Bengaluru, Mumbai, NCR Among Top 10 Asia-Pacific Residential Markets

New Delhi: Bengaluru, Mumbai, and the National Capital Region (NCR) have secured positions in the top 10 best-performing Asia-Pacific residential markets in terms of annual price growth, Asia-Pacific Residential Review Index for H2 2023, international property consultancy Knight Frank has revealed. The report indicates that out of 25 Asia-Pacific cities surveyed, 21 have experienced positive annual price growth. Singapore emerged as the leading market with a remarkable year-on-year growth of 13.7%.

Bengaluru Showcases Robust Performance 

Bengaluru showcased a robust performance, ranking 8th in the Asia-Pacific Residential Review, with a year-on-year price growth of 7.1% in H2 2023. The city has witnessed a surge in interest from non-city centric developers, resulting in a notable 24% increase in the number of launches during the period. Bengaluru recorded sales of 27,799 units, with an average price of Rs 5,900 per square foot.

Mumbai Secures 9th Position 

Mumbai followed closely, securing the 9th position, with a year-on-year growth of 7.0% in H2 2023. The city experienced a significant uptick in sales, particularly during festive periods like Navratri, Dussehra, and Diwali, recording sales of 46,073 units. The average price in Mumbai stands at Rs 7,883 per square foot.

NCR Clinched the 11th Spot

Meanwhile, NCR, another key residential market in India, clinched the 11th spot with a price growth of 6.0% year-on-year. The region witnessed sales of 29,888 units, with an average price recorded at Rs 4,579 per square foot.

Bengaluru, Mumbai, and NCR collectively contributed to 60% of the total sales volume across Indian markets in 2023, underlining their significance in the real estate sector.

The Asia-Pacific Residential Review serves as an essential investor-focused resource, offering comprehensive insights into the performance of mainstream residential markets across the region. Investors and stakeholders keen on the Asia-Pacific property landscape rely on this report for informed decision-making and strategic planning.