In recent years, the number of residential property buyers has soared . In my opinion, this is an adverse development and I will explain it in this essay.
One of the key reasons why owning a property the appreciation of the price in a short period. Consequently, more people can make money investing in houses. Everyone involved in the process makes money, for example, the seller, the commission agent, , and also the buyer by reselling the property. However, there are potential risks here if are involved. This will result in impacting the global economy if people . Also, this will create a virtual inflation scenario and increase the burden on the people who genuinely need housing, and impede their growth.
Moreover, another reason is that statistically the majority of house buyers using bank loans are in their thirties or forties. They want to get over with the house owners prior to their offspring is ready for college education. As a result, they could use the house as or at least house rent payments alongside college fees.
and social status are also essential reasons for owning a house. A number of people consider rented houses as stop-gap arrangements and strive to own a house, consequently, they can live the way they want. In numerous circles, match-making is challenging if a groom his own house. This is leading to a stressful situation as people to fulfill the commitment .
In conclusion, it can be comprehended that aspirants who want to own a house for various reasons such as profit, better lifestyle, sense of ownership, or social obligation, therefore, property price is increasing. This trend would be both economic growth and individual well-being. Personally, I think this is a negative development.