Bangalore, Mumbai and NCR have joined the top 10 best-performing residential markets in Asia-Pacific in terms of annual price growth, international real estate consultancy Knight Frank said in its latest report, Asia-Pacific Residential Review Index 2H23 . Later in 2023.
According to the review, 21 out of 25 Asia-Pacific (APAC) cities achieved positive annual house price growth, with Singapore emerging as the best-performing APAC market with 13.7% year-on-year (YoY) growth.
In the second half of 2023, Bangalore’s prices increased by 7.1% year-on-year, ranking eighth in the Asia-Pacific Residential Review.
Mumbai ranked 9th, with a year-on-year growth of 7.0%; NCR, another major residential market in India, ranked 11th, with price growth of 6.0% year-on-year during the period.
By 2023, Mumbai, NCR and Bengaluru will account for 60% of total sales in the Indian market.
Bengaluru is winning interest from non-city center developers, leading to a significant 24% increase in the number of properties launched in the city in the second half of 2023. Sales in the city in the second half of 2023 were 27,799 units. The average house price in the city is Rs 5,900/sq ft (Rs 63,508/sq m).
Sales in Mumbai improved significantly in the second half of 2023, mainly due to increased demand during festivals such as Navratri, Dussehra and Diwali.
Sales in the city in the second half of 2023 were 46,073 units. The average price in the city is Rs 7,883/sq ft (Rs 84,849/sq m).
The average price in NCR was Rs 4,579/sq ft (Rs 51,226/sq m) and sales in the second half of 2023 were 29,888 units.
The Asia Pacific Residential Review is an investor-focused report that provides an in-depth look at the performance of the region’s mainstream residential markets.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said: “Demand for residential properties in India’s major cities surged to the highest level in a decade in 2023 despite rising mortgage rates and real estate prices. Riding on expectations of falling interest rates and relative With strong economic growth and other major positive factors, residential demand is expected to maintain its growth momentum in 2024.”
Hong Kong’s residential market ranks at the bottom of the index and faces challenges such as weak market sentiment, high interest rates and a large inventory of unsold newly completed apartments. Rising mortgage rates are impacting affordability among homebuyers, causing them to take a more cautious approach.
Kevin Coppel, managing director of Knight Frank Asia Pacific, said: “The residential market has experienced a surge over the past six months following the Federal Reserve’s decision to pause interest rate hikes, which has encouraged potential buyers who have been waiting on the sidelines. Make a purchase. Decide.”
“Ongoing supply-side constraints, including input costs, labor shortages and construction delays, have supported prices in many cities across Asia Pacific. Standout performers include Singapore, Sydney, Brisbane, Perth, Manila, Delhi and Bengaluru Benefiting from factors such as the wealth effect, demand exceeding supply and optimistic economic growth prospects,” Koppel added.
Follow us on Google news ,Twitter , and Join Whatsapp Group of thelocalreport.in
