Buying property is more affordable now than anytime in the past 5 years

During the current slowdown, many buyers have also been sitting on the fence saving up for their purchase and waiting for the right opportunity to buy.

For a middle-class home buyer, this is probably the best time to buy a house. In the past five years, real estate prices have seen a correction whereas annual household incomes have witnessed moderate growth, making residential property more affordable.

As of financial year 2019, affordability in most cities is estimated to be in the range of six to eight times compared to 11-13 times five years back, according to credit rating agency Crisil. Affordability is the ratio of property price to the annual household income. “Over the past few years, capital values have remained under pressure due to muted