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Journalism of Courage
With rising inflation beating down on people, 59 per cent Indians feel they may never manage to own a house. According to a recent global survey conducted by Ipsos India, a market research and polling company, half of urban Indians are worried about repaying mortgage and paying rent, both in the present and over the next 12 months. The high rate of taxes, interest rates, and property prices are seen as the top challenges by Indians, shows the inaugural issue of the Ipsos Housing Monitor survey.
Ipsos interviewed 22,279 people globally between November 22 and December 6, 2024 for the survey. The Indian sample included about 2,200 people interviewed in person or online.
‘Rising housing prices good’
An interesting trend that emerged from the Ipsos survey has been nearly half (48 per cent) of all Indians believing that the trend of rising housing prices is inherently good. This was the highest proportion globally of people considering housing price to be a positive.
This is despite 46 per cent Indian conceding that prices are higher than 12 months ago and one in two Indians expecting prices to rise further over the next 12 months. In fact, half of all Indians living in rented accomodation don’t expect to be able to ever afford to buy a home. But far from being seen as an overwhelming negative, 47 per cent of Indians polled said rising cost of housing was good for the country.
Why Indians say rising housing prices are good
The thought process and the relationship that people have with their houses may explain why nearly half of all Indians consider housing price rise to be good. “Home ownership is significant in India as it is an appreciating asset and buying a house is also seen as an investment opportunity,” says Amit Adarkar, chief executive officer, Ipsos India. Hence, rise in prices of housing is not frowned upon, as it fetches them large gains over time. It is not surprising for India to be placed highest globally in endorsing rise of property prices, Adarkar reasons.
Owning a home still an aspiration
A majority of Indians (6 in 10) hope to own a house. In countries such as Hungary (88 per cent), and Indonesia (86 per cent) this trend is even higher. The global average, meanwhile, is somewhere in the middle at 7 in 10 global citizens.
Those currently living on rent also wish to own a house (58 per cent). But the younger generation is mindful of the difficulty in fulfilling their realty desires. Those less than 35 years of age feel it is harder for people of their generation to buy or rent a home to settle down, unlike those confronting this choice during their parents’ times.
“A slew of tax breaks and incentives in the Union Budget 2025 announced by the finance minister on Febraury 1 will bring some reprieve to home owners and aspirants, and will encourage more citizens to invest in home ownership, brick by brick,” says Adarkar.
