73% Urban Indians can afford (to buy) a new home: Ipsos Real Estate Affordability Survey
China and Saudi Arabia, other top markets with affordable homes. Affordable home buying a distant dream for Hungarians, Japanese & Serbs
New Delhi, Nov. 07, 2019: Securing an appreciating asset like a home is very citizen’s dream. How does India stack up when it comes to affordability in buying a home? Happy tidings for the sceptics. According to a new global survey by Ipsos titled, Real Estate Affordability, at least 73% of urban Indians polled said that they can afford to buy a new home in the local property market or the realty sector.
Ashwini Sirsikar, Country Service Line Leader, Ipsos UU (Qualitative Research), Ipsos in India, is not surprised, "We see a boom in the realty sector in terms of premium to affordable housing projects that have come up and are in the pipeline, wooing urban dwellers with frills. Further, low interest finance schemes provide, easy repayment options, and is also likely to provide an impetus to this sector. However, due to the slowdown in the economy, offtake has not matched the expectations of the realty firms. Supply sort of outstrips demand. Due to the number of scams in the realty sector in the last few years, people are in a wait and watch mode.”
Best markets for home buying and the markets where home buying is a distant dream.
The survey shows that the top markets which have affordable homes in good supply, for buyers are China (74%), India is second in the pecking order (73%), Saudi Arabia (61%), US (55%) and Peru (55%). And markets with lack of affordable homes (or least affordable homes) and which are at the bottom of the heap, include, Hungary (16%), Japan (17%), Serbia (19%), Poland (25%) and Argentina (32%), among others.
Interestingly, emerging markets account for seven of the top 10 countries, where most say they can afford to buy a home.
Indians who said they cannot afford a new home (27%) were not permanently pessimistic. 72% of them said, it was a temporary feeling and not a permanent one.
About the Study
In total, 20,448 interviews were conducted between Sept 20-Oct 04, 2019. The survey was conducted in 29 countries around the world, via the Ipsos Online Panel system in Argentina, Australia, Belgium, Brazil, Canada, Chile, China, France, Germany, Great Britain, Hungary, India, Italy, Japan, Malaysia, Mexico, Netherlands, Peru, Poland, Russia, Saudi Arabia, Serbia, South Africa, South Korea, Spain, Sweden, Turkey and USA.
Approximately 1000+ individuals participated on a country by country basis via the Ipsos Online Panel, with the exception of Argentina, Belgium, Chile, Hungary, India, Malaysia, Mexico, Peru, Poland, Russia, Saudi Arabia, South Africa, South Korea, Sweden and Turkey, where each had a sample of approximately 500+.
The survey data have been weighted so that each market’s sample composition best reflects the demographic profile of the adult population according to the market’s most recent census data. Data collected each month are also weighted to give each market an equal weight in the total “global” sample.
Online surveys can be taken as representative of the general adult population under the age of 75 in Argentina, Australia, Belgium, Canada, France, Germany, Great Britain, Hungary, Italy, Japan, Poland, South Korea, Spain, Sweden, and the United States. Online samples in Brazil, Chile, China (mainland), India, Malaysia, Mexico, Peru, Russia, Saudi Arabia, South Africa and Turkey are more urban, more educated and/or more affluent than the general population and the results should be viewed as reflecting the views of a more “connected” population. We call them Upper Deck Consumer Citizens.
Sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error. The precision of the Ipsos online polls is measured using a Bayesian Credibility Interval. The credibility interval around percentages based on single-month data is of +/- 3.1 percentage points for markets where the monthly sample is 1,000+ and +/-4.5 points for markets where the monthly sample is 500+. Click here for more information on the Ipsos use of credibility intervals. Where results do not sum to 100 or the “difference” appears to be+/- 1 more/less than the actual value, this may be due to rounding, multiple responses, or the exclusion of don't knows or not stated.
