Bengaluru’s residential property prices jumped 57 per cent in the last 5 years: Report | Bengaluru

Residential property prices in Bengaluru have jumped 57 per cent in the last 5 years, as per ‘Bengaluru’s Real Estate – Your Gateway to Opportunity’ report released by ANAROCK.

The housing sales in Bengaluru exceed new launches in the first half of 2024 with about 34,100 units sold – up 11 per cent over H1 2023.

READ | Mumbai watch out! Buyers are now lapping up over ₹10-crore luxury apartments in Bengaluru

The city witnessed a surge in office space demand since 2020 reaching an all-time high in recent years, highlighting its continued attractiveness and thriving business environment, the report noted.

The average office rentals across Bengaluru’s key markets last year witnessed yearly growth of 4 per cent to 8 per cent. While the IT-ITeS sector’s dominance decreased marginally Y-o-Y, coworking space providers and manufacturing/industrial occupiers expanded their presence by 3 per cent and 2 per cent, respectively.

READ | Woman makes hoax bomb threat call to Bengaluru airport to stop boyfriend from flying, detained: Report

The report added that this depicts a potential diversification of the city’s tenant base and a maturing business ecosystem.

The average price of the has also seen an uptick in the city’s residential spaces, as in the first half of 2024, the average price stood at ₹7,800 per sq. ft. as of H1 2024-end against ₹4,960 per sq. ft. by H1 2019-end, as per the report.

READ | Bangalore Weather and AQI Today: Warm start at 21.41 °C, check weather forecast for July 7, 2024

The inventory overhang fell to a record low of 8 months by H12024-end, down from 15 months in H2 2019; available inventory of approx. 45,400 units – down 11 per cent over the first half of 2023, as per the report.

The city saw approximately 32,500 units being launched in the first half of 2024, up 30 per cent against the same period last year. The premium segment dominates new launches in H1 2024 with a 39 per cent overall share in total residential assets share. The share of the luxury segment saw 36 per cent share.