Property is seen as a safe asset. Most people have the following arguments for investing in property:
– price can never go down
– see prices in the last 10 years, my brother’s property has gone up 3 times !! Vow!!
– God does not make more of it anymore, so prices can only go up
– My house interiors is well done up, so I can get Rs. 1 million at least for my flat compared to my neighbor
– So what if the prices have gone down, I have bought to live in it.
– Of course it has not gone down, my neighbor was a distress seller….so he sold at that price.
So most people consider houses as a safe asset – the Chinese bachelor needs it to get married. The Indian MBA is egged on by his parents to buy a house, so that he can live in that house from the day he gets married, etc.
However real estate prices are not always on a one way ride. I am convinced that one day people will buy only what they can manage. So if renting were available in an organised manner or even buying selling can happen on the net …that would be a great favor!!
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