Last year, the city market ranked No. 2 with 49% more sales.
The sale of housing units is going on at a brisk pace in eight cities across the nation.
Reports proptiger.com
The year 2003 is an excellent year from the perspective of real estate in Hyderabad city. The city ranked No. 2 in the country in the sale of housing units during the year. Compared to the sale of housing units done in 2022, the sale in 2023 was 49% more.
In all, 52,571 housing units were sold in Hyderabad in 2023, compared to 35,372 in 2022.
The online real estate brokerage firm proptiger.com has indicated that the most real estate development took place in Hyderabad after Ahmedabad.
In the last quarter of 2023 (Oct-Dec), the number of units sold was 20.491, registering 44% growth compared to the previous quarter (July-Sep), 14,191 units. In the last quarter, sales in 2023 almost doubled the sales of units during the corresponding period in 2022, at 10,335 units.
In eight cities across the country, the total sale of housing units in 2023 was put at 4.10 lakh, which is 33% more than the sale of units in 2022.
The inventory of housing units in the last year, compared to the inventory supply in 2022, decreased by 7%. In 2023, the inventory had 76,819 units, up from 82,801 units during the previous year.
Meanwhile, the supply of housing units in inventory across the nation reached an all-time high. The supply of housing units to the inventory in 2023 was 5,17,071 units, as against 4,31,510 units during 2022, registering 20 percent growth. It is attributed to an increase in the rate of interest, an increased cost of construction, uncertainty in the international scenario, and a rise in the prices of housing units. In spite of these, last year the real estate sector achieved excellent functioning. The property market reached an unusual stage, sustaining the demand exhibited during the COVID period, according to Proptiger Group CFO Vikas Wadhwan. He opined that the affordable housing section faced many challenges following the increase in house prices.
