2023-05-10-莱坊-INDIA_REAL_ESTATE_-_Office_and_Residential_Market_-_Jan-Mar_2023_5页_1mb

报告摘要

Indian Real Estate Market Analysis: Residential and Office Q1 2023

Residential Market

Sales Performance: Sales in Hyderabad increased 19% YoY, while Mumbai and Bengaluru saw declines of -6% and -2% YoY, respectively. India's residential sales reached 79,126 units in Q1 2023.
Price Growth: Prices surged significantly across most cities, with Bengaluru (+7%), Mumbai (+6%), and NCR (+3%) showing notable increases. Average prices are near multi-year highs.
Ticket Size Distribution: Higher-ticket sales (INR 5-10 mn+) rose to 29% of market share, up from 25% YoY, as homebuyers sought larger spaces amid inflation. Lower-ticket sales declined.
Factors Influencing Market: Low initial interest rates boosted demand for upgrades, but rising rates and inflation concerns tempered enthusiasm. Supply levels are elevated, but manageable inventory with decreasing Quarterly to Sell (QTS) levels indicates sustained demand.
Economic Context: RBI rate hikes have increased home loan rates, still below pre-pandemic levels; economic recovery post-pandemic supports market resilience.

Office Market

Transaction Trends: Total transacted area was 1.05 mn sq m (11.3 mn sq ft), a 5% YoY increase. Bengaluru was the most active market (+132% YoY in Mumbai due to large leases).
Occupier Activity: Flex spaces dominated transactions, especially in Bengaluru (29% share). IT, BFSI, and e-commerce sectors drove demand, with rising rental levels in key cities like Bengaluru (+9% YoY).
Vacancy and Occupancy: Average vacancy is low at ~16.4%, with NCR and other regions maintaining stable or growing occupancy rates despite sector declines.
Economic Drivers: India's strong GDP growth and inflation control underpin market confidence, making it attractive for occupiers despite global slowdowns.

Overall Outlook

The residential market shows resilience with price increases and shifting demand, while the office market benefits from economic stability. Challenges include ongoing interest rate pressures and inventory management.

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