CLEVELAND, Sept. 30, 2019 /PRNewswire/ -- Through 2023, new housing construction levels in India are forecast to increase 2.4% per year to 10.1 million units. The best growth opportunities are anticipated for multifamily housing units, supported by:
- continued expansion in the country's middle class
- ongoing migration to cities
- continued government support for the construction of affordable apartments
Both the single-family and multifamily housing segments will benefit from the release of pent-up demand for new homes, many of which were delayed in 2017 and 2018 as households waited to see the effects of demonetization and tighter real estate regulations.
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High vacancy rates will continue to prevent a stronger market performance. Faster growth will also be prevented by recent declines in home prices and the resulting lack of interest from buyers seeking investment properties.
Global levels of new housing construction are forecast to increase 1.6% per year to 60.1 million units in 2023. The fastest increases are expected in the Africa/Mideast region, where growing urban populations, rising household incomes, and expanding economic output are supporting new housing demand. The world housing stock is projected to expand 1.5% per year to 2.4 billion units, with the Asia/Pacific region accounting for half of all dwellings. Construction of multifamily homes is expected to outpace that of single-family units as urbanization expands worldwide.
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SOURCE The Freedonia Group