Knight Frank India's Residential H1 2023 report reveals Hyderabad as India's premier real estate hotspot. Amidst declining sales in other cities, Hyderabad stands out with a notable 5% year-on-year (YoY) growth in residential sales. In contrast, Mumbai and Bengaluru saw declines of 8% and 2% YoY, respectively.
Hyderabad achieved the most substantial residential price growth among all markets, with a remarkable 10% year-on-year (YoY) increase. This upward trend can be attributed to the consistent appreciation of land prices over the past few years. Despite the surge in prices, the city continues to allure investors and end-users alike.
In the first half of 2023, Hyderabad witnessed a robust residential sales figure of 15,355 units, demonstrating a notable 5% year-on-year (YoY) growth. This achievement stands out as the highest among the top eight cities covered in the report. Remarkably, Hyderabad's real estate market displayed remarkable stability even in the face of the COVID-19 pandemic, attributed to the optimistic sentiments of buyers.
West Hyderabad has emerged as the prime choice for homebuyers, capturing a significant 60% share of the overall sales activity. This preference is due to its advantageous proximity to prominent office areas, including Hitec City, Financial District, Madhapur, Gachibowli, Nanakramguda, and Kondapur. The region's appeal is further enhanced by its well-developed infrastructure, solidifying its status as a sought-after location for potential homeowners.
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