Studies and reports show that 2023 is favourable for the real estate market, indicating a growth in the residential and commercial infrastructure development. After a quite stagnant market scenario post Covid-19, millennials have realised the need of a stable living space that has created the increasing demand for homes with amenities that elevate lifestyle.
Let’s take a look at the brief prediction of real estate market for 2023.
The housing market had witnessed a great boom in 2022. As sales rose, prices moved up at a sedate pace.
A total of 31,046 housing units were sold in Hyderabad last year, which is a 28% rise in sale of residential properties. This is the highest number of sales recorded in the city since 2011. The sales market saw strong growth in the second half of 2022, with sales of 16,353 units. – Report from Knight Frank.
This positive momentum of growth is expected to be steady in the year 2023. The West of Hyderabad, is viewed to be the driver of new projects and ventures. The government initiated policies will drive the development force towards newer locations in the North, East and South of Hyderabad.
The great government policies & initiatives, growing economy post-Covid and increasing opportunities creates the right equation for investing in real estate. Development has been driving the market and the progress of tier 2 and 3 cities are all the more assuring for a booming real estate investment. The Indian real estate sector is expected to exhibit a growth rate of 9.2% (CAGR) during 2023-2028. What more to think? Aren’t these reasons all the more assuring for you to take on to real estate investment. 2023 is definitely a great time to buy your dream home or invest in land.
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