Luxury Property Sector In 2022

Yuvraj S Rajan, Director at Raiaskaran shares his outlook on the Luxury property sector in 2022 and the impact of omicron on the sector On average, luxury property prices have remained stable in the last four years, while stamp duty reduction had given an extra push to the housing demand. We expect the housing demand to continue however the rising cost of commodities may get transferred to the end buyers leading to a 5-7% hike in the prices. Another interesting trend emerged with the outbreak of the Covid-19 pandemic. People have now realised the importance of owning more spacious and comfortable houses since work from home became the norm. While there is an emphasis on space and amenities, new-age home buyers have also become conscious of green architecture and sustainable construction. With the Indian government showing an urgency to achieve the target for full vaccination, chances of a severe lockdown seem unlikely, even though the Omicron threat looms large. Economic fundamentals are thus expected to remain strong enough to continue the uptrend for the real estate sector in the coming year.