We all understand that urbanization is the process by which cities expand, and that as more people move to metropolitan areas to live, more space is needed to accommodate their needs. The progress of the urbanization process generates interaction between urbanization and the real estate market as more people move from rural to urban areas. With the rise in housing demand, the real estate market is thought to be developing, says Atul Goel, Goel Ganga Group Owner. The United Nations estimates that more than half of the world's population lives in cities, and nearly every nation is urbanizing more and more. As a result, real estate is expected to rise as more people need places to live. Atul Goel Pune says, With this global phenomena came a massive demand for real estate and infrastructure. As a result, there are now numerous prospects for an advanced environment and a swarm of investable assets. Real estate has experienced positive growth as a result of the massive increase in demand for land following the declaration of housing. Nowadays, any city may see the progress of real estate. A succession of real estate endeavors and numerous high-rise structures have emerged. According to PWC, in 2015, cities with the highest real estate revenue contributed 85% of the world's GDP. Real estate may add value after urbanization for both people and businesses, which has sparked an urban rebirth. Smart office buildings, shopping malls, and other high-rise structures, for instance, increasingly show showcase complex urban landscapes. In 2022, institutional investments in retail real estate will increase to 492 million US dollars from 77 million in 2021. From a decline in the need for physical shop space to the reuse of resources to build residences, hotels, leisure activities, and facilities Urbanization has resulted in a boom in real estate. By emphasizing sites that are better served by public transportation, the real estate industry is being altered by the decline in automobile ownership. The use of real estate for improved social purposes has assisted in some way with the development of industry, better health care, and medical facilities, as well as with raising the standard of living in metropolitan areas. In the Real Rich Talks, Atul Goel Ganga says, Real estate has also helped modern trade and commerce advance social standing and, most importantly, it has aided in creating jobs in urban areas. The findings thus demonstrate that urbanization—economic, population, and spatial—can all raise real estate demand, while its effects vary depending on the industry. The two factors that have the biggest impact on the real estate industry are the income effect of economic urbanization and the gradual urbanization of the population. As was previously mentioned, the influence of population growth and economic urbanization, particularly the rise in per capita income levels, is what is really driving up real estate demand. Urbanization has therefore significantly transformed the face of real estate in a favorable way during these years, moving from people living in villages and sub urban areas buying or inheriting agricultural land or for irrigation, etc. to a completely changed society having a much higher standard of living.
0 Comments
Leave a Reply. |
|