Real estate investors and other industry professionals are curious to know what to expect from 2023 since we are just a few months away from it. It would be an understatement to say that the residential real estate market has been very unstable and uncertain during the past few years. So it's understandable that investors and other parties are wishing for a return to some much-needed serenity and normality.
But will 2023 deliver this hoped-for respite, or will the unrest that began in 2020 continue into the following year? I examine six of the most important real estate trends that will affect investments in 2023 in this post.
1. Smaller houses have more appeal.
The supersizing of homes during the epidemic era may be losing favour. Rich purchasers are favouring smaller homes as their second homes or investment properties. Smaller luxury single-family houses between 2,500 and 3,500 square feet sold approximately 19% more quickly than larger ones.
More downsizing may result from rising housing prices as well. Smaller homes could be tempting due to their reduced upfront expenses because many luxury purchasers prefer to pay cash for their purchases.
2. Technology revolution:
Increased digitalisation; while digital platforms were already in use prior to the pandemic, their use across all industries increased both during and following the outbreak. Data centres are now more necessary than ever due to the explosive growth in data demand. By 2025, the need for data centres in real estate is anticipated to rise by 15 to 18 million square feet.
3. PropTech Will Take Off
The development in the proptech sector has been driven by a number of real estate trends, and I predict this will continue beyond 2023. The real estate market is anticipated to be extremely competitive and generally difficult in the upcoming years, despite certain relaxations like the decrease in property price growth. As a result, investors and other players will require all the assistance they can get. Proptech products and solutions provide just the right amount of assistance.
Final Thoughts on Real Estate Trends for 2023
Although low property values and reasonable mortgage rates are still a ways off, I anticipate that real estate investors will have plenty of lucrative possibilities in the coming year. Actively looking for unconventional approaches, such as alternative financing, PropTech solutions, and exploring fractional investments, is the key to success as always.
What Our clients say
Superb construction quality, efficient management, prompt after sales service and timely execution of projects makes Jai Vinayak Group one of the most reliable developers in Kolkata. Their guidance for home loan approval process and registry of property is unparalleled.
~ Amitava Basu
Thank you for all the assistance you and your team have given us during the approximately 4 years you have managed our investment property. We really appreciate all your hardwork and service.
~ Sandeep Banerjee
Throughout the time my properties have been managed by Jai Vinayak Group, I have always found the team to be extremely prompt and professional with all dealings I have had with them. Way to go!
~ Anamitra Ghosh
I recently purchased a property through Jai Vinayak Group. The staff service was faultless and I am very happy. Keep up the great work! I will come back when I am buying another house in a few years.
~ Mahesh Jalan
Jai Vinayak Group is a source of inspiration. Hand holding was done throughout the entire process and transparency was maintained. Highly recommend them.
~ Nilanjan Acharya
Great Service! We have already recommended Vinayak Pride to a neighbor because we supremely benefitted from the price and quality received.
~ Swapan Paul
Jai Vinayak Group has the unique ability to make us feel as if we were their only client. They are true professionals who care very much for their clients, they serve and deliver everything that they commit. We recommend Jai Vinayak Group to anyone buying a dream home.
