Significant Surge of Property Prices in Hyderabad of 15.8% YoY
Hyderabad, January 24, 2024: Magicbricks, India’s leading real estate platform, released its flagship PropIndex Report (October-December 2023) which observed a significant surge of 15.8% YoY in property prices in Hyderabad.
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The report also highlighted that the residential supply (listings) reduced by 28.1% YoY while demand (searches) increased 3% YoY during the same period.
At the same time, compared to the previous quarter, the residential demand decreased 17.1% QoQ, prices increased 1.4% QoQ and supply increased 0.4% QoQ. 3BHKs continued to command the highest (48%) share in total demand, while the supply was dominated by 2BHKs (45%) closely followed by 3BHKs (41%). Gachibowli and Kondapur were the most searched localities of Hyderabad.
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Elaborating on the trends, Abhishek Bhadra, Research Head at Magicbricks, said, “The year 2023 served as a pivotal period for the real estate sector, witnessing an exponential surge in residential demand propelled by robust macroeconomic factors and positive customer sentiment.
However, constrained residential supply and increasing home loan rates had an inflationary impact on residential prices, subsequently declining demand this quarter.
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Despite these short-term challenges, we foresee a positive trajectory for residential demand in the medium to long term, anticipating a rebound in supply and moderation in residential prices.”
The report further shared that Hyderabad favors properties in the range of Rs 5000-7500 psf, driven by sustained market growth over 8 quarters.
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The city’s appeal lies in increasing employment opportunities and rapid infrastructure development, boosting residential property rates from Rs 5,910 psf between October-December 2021 to Rs 7,709 psf between October-December 2023.
The report, based on insights from the behavior and preferences of over 2 crore customers within the primary (first time sale) and secondary (resale) residential real estate market on the Magicbricks platform, also unveiled that across 13 key cities, property prices surged 18.8% YoY between with an 18.8% YoY and 3.97% QoQ surge between October and December 2023.
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