As per the latest report, of the Asia-Pacific residential sector review index for the year H2 2022, mentioned Mumbai and Bengaluru are among the top 5 highest accomplishing Asia-Pacific residential sectors. The review index shows that 14 out of 23 APAC (Asia-Pacific) towns have had positive year-wise price rises, with Metro Manila leading the region with a 24% YoY growth rate.
Mumbai & Bengaluru, both of which saw 7% YoY price growth in H2 2022, tied for 4th place on the Asia-Pacific Housing Review Index. With a price rise of 6.8% Year-over-Year for H2 2022, Delhi, another important residential market in India, entered the top 10 finest achieving APAC markets.
Costs in the housing markets of Mumbai, Bengaluru, and Delhi are expected to increase moderately over the course of the following year, notwithstanding the Reserve Bank of India’s decision to raise policy rates by 25 basis points in February 2023. Residential price hikes in Bengaluru are anticipated to increase by 3% – 5%. Residential price rises are predicted to be between 2% and 3% and 3% to 4% in Mumbai and Delhi, respectively.
“Residential demand in the nation has not only remained strong but has climbed to a nine-year high in terms of yearly sales in 2022, although the Reserve Bank of India boosting policy costs by a total of 225 bps in 2022. In terms of having the half-yearly season with the biggest sales in nine years, H2 2022 is only second to H1 2022 in that regard,” as per Homebazaar.com.
Also, India’s intrinsic economic strength and high levels of affordability would be the primary factors supporting the housing market in the upcoming 12 months, despite the RBI’s additional 25 bps hike in February 2023.
The majority of Asia-Pacific markets are stable and optimistic despite the region’s markets continuing to have a careful outlook due to rising interest rates, high lending rates, and high inflation. This is because the Chinese Mainland has ended its Zero-covid plan and the economy has nearly fully recovered from the pandemic.
