That’s an interesting question. Property developers are facing various challenges and opportunities in fulfilling the housing demands in 2024. The global housing market slowed down in 2023 due to high inflation and borrowing costs. However, some countries still experienced strong growth in housing demand and prices. These include Turkey, Lithuania, Croatia, Australia, Canada, Japan, and Colombia. These countries benefited from various factors such as economic recovery, low interest rates, government support, and limited supply.
Based on the web search results, here are some of the possible trends and factors that could influence the housing market in 2024:
Cash rate cut and population growth
According to Domain, a cash rate cut by the Reserve Bank of Australia could drive more demand for housing, especially in the major cities. Population growth, both from natural increase and immigration, will also add to the demand for housing, especially in the urban areas.
Affordability and inclusivity
The Indian government is expected to continue its focus on affordable housing, aiming to provide budget-friendly housing options for the urban poor and low-income groups. The government’s schemes such as Pradhan Mantri Awas Yojana (PMAY) and Credit Linked Subsidy Scheme (CLSS) are expected to boost the supply and demand of affordable housing.
Lifestyle and well-being
Modern homebuyers are looking for more than just a physical living space; they want a holistic living experience that complements their lifestyle choices. Homes that offer lifestyle amenities such as fitness centres, swimming pools, co-working spaces, and green landscapes are expected to attract more buyers who value comfort, convenience, and community engagement.
Regulatory oversight and consumer confidence
The Indian real estate market has seen a significant improvement in consumer confidence, thanks to the greater regulatory oversight by the Real Estate Regulatory Authority (RERA) and the Insolvency and Bankruptcy Code (IBC). These laws have helped weed out dubious developers and protect the rights and interests of homebuyers.
Rental market and supply-demand gap
The Australian rental market is expected to reach a tipping point in 2024, as the supply of rental properties falls short of the demand, especially in the capital cities. This could lead to higher rents, lower vacancy rates, and more competition among tenants. The supply-demand gap could also encourage more investors to enter the housing market, seeking higher returns and capital appreciation.
Effects of increased demand
Increased housing demand can have negative impacts on the environment, society, and economy. Some of the cons are: – Loss of natural habitats and biodiversity – Increased greenhouse gas emissions and air pollution – Higher housing prices and inequality – Urban sprawl and traffic congestion – Reduced quality of life and well-being.
These are some of the possible trends and factors that could shape the housing market in 2024. However, there could be other unforeseen events and developments that could affect the market dynamics. Therefore, it is advisable to do your own research and consult a professional before making any investment decisions. I hope this information was helpful.
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