Whether you are thinking of buying, renting or selling in 2023, it is important that you are on top of all the information and news related to the local housing industry.
Here at Anthobella, we work hard to ensure that all of our customers have all the relevant information available to them. That’s why we are sharing some of our predicted trends for Homeownership in 2023:
Here is what you must look out for in 2023:
Economic Growth
While the global economy in 2023 is going into a slow-down period, current projections by the International Development Bank, predict that there is more recovery for Trinidad and Tobago in 2023 and 2024 which is heavily driven by current energy prices.
According to an Express article on the topic, the IDB report: “cited IMF estimates that the T&T economy will record an average annual growth rate of 3.4 per cent over 2022–2025.”
Meaning that there will be fewer constraints to the flow of money within the economy. This combined with the announcement by the government that members of the public will benefit from an increase in personal income tax allowance is a positive sign for economic growth and personal expenditure in the year ahead.
The announcement by the government means that they have increased the personal income tax exemption limit from $84,000 to $90,000 per year. Therefore, employees who earn, $7,500 a month or less is now be exempt from income tax.
This is an immense benefit for those within this income bracket that are looking to eventually buy a home. While the cost of living has gone up it does still leave a little wiggle room for savings.
This is a great time for younger people to construct a home-buying savings budget and stick to it for the next two-five years.
Home-ownership for the Younger Generation
Following our other point, it can often seem bleak for younger generations when it comes to saving for their home. However, with the current projections it's a good time for Gen Z and millennials who are hoping to become homeowners to start doing their research, meeting with mortgage lenders, learning about their eligibility, and creating a financial plan for the next 3-5 years for eventually purchasing their own home.
This is an opportune time for this but it requires a certain amount of sacrifice and a clear financial plan.
Learn more about creating a homebuying budget here: Your Budget: Buying a Home in Trinidad and Tobago.
COVID-19
With the current situation in China and Carnival around the corner, there are some concerns about more restrictions in the year ahead if there is a surge in COVID-19 cases and hospitalizations. However, at Anthobella Real Estate, we do not foresee these restrictions having an impact on the continuity of business and revenue.
While it is something we must continue to monitor and take the necessary precautions with, this should not have homebuyers nervous or interrupt their savings or home-buying plan.
Follow Anthobella Real Estate on Facebook and Instagram to learn more about buying, selling and newly listed properties in Trinidad and Tobago!
Comments