India’s luxury housing market has been on a roll in the first half of 2024, with sales surging across major cities. However, Bengaluru, one of India’s most dynamic real estate markets, has bucked the national trend, experiencing a notable decline in luxury housing sales. A recent report by CBRE South Asia highlights the national surge in luxury housing demand, driven by factors such as increased affluence, the influx of NRIs, and strategic land acquisitions by developers.
While cities like Delhi-NCR, Mumbai, Pune, and Hyderabad have seen significant growth in luxury sales, Bengaluru has faced a temporary setback. The decline in Bengaluru’s luxury housing sales can be attributed to a reduced supply of luxury properties during the first half of the year. This shortage has limited the options available to affluent buyers, impacting overall sales figures. However, experts at CBRE South Asia remain optimistic about the future of Bengaluru’s luxury housing market.
With the festive season approaching and an anticipated increase in supply, analysts predict a rebound in luxury housing sales in the second half of 2024. Bengaluru’s broader housing market remains strong, with robust sales across various segments. This suggests that the city’s luxury housing market is likely to recover as more projects come online. While Bengaluru’s luxury housing market has faced a temporary slowdown, its overall economic vitality and strong demand for housing make it well-positioned for a rebound. As the city continues to grow and develop, the luxury housing segment is expected to play a significant role in its future.
