The Global Buyer Survey gives a sense of direction even though the pandemic has upended how we live and what we want from a home with many prioritising a better work/life balance.
Understanding how buyers’ attitudes are changing, the extent to which these shifts are permanent, and how they differ globally is important for homeowners, developers, investors, and lenders.
Said Shishir Baijal, Chairman & Managing Director, Knight Frank India, “For this reason, I am delighted to share with you the results of Knight Frank’s 2021 Global Buyer Survey, setting out the key trends set to influence global property markets in 2021 and beyond.”
Continued Shishir Baijal, “The survey is expanded to understand the changing dynamics of mainstream consumers in the Indian markets. Our India Buyer Survey captures trends that will potentially stimulate Indian consumers to make their purchases.”
Key findings include:
GLOBAL BUYERS SURVEY 2021
PENT-UP DEMAND: Since the start of the pandemic, 19% of respondents have moved house. Of those yet to move, 20% say they are more likely to move in the next 12 months.
SECOND HOMES: Amongst second home purchasers, 22% say their purchase plans have been delayed by the pandemic.
PRICE EXPECTATIONS: Some 64% of respondents expect the price of their primary residence to increase in the next year.
SUSTAINABLE LIVING: The option of a cheaper ‘green’ mortgage would persuade 22% of buyers to improve the energy efficiency of their homes.
INDIA BUYERS SURVEY 2021
PENT-UP DEMAND: Since the start of the pandemic, 26% of Indian mainstream respondents have moved house in their quest to have more open spaces and be nearer to family and friends. Of those yet to move, 32% say they are more likely to move in the next 12 months.
SECOND HOMES: 2 in 5 respondents are more likely to buy a second home across income segments.
PRICE EXPECTATIONS: 61% of respondents in the Mainstream Indian Segment and 32% in the Global Indian Segment expect prices for primary residences to rise in the next 12 months.
LOCATION FEATURES: Good air quality, access to green spaces, and medical infrastructure is more important after the pandemic.
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