The pandemic era will surely be remembered as a time of adaptation. We’ve dramatically altered the way we work, live, shop and travel, and those rapid shifts have been accompanied by anxiety-inducing economic swings. Despite this change and uncertainty, however, real estate market has remained remarkably strong particularly the second home market or the home investment. Seasonal destinations see big price jumps so where are real estate buyers looking?

Here are the 4 strong reasons why this market is booming in India

Changing Lifestyle

After the economy took a dive in March 2020, real estate market quickly rebounded and continues to grow. Low interest rates have spurred home investment overall, but remote work has also enabled a “pandemic migration.” As of October 2020, One fourth Indians have adopted a new lifestyle by opting work from home and having an eye on mental stress, a report from the web found that about 44% of workers have jobs that can be performed remotely (that number jumps to 67% for those with a Bachelor’s degree). Now a day’s people are very much focused towards mental peace and physical wellbeing and that very strongly created an urge of holiday home investments in India.  Popular areas like Goa, Kasauli and Ooty are seeing a lot of buyer interest, demand is trending up throughout the country, particularly in resort areas near major cities As the time is passing by, second home is becoming the lifestyle statement and is booming in the real estate market.

Sources of Passive Income

As Warren Buffet’s well known saying, “If you don’t make money while you are asleep, you have to earn till you die,” so as per the current scenario of turbulent economic condition there is a strong need of finding a passive source of income, so for that purpose these investment options are the best as they can generate rentals which is the most conventional form of alternate income  and that’s the reason why owning second home is becoming enormous financial decision that results in financial freedom . You can get the recurring income and can enjoy your additional cash flow. To summaries, home investment are considered to be the best investment in real estate market as you will be getting rentals and apart from that, in the downtime you can enjoy your leisure lifestyle so it is actually profitable in both the context.

The Tech Boom

A Redfin analysis found that buyers demand for second home surge 100% in October 2020 compared to a year earlier and it wasn’t a one-time surge. In fact, this market trend has been steady since June. According to the data, the increase in demand for second homes outpaced the demand for primary homes by 50% and one of the strongest reason beside that is the Tech Boom as now if we talk about the recent real estate market, developers are more keen to market their projects using digital technologies as covid increased the speed of adaptation of digital platforms in real estate market and that extensively helped second home market to boom. The amazing conveniences like virtual site visits, digital integration for payments, 3D tours, and property booking engines and so on even helped this market to grow faster now.

New-Age Buyers / Millennial Driving Demand

Millennial were far behind if we talk about Home investment but if we talk about the current scenario, the condition is totally changed. According to a recent study from the National Association of Realtors, millennial make up the biggest portion of home buyers for the fourth straight year as about 40% of home buyers are Millennial. They came forward to invest in second home market due to the various reasons like major employers have extended telework options even some permanently, people wants to untethered from daily commutes, they are willing to choose to move their primary residence or for freedom to work or vacation without uprooting their life and enjoying work-life balance and the list will go on. The other reason is increasing trend of second home market; people started enjoying that especially the new age people. Able to work from anywhere has transformed second property ownership into a feasible option with greater appeal than a hotel or vacation rental, providing the ease and enjoyment of a vacation with the security and comfort of a home away from home. The market is booming, and BRIKitt is uniquely positioned to make second home ownership more attainable, while removing many of the hassles. Log on to wwww.brikiit.com and start to imagine a whole new way of thinking about “work-life balance”