India residential property sales at 9-year high in 2022: Knight Frank
India’s residential real estate segment recorded a 9-year high in terms of sales volume during the first half of 2022 (January-June), said London-based global real estate consultancy Knight Frank.
Residential space grew by 60% annually during the period to reach 158,705 housing units in the country’s eight major cities, up from 99,416 in the first half of 2021.
Previously, such volumes were reported in 2013, it said in a statement.
From January to June 2022, new housing launches grew by 56% year-on-year to 160,806 units.
For the commercial office segment, the Indian market experienced substantial growth and achieved a solid performance as it recorded transactions amounting to 25.3 million square feet, up 107%. He indicated the market’s potential in the face of a waning pandemic and the promise of a sustained economic recovery.
Bengaluru and Delhi NCR dominated the commercial sector.
“Home buying has seen a strong rebound since the onset of the pandemic and is continuing despite inflationary concerns in the economy,” said Shishir Baijal, Chairman and Managing Director of Knight Frank India.
“As the interest rate cycle turned around during this period, which impacted affordability, but the performance of the economy as a whole (and changing buyer perceptions) had a greater impact on market dynamics for the rest of the year as it dictates income levels and buyer demand much more directly,” Baijal added.
Baijal further said that the robust performance of the office market in the first half of 2022 has set the tone for 2022, while occupancy levels are rising as more companies want their employees to return to the office. (ANI)