Bangalore ranks No. 8 in the Asia-Pacific region.
Mumbai occupies the 9th position.
Reveals Knight Frank report
Bangalore figured significantly in the Asia-Pacific region with regard to the increase in prices of housing units. In the second half of 2023, Garden City ranked number 8, followed by Mumbai (9th position).
On an annual basis, the increase in prices of housing units was put at 7.1% in Bangalore, while Mumbai recorded 7% growth, according to a report released by real estate agency Knight Frank.
According to the residential review index, Mumbai, Delhi, and Bangalore together constitute 60 percent of the total sale of housing units in the domestic market in 2023.
In terms of project launches that took place in the second half of 2023, the Bangalore market is ahead of other cities. During the period, a total of 27,799 units were sold, with an average price of Rs 5900 per sft. With the surge in demand experienced during festivals like Dasara and Diwali, the Mumbai market also registered the sale of housing units. The second half of the year 2023 saw the sale of 46,073 units in the Mumbai market, with an average price of Rs 7883 per sft.
In the Delhi-NCR market, the average price of the sft quoted was Rs 4579. The number of units sold was 29,888.
As per the Asia-Pacific Residential Index, 21 of the 25 cities in the region registered positive annual growth, with Singapore topping the charge with 13.7% growth. Hong Kong figured at the other end of the spectrum.
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