Average age of homebuyers is down to 30, finds research

The average age of homebuyers looking to buy properties has come down to 30 from 50. Also, the maximum online searches for real estate across the country are made in Delhi-NCR, including Gurugram and Noida, stated a report released on Tuesday.

The average age of homebuyers looking to buy properties has come down to 30 from 50. Also, the maximum online searches for real estate across the country are made in Delhi-NCR, including Gurugram and Noida, stated a report released on Tuesday. The report also stated that most common type of property searched by buyers is flats and apartments, as shown by an analysis of online search data.

The report said most common type of property searched by buyers is flats and apartments, as shown by an analysis of online search data. (Picture for representation)

“Search for land and plots outstrips those for commercial spaces. Although people are searching for properties more in metro cities, Tier-2 cities, such as Jaipur, Indore, Kochi and Goa, are also catching up. There is also a strong interest in renting,” the report said.

Delhi-NCR, including both Gurugram and Noida, are the top cities in the country where people are searching for flats, houses and office spaces. “Our detailed study from January to December 2018 shows that over 1 lakh people on an average are searching monthly for buying and renting houses or flats . The competition in the property market is going to get fierce in the future,” said Fernando Angulo, an official of SEMrush.

Sanjay Chatrath, executive director, (north) Colliers International India, said, “Rising income levels, urbanisation and economic growth are driving the high demand in the real estate sector. The recent cuts in GST rates and other measures will also boost consumer sentiments and demand in the market,” he added. The report was published by real estate consultancy Colliers International and its online partner SEMrush.