4th April 2023, Mumbai: The time to enter the real estate market is upon us, you are experiencing it right now! Markets around the world offer great opportunities. With a well-thought-out investment strategy, now is the time to take advantage of the opportunities and make a solid investment.
Manasvi Mehrotra, recognized industry leader and CEO of Realty Assistant Global, has more than 15 years of experience in residential construction, group housing, and commercial real estate development, as well as global real estate in India, the U.S., Canada, Dubai, and Singapore, and agrees with this sentiment.
“Although markets are staggered around the world, the overall picture is a nice one. Of all the global markets, Dubai is the current stronghold for residential investment. Demand is outstripping supply, and apartment prices increased by 35% in 2022 compared to 2020, despite the peak of the pandemic, while villa prices increased by more than 50% over the same period,” he says.
“Much of this has to do with the country’s effective handling of the pandemic, which has significantly increased its attractiveness to global investors. Dubai’s early easing of restrictions and reopening of tourism in 2020, while much of Europe remained under lockdown, was a key factor in that
This is also evidenced by Dubai breaking its previous record of 80,000 residential sales in 2009 with a staggering 86,000 transactions last year. Much of this is due to the UAE’s introduction of several long-term visa options, which no longer require sponsorship, leading to a significant influx of investors, remote workers, and entrepreneurs into the country and subsequently creating more employment opportunities.
Mehrotra draws a close parallel with India, another active market for Realty Assistant Global, an integrated provider of real estate consulting and solutions for the GCC, the U.S., Canada, and South Asia.
“The Indian residential real estate sector is on a high with a 68% year-on-year revenue growth, confirming its position as one of the fastest developing industries in India. This new sales record underscores the significant progress the industry is making,” he says.
When asked what is driving this trend, he attributes it to a combination of supporting factors and a fundamental shift in perspective toward home ownership.
“There is a noticeable shift in people’s preferences to focus more on owning a home than renting. This shift is being fueled by several factors, including the desire for a better standard of living, the increasing potential for higher incomes, and a growing number of consumers who have new aspirations and want to change their lifestyles.”
Mehrotra’s commitment to commercial real estate also hits home. “India’s robust growth prospects will lead to increased demand for office and commercial space in Tier 1 and Tier 2 cities. This trend is already evident in the rapid commercial development of cities like Pune and Hyderabad. The co-working sector, which has effectively adapted to evolving work requirements, is emerging as a prominent player to meet the demands of India’s growing young population,” he adds.
Finally, what advice does he have for young investors?
“Invest early enough to master the real estate economics; everything else will fall into place.”