● Residential prices increased 2.7% QoQ
● Preference for bigger homes with 3 BHK and 2 BHK constituting 49% and 35% of the total demand respectively
Bengaluru, 11 October 2022: In Bengaluru, demand (searches) for residential real estate increased 3.7% QoQ, while the supply (listings) slightly declined 0.3% QoQ. Meanwhile the average property prices increased 2.7% QoQ, revealed Magicbricks PropIndex Report Q3 , 2022.
Further, 3 BHK configurations dominated Bengaluru’s residential market, accounting for 49% and 43% of the demand and supply, respectively. Meanwhile, 2 BHK configurations accounted for 35% and 43% of the demand and supply respectively. Properties priced in the range of INR 5,000 – 7,500 psf constituted 44% share of the total demand and 46% share of the total supply.
The report also observed that the demand for the affordable properties under INR 5,000 psf was more compared to the supply, underlining the shortage of affordable housing in Bengaluru’s residential market. The share in supply for affordable properties had further dropped from 27% in Q2 to 24% in Q3 2022.
Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “The upcoming festive months are considered auspicious to make real estate investments and we expect the demand to continue on the onward trajectory. To facilitate access to properties with lucrative offers and deals, we are excited to launch the 6th edition of our Dream Home Festival (DHF) from 1st October 2022 and are confident that this year will also mirror the success of previous editions.”
The report identified eastern localities in Bengaluru such as Whitefield and Sarjapur Road to be the most preferred localities for home buyers due to excellent connectivity to employment hubs like Electronic City.
The report further observed that buyers are aware of increasing prices and hence would invest before they rise further. It also predicts an onward trajectory for Bengaluru’s residential sector.