Millennial Buyers Preference in Bangalore: New Property Vs Resale

Millennial Buyers Preference in Bangalore: New Property Vs Resale

by Godrej Properties Limited

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Bangalore, India's booming IT centre, has witnessed a major shift in the real estate market trend. Today, more and more millennials are planning to buy homes. This generation has already been transforming the market in Bangalore. Thus, investors and builders in Bangalore need to have an idea of their preferences and tastes to come up with relevant projects and make wise investment decisions. So, what precisely are Bengaluru's millennials seeking when it comes to housing? Let us find out: 

 Young Indians Are Betting Big on Bengaluru’s Real Estate

The youth has been investing in Bengaluru’s real estate sector which indicates that they are quite confident about the property market of the city. Moreover, factors like excellent infrastructure, amazing job opportunities, and growing investment opportunities contribute further to this trend. All of this makes Bengaluru one of the most preferred destinations for the younger population seeking independent houses for sale in Bangalore. 

Making the Move

Now that the city’s real estate property market has been evolving, the younger generation is trying to come across projects that cater to all their needs and preferences. Their active participation in home-buying processes has been reshaping the real estate landscape in Bengaluru and influencing market dynamics. 

Space and Sensibility

Other than the desire to become a homeowner, Bengaluru has also witnessed a significant increase in population, prioritising Bangalore houses for sale with practical living spaces. They are looking for houses that not only offer space but also help them elevate their lifestyle. 

 Bangalore Property Market Witnesses Predominance of Younger Customers

As mentioned earlier, there has been an apparent shift in Bangalore's property market, where a predominant influx of younger customers has been seen. This is major because of the amenities and opportunities that the city has to offer to its residents while also enhancing their way of living.  

 Key Factors Worth Noting

Some of the essential factors that are shaping Bangalore's property market include the ever-changing homebuyer demographics, evolving lifestyle preferences, and a focus on practicality and sustainability. Having a proper understanding of these key elements is important for stakeholders as well. This will help in navigating the market successfully and cater to the specific needs of the younger customers who come across their ideal apartment for sale in Bangalore. 

Some Other Market Trends to Watch Out For

Other than demographic shifts, Bangalore's property market also reveals additional trends that are quite noteworthy. These include emerging neighbourhood preferences, innovative housing solutions, sustainability considerations, and advancements in technology. These factors influence the overall real estate experience in Bangalore and even increase demand for Bangalore flats.

Also read: Real Estate Bangalore: Market Trends and Forecast

Why are more millennials turning homeowners?

More millennials are becoming homeowners due to a notable shift in preferences, as revealed by a CBRE report. The survey indicates that nearly 45% of Indian respondents plan to move into new homes over the next two years, with almost 70% of both early and late millennials expressing a preference to buy property in Bangalore instead of renting. 

Factors contributing to this trend include the desire for homeownership in prime locations, asset security, favourable bank interest rates, and attractive payment schemes offered by developers. Additionally, early career investments can allow millennials to manage home loan EMIs effectively. This will also help them increase their savings and ensure the acquisition of appreciating assets and owning a house in Bangalore can reap amazing returns in the long term. However, since millennials are more likely to be first-time homebuyers, it is important to consult real estate agents in Bangalore to make a prudent decision. 

 

Frequently Asked Questions 

1. Will house prices go down in 2023 in Bangalore?

Bangalore property rates are expected to rise by 5% yearly, making this the perfect time for investors and purchasers to explore Bengaluru's real estate market. One can look out for properties for sale and expect to reap higher returns in the future.

2. Which is the best place to invest in property in Bangalore?

Determining the best place to invest in property in Bangalore depends on individual preferences, budget, and investment goals. Areas with good infrastructure, amenities, and potential for future development are often considered favourable. Popular choices for apartments in Bangalore include Koramangala, Whitefield, Electronic City, and Sarjapur.