The real estate market is dynamic and always changing. The global economy has a significant impact on changes in the housing market, and the entire real estate sector is impacted by these changes. There have been numerous changes to the real estate industry in the past ten years. In 2024, the Indian real estate market began a new chapter and the future seems promising. The impressive rise in luxury home sales in 2023 served as evidence for this point and suggests that the industry will continue to thrive in the future. The residential real estate market’s 2023 recovery is anticipated to be a major factor in the real estate market’s growth over the following five years. New property releases are expected to expand by 15–25% in 2025, with a significant sales improvement of 10-15%. It represents an increasing trend in the business, wherein structures, both residential and commercial, are constructed to meet the needs of the expanding favorable demographics.
In terms of technology, social media as a marketing tool has become more widely used. Through social media sites like Facebook and Instagram, agents found it simpler to establish contacts with prospective clients. These developments expanded the real estate market. They turned having a smartphone and social media accounts into a must for everyone hoping to stay in the race. With the use of photo and video marketing, brokers can now produce helpful material and captivating home tours that appeal to purchasers. RERA’s implementation is expected to improve the industry’s accountability, accessibility, and transparency. It is anticipated that technological innovations such as online real estate platforms and virtual reality experiences would streamline real estate transactions.
The real estate market may undergo significant changes over the next ten years. Year over year price increases in real estate are expected to continue, which is fantastic news for the real estate market since it indicates that first-time buyers will begin to resurface and show interest in buying. In the home-buying market, Millennials and Gen Z are the driving forces. You will see purchasers in the upcoming years who request to know the entire cost of ownership and also want to know about property taxes, homeowner’s insurance, closing costs, HOA dues, maintenance charges, and other costs in addition to the price of the house. A well-prepared realtor will bring all of this knowledge to the table.
We anticipate seeing more purchases of shared homes in the future. This implies that selling to single people or couples won’t be the only strategy going forward. These days, we witness friendship groups banding together to combine their funds and buy a house. Blended families and possibilities to live above the means of any one individual in the group are brought about by this tendency. The best approach to stay ahead of unforeseen changes is to monitor the direction the industry is heading. All it takes is flexibility and a readiness to follow real estate trends.