Is it projected that house prices will rise or fall in the near future?
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Many would-be home buyers were discouraged by the year 2023. However, for some, 2024 may be a better year to buy a home. While home prices are expected to remain elevated (and even rise in some regions), industry analysts predict that prices in some sections of the country will fall.
Property prices might not fall in 2024 in India. Instead, they are expected to rise by 5%. However, markets can fluctuate over time, and it is difficult to accurately predict if property prices will fall.
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Property prices in the city are anticipated to climb further, as demand for residential and commercial properties remains high. In Chennai, the demand for inexpensive housing is likely to rise in the future years.
Economists are also optimistic that the Federal Reserve has completed its rate-hiking campaign to reduce inflation after policymakers left the federal funds rate steady for the third day in a row on December 13. The federal funds rate is the benchmark interest rate that banks charge each other for overnight loans; it has an indirect impact on mortgage rates.
Nevertheless, affordability issues will persist in 2024. Pent-up demand and low inventory will generally support prices, and mortgage rates will remain high until the Fed lowers the federal funds rate.
The Indian real estate market is predicted to increase at a CAGR of 9.2% over the next five years, from 2024 to 2029. Looking ahead, the Indian real estate sector appears to have a bright future, with continued expansion and evolution.
The overall real estate market in Chennai can be divided into smaller micro-markets based on the city's regions. Each micro-market has prices and costs that are affected by factors that are specific to that region. Old Mahabalipuram Road, in particular, has been blazing brightly throughout Chennai.
First American Financial Corporation's chief economist, Mark Fleming, forecasts a "flat stretch" ahead for the housing market. "If the 2020-2021 housing market was too hot, then the 2023 market was probably too cold, but 2024 won't yet be just right," Fleming predicted in his 2024 projection.
What conditions determine the value of local real estate?
Interest rates, economic conditions, employment rates, and government policies To Continue...
