While 16% of those surveyed already relocated in the last two years, another 17% are planning to relocate in the next two years.
The number of respondents from APAC who have relocated is 7% and global respondent who said they have relocated is 6%. About 10% of the respondents from both APAC and global are planning to relocate in the next two years.
According to the survey, Gen Z led the preference towards moving to a new home in the next two years, compared to only 29% of baby boomers. This indicates that the younger generation will primarily drive upcoming housing demand.
“While a majority of the respondents intend to purchase a house, we should not discount the remaining cohort looking for rental accommodation – 40% of Gen Z would prefer to rent rather than purchase. While 20% of Gen Z would prefer private rental accommodation, 17% look at student housing and shared accommodation as an option. Since this is the age group that will drive rental accommodation, developers must outline strategies to understand and tap demand well in time,” said Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE.
The survey found that Indian respondents display a stronger intention to move to a new home in the next two years (44% vs 31% in the previous two years). This is significantly higher when compared to both global and APAC respondents.
“Further, families are now laying equal emphasis on a property’s quality and surroundings as on the unit itself. Therefore, attractive and thoughtful interior designs, well-planned outdoor areas and surroundings must now be complemented with remote working infrastructure,” he said. More than 20,000 people were polled globally in the survey.
According to the residential section of the India report, most people are seeking to move out of urban areas as flexibility at the workplace emerges as a dominant theme, areas close to the city centres still remain the most sought after among those planning to move.
Most leading cities, especially Delhi- NCR, Mumbai, Bangalore, Pune are witnessing the emergence of suburbs that in many ways redefine the erstwhile “city centre”.
The survey also highlighted that of those planning to move, more than 70% wanted to buy a house, instead of renting. While India has always been an economy where home buying is preferred over renting, the uncertainty around the pandemic has further accelerated the need for homeownership and security.
With the pandemic having raised the importance of health and safety, the demand for professional property management services, particularly in apartment buildings has been on the rise. There is also an increasing need for dedicated office space at home as hybrid working becomes more widespread.
