Bengaluru's Thriving Real Estate Market: A Gateway to Opportunity
Bengaluru's real estate market is booming, driven by a diversifying tenant base and thriving business ecosystem.
Bengaluru Real EstateResidential Property PricesOffice Space DemandBusiness EcosystemAnarockReal Estate NewsJul 06, 2024
The report highlights a significant surge in office space demand, which began in 2020 and reached historic highs, reinforcing Bengaluru's reputation as a business hub. Average office rentals saw an annual growth of 4% to 8% across key markets. While the IT-ITeS sector's dominance slightly declined year-over-year, coworking space providers and manufacturing/industrial occupiers expanded their footprint by 3% and 2%, respectively.
This trend suggests a potential diversification of tenants and a maturing business ecosystem. Residential property prices have also risen, averaging Rs 7,800 per square foot in H1 2024, up from Rs 4,960 per square foot at the end of H1 2019. The inventory overhang dropped to a record low of 8 months by the end of H1 2024, down from 15 months in H2 2019, with available inventory decreasing by 11% compared to the first half of 2023.
Around 32,500 units were launched in H1 2024, a 30% rise over the same period last year, with the premium segment leading new launches at 39% and the luxury segment close behind at 36%. This growth is a testament to Bengaluru's thriving real estate market, making it an attractive destination for investors and homebuyers alike.
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Frequently Asked Questions
What is the percentage increase in residential property prices in Bengaluru over the past five years?
57%
What is the average office rental growth rate across key markets in Bengaluru?
4% to 8% annually
What is the current inventory overhang in Bengaluru's real estate market?
8 months
What is the percentage increase in new launches in H1 2024 compared to the same period last year?
30%
What is the leading segment in new launches in H1 2024?
Premium segment at 39%
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