NEW DELHI:
For every 10 people who are shopping online, three are searching for real estate. Internet is influencing the way people buy property - nearly 53 per cent of real estate purchases made in India are in some way or the other influenced by online research says a survey by Google India and Zinnov.
Interestingly, the phenomenon of researching online for real estate information was not limited to just the metro cities but was also prevalent in tier two cities.
According to the study, the overall influence of Internet on real estate transactions in both residential and commercial properties including rentals amounted to $43 billion-$31 billion for residential and $12 billion for commercial properties.
Nearly 74 per cent of real estate research online was focused on residential buying and 26% focused on residential renting, the study said.
"Almost half the respondents were indifferent to new or resale property (47 per cent) as the criteria for research focused more on their space requirement, budget and location. 23 per cent respondents were in the market for resale property only, and 30 per cent were looking for new property under construction," the study said.
Investors from Middle Eastern countries are expected to spend $180 billion in commercial real estate markets outside their region over the next decade with Europe being the preferred target, according to a latest study.
The major increase in flows of Middle Eastern capital into global markets is emerging from the extraordinary mismatch between the lack of institutional real estate in domestic markets and the huge spending power concentrated in the region, a study by global property advisor CBRE said.
Europe is the preferred target with 80 per cent of the $180 billion targeted for the region over the next 10 years.
The real estate industry was worth $75 billion in 2013.
Sources :-http://economictimes.indiatimes.com
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