2 min read.Updated: 23 Sep 2021, 03:08 PM ISTLivemint
Around 14% of Indian respondents cited more inclination towards moving house within the next 12 months as a result of the pandemic. This compares to 48% people in China mainland who are looking to move house, according to Knight Frank’s Global Buyer Survey.
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NEW DELHI: Around 14% of Indian respondents cited more inclination towards moving house within the next 12 months as a result of the pandemic. This compares to 48% people in China mainland who are looking to move house, according to Knight Frank’s Global Buyer Survey.
Moreover, the survey showed that the appetite for purchasing property continues globally with one in four people looking to move home in next 12 months.
The survey represents views of over 900 Knight Frank clients across 49 markets with over 50% of the respondents located in Asia-Pacific.
According to the survey, only 19% of Asia-Pacific respondents have moved since the onset of the pandemic, and of those who have not yet moved, only 15% are inclined to do in the next 12 months.
Among those who recently moved, 22% and 20% of Asia-Pacific respondents stated more indoor and outdoor space were the primary reasons of their shift, respectively. Indian respondents (50%), however, cited being near to family as the primary reason for their shift.
In India, 14% of respondents are looking to move compared with 10% in Singapore, 15% in the Philippines and 18% in Hong Kong. Almost half of respondents in Chinese mainland are looking to shift in the next 12 months.
“Out of the Asia-Pacific respondents, who are more inclined to move in the next 12 months, an average of 40% preferred city and 32% preferred suburbs. From India context, 55% preferred city whereas 36% showcased preference for suburbs," Knight Frank said in the report.
Moreover, Asia-Pacific homebuyers now rank good air quality (70%), proximity to green spaces (69%), and access to good healthcare (64%) as top three location features.
In India, homebuyers ranked proximity to large green space (77%), access to good healthcare (64%), and proximity to workspace (56%) as important location features post covid-19 pandemic.
“Aided by the pandemic strong willingness to relocate across buyer categories has fueled demand (in India). This growing demand has arrested the decline in values that was experienced by most markets, and should the trend continue, prices are expected to firm up in the next few quarters. Therefore, we expect consumers will utilize the current opportunity to conclude their house purchase decision avoiding future price increases," said Shishir Baijal, chairman and managing director, Knight Frank India.
Knight Frank believes that homebuying across Asia-Pacific may continue to be slow in the coming months while families take time to recuperate their budgets and wait for property values to plateau.
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