Home prices in India are set to hold above consumer inflation, even though interest rates are expected to stay higher for longer than previously thought, a Reuters poll of property analysts found.
A surge in savings and minimal income disruption to cash-rich home buyers during the pandemic led to a rise in demand that has made the market more resilient to interest rates than initially expected.
"The interest rate cycle is near its end," Arvind Nandan, managing director of research at Savills India, said. "We think prices will continue to remain stable or rise steadily - though not steeply." "Demand and supply of affordable housing are reducing, while the luxury and high-end segments are witnessing increased traction. As a result, future developments are likely to increase in these segments which will quickly drive overall home prices northwards," said Anuj Puri, chairman of ANAROCK.Asked about the future of purchasing affordability for first-time home buyers over the coming year, six analysts said it would improve and five said it would worsen.
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