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44% millennials plan to move into new home in 2 yrs: CBRE study
44% millennials plan to move into new home in 2 yrs: CBRE study
More than 70% respondents now prefer to buy a house over rent, a complete reversal of the trend observed in the last survey
Hyderabad: About 44 per cent of the respondents across India displayed a stronger intention to move to a new home in the next two years, against 31 per cent in the last couple of years. This is significantly higher when compared to both global and APAC respondents, says CBRE South Asia Pvt Ltd, a real estate consulting firm, in its report 'Voices from India: How will people live, work and shop in the future?'
Most leading cities, especially Delhi- NCR, Mumbai, Bengaluru, Pune are witnessing the emergence of suburbs that in many ways redefine the erstwhile "city centre". Gen Z led the preference towards moving to a new home in the next two years, compared to only 29 per cent of baby boomers. This indicates that the younger generation will primarily drive upcoming housing demand.
Except for Gen X, all other generations displayed a higher preference for locations near the city centres. Gen X displayed a slightly stronger preference for remote locations and a greater desire to move to another country as more experienced professionals seek overseas opportunities. In fact, across age groups, the preference to move to another country was the highest in India.
The survey also highlighted that of those planning to move, more than 70 per cent wanted to buy a house, instead of renting. While India has always been an economy where home buying is preferred over renting, the uncertainty around the pandemic has further accelerated the need for homeownership and security.
Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, "While a majority of the respondents intend to purchase a house, we should not discount the remaining cohort looking for rental accommodation – 40 per cent of Gen Z would prefer to rent rather than purchase. While 20 per cent of Gen Z would prefer private rental accommodation, 17 per cent look at student housing and shared accommodation as an option. Since this is the age group that will drive rental accommodation, developers must outline strategies to understand and tap demand well in time."
He further said, "The families are now laying equal emphasis on a property's quality and surroundings as on the unit itself. Therefore, attractive and thoughtful interior designs, well-planned outdoor areas and surroundings must now be complemented with remote working infrastructure."
