Spiking home prices and rising interest rates are putting off buyers, sending real estate demand on a downward curve
Homebuyers never had it as good as they did in 2021, after the second wave of the Covid-19 pandemic ended. Forced to say indoors during the lockdowns, they flocked to the residential market in droves, many looking to buy larger homes—a result of prolonged periods of working from home.
There were also other factors that enticed homebuyers since late-2021, such as some of the lowest home loan interest rates in recent times and government sops like registration fee waivers and stamp duty cuts. Additionally, as the market was recovering from a prolonged depression, home prices had remained stable—encouraging buyers to invest.