New Delhi [India], According to the 'Bengaluru Real Estate - Your Door of Opportunity' report released by ANAROCK, residential property prices in Bengaluru have increased by 57 per cent in the last 5 years.
Housing sales in Bengaluru outpaced new launches in the first half of 2024, with around 34,100 units sold – up 11 per cent from the first half of 2023.
The city has seen a surge in demand for office space since 2020, reaching an all-time high in recent years, highlighting its continued attractiveness and thriving business environment, the report said.
Last year, average office rents across key markets in Bengaluru saw an annual growth of 4 per cent to 8 per cent. While the dominance of the IT-ITeS sector declined marginally year-on-year, co-working space providers and manufacturing/industrial occupiers expanded their presence by 3 per cent and 2 per cent respectively.
The report said this reflects the potential diversification of the city's tenant base and a mature business ecosystem.
The average price of residential spaces in the city has also seen an increase, as in the first half of 2024, the average price stood at Rs 7,800 per sq ft, compared to Rs 4,960 per sq ft by the end of H1 2024. As per the report, by the end of H1 2019.
Inventory overhang fell to a record low of 8 months by the end of H2024, down from 15 months in H2 2019; Available list approx. According to the report, 45,400 units – down 11 percent from the first half of 2023.
Around 32,500 units were launched in the city in the first half of 2024, 30 per cent more than the same period last year. The premium segment dominates new launches in the first half of 2024 with 39 per cent share in the total residential property share. The share of luxury segment was seen at 36 percent.
Housing sales in Bengaluru outpaced new launches in the first half of 2024, with around 34,100 units sold – up 11 per cent from the first half of 2023.
The city has seen a surge in demand for office space since 2020, reaching an all-time high in recent years, highlighting its continued attractiveness and thriving business environment, the report said.
Last year, average office rents across key markets in Bengaluru saw an annual growth of 4 per cent to 8 per cent. While the dominance of the IT-ITeS sector declined marginally year-on-year, co-working space providers and manufacturing/industrial occupiers expanded their presence by 3 per cent and 2 per cent respectively.
The report said this reflects the potential diversification of the city's tenant base and a mature business ecosystem.
The average price of residential spaces in the city has also seen an increase, as in the first half of 2024, the average price stood at Rs 7,800 per sq ft, compared to Rs 4,960 per sq ft by the end of H1 2024. As per the report, by the end of H1 2019.
Inventory overhang fell to a record low of 8 months by the end of H2024, down from 15 months in H2 2019; Available list approx. According to the report, 45,400 units – down 11 percent from the first half of 2023.
Around 32,500 units were launched in the city in the first half of 2024, 30 per cent more than the same period last year. The premium segment dominates new launches in the first half of 2024 with 39 per cent share in the total residential property share. The share of luxury segment was seen at 36 percent.
