As we move further into 2024, the real estate market continues to change with new trends that are reshaping how we buy, sell, and connect with properties. At Chanda Estate, we believe in staying ahead of the curve to provide our clients with the best advice and chances. Here are five rising real estate trends in 2024 that we’re excited about:
1. Sustainability and Green Building
Sustainability has been a buzzword for a while, but in 2024, it’s more than just a trend—it’s becoming a standard. More buyers are choosing eco-friendly homes that not only lower their carbon footprint but also offer long-term savings on energy costs. Green building methods, such as using renewable materials and installing energy-efficient systems, are gaining favor.
For instance, according to a study by the World Green Building Council (https://www.worldgbc.org/news-media/2023-global-status-report-buildings-and-construction), buildings and construction account for 39% of global carbon emissions. As a result, the push for greener homes is more important than ever. At Chanda Estate, we’ve seen a rising desire for properties with solar panels, rainwater harvesting systems, and sustainable landscaping.
2. Smart Home Technology
In 2024, the merging of smart home technology will be another important trend. From voice-activated assistants to advanced protection systems, smart houses are becoming the norm. These technologies not only improve the ease and safety of homes but also add substantial value.
According to a study by Statista (https://www.statista.com/statistics/682204/worldwide-smart-home-market-revenue/), the global smart home market is expected to reach $158 billion by 2025. We’ve noticed that houses equipped with smart thermostats, automatic lights, and integrated home security systems are drawing more buyers. I’ve seen how these features can turn a house into a modern place to live, making everyday life easier and more comfortable.
3: Urban Suburbs
The idea of urban suburbs is gaining ground. These are suburban areas that offer the benefits and ease of urban living, but with more room and a quieter environment. The pandemic has shifted many people’s tastes, leading them to seek homes with more outdoor room while still wanting to stay connected to urban areas.
This change is noted in a report by the Urban Land Institute (https://urbanland.uli.org/industry-sectors/residential/emerging-trends-in-real-estate-2024/), which notes that suburban areas with good connectivity to cities are experiencing a boom. At Chanda Estate, we’ve noticed a spike in interest in homes in areas like Gurgaon and Noida, which offer a perfect mix of suburban calm and urban accessibility.
4. Co-Living Spaces
Co-living places are becoming increasingly popular, especially among young workers and digital nomads. These places have shared living areas, services, and amenities, which makes them a cheap and adaptable way to live. Co-living also builds community, which is something that many people like in today’s linked world.
The co-living market in India is projected to grow at a rate of 17% per year until 2025, according to research by JLL (https://www.jll.co.in/en/trends-and-insights/research/co-living-the-institutionalization-of-affordable-millennial-living). At Chanda Estate, we’ve been looking into co-living projects that meet the needs of youth and remote workers by providing them with cheap and fun ways to live.
5. Virtual reality and augmented reality
Virtual and augmented reality (VR and AR) are changing the real estate business by making it easier to get a full picture of a place. Potential buyers can now take virtual tours of houses from the comfort of their homes, making the process easier and more accessible.
A study from Goldman Sachs says that by 2025, the real estate VR and AR business will be worth $80 billion. At Chanda Estate, we’ve embraced this technology to offer our clients virtual tours, helping them make informed choices without the need for actual visits. This has been particularly helpful for our foreign clients looking to invest in properties in India.
Conclusion
As we travel through 2024, these new trends are shaping the future of real estate. At Chanda Estate, we’re dedicated to staying informed and adjusting to these changes to provide our clients with the best possible service. Whether you’re looking to buy, sell, or invest, knowing these trends can help you make smarter choices in the ever-evolving real estate market.
Please contact us with any questions or for more information on these trends. We’re here to help you find the right home or business in this fast-paced market.
Stay in touch with Chanda Estate for more information and tips!
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