Bengaluru Luxury Real Estate Market Soars with a 142% increase in Home Sales This Year

The Bangalore real estate market has witnessed a remarkable surge in 2023, with home sales experiencing in an astounding 142% increase compared to the previous year. This surge demands for luxury properties reflects the city growing prominence as a hub for high end real estate investment. as well, In the first nine months of 2023, luxury home sales in Bengaluru, India, increased by 142%. In this period, 9,220 luxury homes were sold, compared to 3,810 last year.

Luxury unit sales in Bengaluru increased 142% over last year. Approximately 3,810 units were sold in 9M 2022. In 9M 2023, 9,220 units were sold. Approximate numbers for the city are as follows: 47,100 units were sold across all budget categories in 9M 2023, 20% of which were luxury.

In Bangalore, Kishore Jain is the chairman of the Confederation of Real Estate Developers Association of India (CREDAI). He said that, there is a great demand for luxury homes in Bangalore due to the multiple reason. There are several factors responsible for this remarkable growth. Bengaluru's reputation as India's Silicon Valley, home to numerous tech giants and startups, has attracted a substantial influx of high-income professionals and entrepreneurs. As a result, there is a burgeoning demand for luxurious and well-appointed homes that cater to their discerning tastes and lifestyles.

In 2023, Bengaluru is projected to lead in price growth among the top three Indian markets, with a potential increase of up to 5% YoY. This is attributed to the city's robust market driven by the continuous growth of startups, unicorns, and increasing income levels in the APAC region.

After the COVID-19 crisis, there has been a heightened awareness of the importance of possessing a home, with a growing preference for homes that are spacious, thoughtfully designed, and provide comfort and security. As a result, developers have been quick to adapt to these changing preferences by offering luxurious properties with spacious layouts, home offices, and state-of-the-art amenities. So, there is a demand for luxury home and increasing in the sales for such apartments, flats or houses.

The demand for 3BHK homes consistently rivals that of 2BHK units, especially as home loan EMIs become increasingly similar to rental rates. As well, there is a only a growing demand for high-end properties but also the potential for real estate investors and reflecting the optimistic view of real estate market stability and growth.