Residential Searches Slump as Prices Climb Near Jewar Airport: Magicbricks Report
Residential property searches have seen a significant decline in areas around Jewar Airport as prices continue to rise, according to the latest report from Magicbricks.
Jewar AirportReal Estate MarketProperty PricesMagicbricksResidential SearchesReal Estate NewsFeb 04, 2025
According to a recent report by Magicbricks, a leading online real estate platform, residential searches have dropped sharply as property prices have surged in the vicinity of the airport.
Jewar Airport, set to be a major international hub, has been a significant draw for real estate investors since the project's inception.
The anticipation of high returns on investment and the potential for rapid development in the area has been a key factor driving up property prices.
However, the recent spike in prices has led to a decline in interest from potential homebuyers.
Magicbricks' report highlights that the average property price in the areas surrounding Jewar Airport has increased by 20% in the last six months alone.
This rise in prices has made it challenging for first-time buyers and those looking for affordable homes to enter the market.
The report also notes that the demand for residential properties in these areas has decreased by 15% over the same period.
Real estate experts attribute this decline in searches to a combination of factors, including the high cost of living in these areas and the increasing availability of similar properties in nearby regions.
The report suggests that buyers are now exploring alternative locations that offer better value for money without compromising on infrastructure and amenities.
Despite the decline in residential searches, commercial properties around Jewar Airport continue to see robust demand.
The area's strategic location and proximity to major industrial zones make it an attractive option for businesses looking to establish a presence in the region.
The report indicates that commercial property prices have risen by 10% in the last year, driven by the influx of businesses and the development of infrastructure.
Magicbricks, founded in 2005, is a leading real estate portal in India, providing comprehensive information on properties across the country.
The platform offers a wide range of services, including listings, market analysis, and expert insights, making it a go-to resource for both buyers and sellers in the real estate market.
The decline in residential searches around Jewar Airport underscores the importance of market dynamics and the impact of infrastructure projects on property values.
While the airport remains a significant asset for the region, the high property prices are a barrier for many potential homebuyers.
The report suggests that developers and policymakers need to focus on creating more affordable housing options to ensure that the benefits of the airport's development are accessible to a broader segment of the population.
As the construction of Jewar Airport progresses, it will be interesting to see how the real estate market evolves in the coming years.
The balance between rising prices and the demand for affordable housing will play a crucial role in shaping the future of the region's property market.
Frequently Asked Questions
What is the main reason for the decline in residential searches around Jewar Airport?
The main reason for the decline in residential searches is the significant rise in property prices, making it challenging for first-time buyers and those looking for affordable homes to enter the market.
How much have property prices increased around Jewar Airport in the last six months?
According to the Magicbricks report, the average property price in the areas surrounding Jewar Airport has increased by 20% in the last six months.
What is the demand trend for commercial properties around Jewar Airport?
Despite the decline in residential searches, commercial properties around Jewar Airport continue to see robust demand, with prices rising by 10% in the last year.
What is the impact of high property prices on potential homebuyers?
High property prices around Jewar Airport have made it difficult for first-time buyers and those looking for affordable homes to enter the market, leading to a decline in residential searches.
What does Magicbricks suggest for developers and policymakers to address the issue of high property prices?
Magicbricks suggests that developers and policymakers need to focus on creating more affordable housing options to ensure that the benefits of the airport's development are accessible to a broader segment of the population.
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