is important for real estate investors, consumers and developers to consider how the real estate market in Bangalore can get benefited.
New investment opportunities
If you look at any real estate market, it is very simple for an investor. There are certain rules every investor follows and there are limited ways to gain returns on the investment. Either you sell the property for a higher price or rent it out. You can’t use a real estate property in any other way than the traditional methods, but today, the innovation in these areas are bringing new opportunities to investors.
Now if you own a luxury villa in Whitefiled, Bangalore or a simple house, you are not bound to find a tenant who can promise to stay in the house for a year or more. Demand for short-term rentals is rising and it won’t stop here. Tech companies are trying their best to merge travel and real estate to some extent and as a result, investors are getting benefits of higher returns even with short-term rental strategies.
While the changes are not going to happen in a day, the good thing is – Bangalore real estate market is no more untouched with the new trends and it seems that these advances and buyers’ attitude are taking the real estate market in the right direction.