Realty Bytes - January 2023

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The year 2022 was a remarkable year for the real estate sector. The sector showed promising growth prospects in the residential, commercial and retail segments. Demand for homes is on the rise because of low home loan rates, a hybrid working culture, and attractive offers from real estate developers ahead of the festive season. While an increase in the interest rate on loans was expected to dampen buyer sentiment, this claim was proven false as the demand for high-end real estate, both in the commercial and housing segment, continues to be high. Buyers have shown more interest in long-term returns on real estate and the sentimental value attached to buying a home than interest rate hikes, which typically average out over a 15-20 year period. Interest rate hikes are therefore a temporary blip for the sector, which seems to be on a strong footing.