After an all-time high in the Indian housing market in 2023, questions arise about what will happen in 2024!
What will be the trend?
If someone is an end user or a first-time buyer, the first thing that pops into their mind is how to decide where to invest and whom to trust.
A real estate agent can leverage client trust by showing economical and data-proven statistic and graph. The more concise and better visualized data, the more effective they will be for the client.
How can you create data visualization?
Let’s learn about an easy-to-use tool: Power BI
What is Power BI?
A group of software services, applications, and connectors called Power BI Assemble to transform your disparate data sources into Integrated, Engaging, and visually striking insights. Your data may be stored in a hybrid data warehouse that is both on-premises and in the cloud, or it may just an Excel spreadsheet. With Power BI, you can view and identify what’s important, connect to your data sources with ease, and share that information with whomever you choose.
Components of Power BI:
There are many components to power bi, but let’s focus on three fundamental ones here:
1) Power BI Desktop is a Windows Desktop application.
2) The Power BI service is an online Software as a Service (SaaS) provider.
3) Power BI Mobile Applications for iOS, Android, and Windows platforms.
The Power BI desktop, service, and mobile apps are all designed to enable you to generate, share, and use business insights in the way that best fits your needs and your job.
How can you use Power BI for Visualization for Real estate?
1) With valid dataset like properties, location, market segmentation, you can easily compare and simply comprehensive dataset for your client.
Visual tools like Clustered Bar Charts or Scattered Plot can reveal the analysis that cannot easily be identified by raw data.
2) Adding different sheets containing distinguished set of information in one dashboard can make easy for client to analyse their decision. This data can be customized according to real time data, providing up–to-date insights.
3) Real estate is heavily dependent on location. Power BI’s mapping capabilities allow user to visualize properties on map. Signifying key factor such as amenities, transportation and geographical trend.
4) One of the key benefits of using Power BI in real estate is its ability to centralize data from various sources, such as CRM systems, property databases, and market reports, into a single platform for analysis.
5) By integrating Power BI with real estate management systems, agents can automate reporting processes, streamline workflows and improve collaboration within their teams.
Let’s discuss some trend that can be used in Power BI for Real Estate 2024!
1) Exorbitant real estate prices – Given that this is an election year, there is little prospect of a market collapse. 50% of the GDP is impacted both directly and indirectly by real estate. Thus, the year to invest would be 2024.
According to a report by Concorde on the prospects and patterns of the Indian real estate market, the industry is predicted to expand at an astounding rate (CAFR OF 9.2%) between 2023 and 2028.
2) Assessment of luxury homes – Mr. Anuj Puri, Chairman of Anarock Property Consultants, stated in one of the reports that the luxury market is being pushed by consumers’ growing desire for larger residences built by reputable developers in prime locations.
The new supply of homes also reflects the trend change. While the supply of affordable housing has decreased to 18% from 40% in the same period last year, luxury residences now make up 25% of new units, up from 11% in 2019.
3) Increase in demand for Tier 2 and Tier 3 cities- Just like in 2023, in 2024 demand would also increase in these cities.
- Tier 1 cities like Mumbai, Delhi have average property price evaluation has been around 3-5% per annum over the past five year.
- Tier 2 cities like Ahmedabad, Chandigarh, Coimbatore, Indore, Jaipur, Kochi, Lucknow, Nagpur, Surat, Vadodara and Vishakhapatnam.
- Property price appreciation in tier 2 cities has been around 5-7% per annum.
- Tier 3 cities like Mysore, Bhubaneshwar, Patna, Raipur, Dehradun, Udaipur, Jabalpur, Gwalior. Appreciation of property price in Tier 3 cities has been around 6-10% per annum, greater than tier1 and 2 cities due to lower base prices.
4) Migration to suburb- Increase in demand for metro cities, in 2023 demand increased to 23%. Trend towards remote and hybrid location continues to drive demand for suburban and peri-urban properties.
Conclusion
In conclusion, the integration of various software tools, such as Power BI, has revolutionized the way real estate professionals analyse data and make informed decisions. As technology continues to advance, the use of advanced analytics tools like Power BI will become increasingly essential for achieving success in the competitive real estate market.
Embracing these tools and leveraging their capabilities will undoubtedly lead to greater efficiency, profitability, and growth in the real estate industry.
Remember, the key to unlocking the full potential of Power BI lies in continuous learning and exploration. Stay curious, stay innovative, and watch as your real estate business thrive in the era of data-driven decision-making.
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