December 1, 2020: The young are once again showing keenness to buy property. Analysts say the number of enquiries from younger people on buying property has risen sharply over the past few months, driven by a steep fall in rate of interest and the expectation that employers will offer the option to work from home even post pandemic.
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That is a shift from the trend till last year when many were reluctant to invest in property. The affordable options tended to be far from places of work and involved tedious commutes. Also, many youngsters were not sure whether their work would keep them in Bengaluru for long. They worried that the asset might turn into a liability.
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As per NoBroker.com, the number of under 40 homebuyers is now 66% higher than in the pre-pandemic months. Those in the 25 to 40 age group constituted 49% of the homebuyers before the pandemic. This has shot up to 63% now.
Property developer Sobha said it has seen more people enquiring and eventually buying a property as interest rates remain low.
Puravankara said the company is getting serious enquiries from buyers aged 30-35 as interest rates are at an all-time low. Most banks are offering interest rates below 7% for home loans. The Karnataka government has also lowered registration fee significantly for properties below Rs 35 lakh.
The most-preferred areas for buying property currently are Hebbal and Yeshwantpur, as per NoBroker.
