Real Estate Market Sees Young Buyers Becoming Houseowners

A survey conducted by real estate consultancy Knight Frank India on 1,629 Indian urban homebuyers revealed that more than 36% of Gen Zers (12-28 years of age) are seeking to buy a home, relying heavily on easy availability of home loans, says experts.

Data accessed by Moneycontrol from NoBroker's online platform showed that Millennials and Gen Z purchased over 60 percent of properties listed in Bengaluru.

The average ticket size of the properties was between Rs 70 lakh and Rs 1.1 crore. The share of transactions by Millennials and Gen Zers saw a 10 percent increase, compared to the same period in 2023.

According to the Knight Frank survey, more than 80 percent of respondents preferred to own a home, with only 19 percent opting for renting. This sentiment is consistent across generations: 79 percent of Baby Boomers (69-69 years of age), 80 percent of Gen X (44-59 years) and 82 percent of Millennials favour home ownership, while for Gen Z, interestingly, the comparable figures are 71 percent and a high 27 percent, respectively.

Source: Moneycontrol