Demand for Real Estate Properties Grows 7x in Q3
With the festive season approaching, real estate players are expecting the market to go back to pre-COVID levels. Signs of revival started showing up since the beginning of Q3 as 99acres.com has witnessed a 70 percent uptick in daily traffic in the third quarter as compared to the second. The increased demand is attributed to the growing demand to relocate or shift in bigger houses followed by investment purposes.
Moreover, 99acres mobile application downloads have reached over 1.3 million (active devices) in September with more than 2000 net install events every day in the last three months, signaling the revival of the market. The impact of COVID-19 has been more severe for the metro cities and this further reflects in the increase in traffic contribution from 27% (sep’19) to around 37% (Sep’20) towards the overall traffic on the platform.
The pandemic has shifted the expectations of the buyers and has transformed the way realtors function. Need for digitized tours, changing needs of employers in commercial real estate, legal safeguards in the rental agreement for tenants, and increased digital adoption are some of the trends that have started during the pandemic, however, going to outlast.
Additionally, the commercial segment on the platform has already overachieved the pre-COVID levels by 20% with the office lease properties leading the commercial segment. The segment witnessed that the spend levels from clients have reached more than 90% of the pre-COVID levels for both commercial buy and lease verticals.
The company is positive that the queries for commercial and housing real estate will soon reach the pre-pandemic level indicating market dominance in the coming time.