Luxury Homes Avg Price Appreciate 24% In Top 7 Cities Since 2018
On analyzing the average price trends in the top 7 cities across different budget segments, ANAROCK Research data reveals that luxury homes have recorded the highest average price appreciation of 24% in the last five years. Prices of luxury homes in the top 7 cities in 2018 averaged out at approx. INR 12,400 per sq. ft. and at this point in 2023, have increased to approx. INR 15,350 per sq. ft. Among the top 7 cities, Hyderabad recorded the highest jump of 42% in the average price of luxury homes in this period – from approx. INR 7,450/sq. ft. in 2018 to approx. INR 10,580/sq. ft in the first half of 2023. Bengaluru and MMR recorded the second-highest average price hike in this budget segment at 27% each. In Bengaluru, the avg. price of luxury homes in 2018 stood at INR 10,210/sq. ft. – as on date, it has risen to INR 12,970/sq. ft. In MMR, the avg. price in the INR 1.5 Cr category back in 2018 was INR 23,119/sq. ft. while currently it is INR 29,260/sq. ft. Affordable homes priced < INR 40 lakh notched up a more modest 15% price appreciation in the same period. The average price in this category across the top 7 cities was INR 3,750/sq. ft. in 2018. Currently, it averages out at INR 4,310/sq. ft. At 19%, NCR saw the highest average price jump in this category – from INR 3,120/sq. ft. in 2018 to INR 3,700 per sq. ft. in H1 2023. Budget homes in Hyderabad saw the second-best price appreciation of 16% in this period – from INR 3,460/sq. ft. in 2018 to INR 4,000/sq. ft. in H1 2023. Contrastingly, the affordable segment - which was on a high before Covid-19 - saw compromised sales that also reflected in its average price growth. As expected, MMR currently has the highest average price across all housing categories among the top 7 cities. The avg. price for homes priced > INR 1.5 Cr currently stands at approx. INR 29,260/sq. ft.; in the affordable segment, it is approx. INR 5,630/sq.ft., and the mid and premium segment together stand at INR 12,022 per sq. ft. Interestingly, Chennai has the second-highest avg. luxury housing price, currently at approx. INR 15,250/sq. ft; mid and affordable housing clock in at approx. INR 6,450/sq. ft. and INR 4,400/sq. ft., respectively. In NCR, the avg. price in the luxury category are currently INR 14,500/sq. ft. while in the mid and affordable segment it is approx. INR 6,424 per sq. ft. and INR 3,700 per sq. ft., respectively. In Bengaluru, the avg. price for luxury homes stands at INR 12,970/sq. ft. in 2023; in the mid segment it is INR 6,035/sq. ft. and in the affordable category, it is INR 4,250/sq. ft. In Pune, the avg. price of luxury homes is currently INR 12,470/sq. ft.: in the mid and affordable segments, it is INR 7,578/sq. ft. and INR 4,846/sq. ft., respectively. Notably, Pune has the second-highest avg. price after MMR in the mid segment housing category among the top 7 cities. In Kolkata, the avg. price for luxury properties is INR 12,420/sq. ft. in 2023; in the mid and affordable segments, it is the lowest among all top 7 cities at INR 5,580/sq. ft. and INR 3,347/sq. ft., respectively Despite Hyderabad having witnessed the highest increase for luxury properties, the city's current avg. price in this category is still the lowest among the top 7 cities at INR 10,580/sq. ft. in 2023; in the mid segment, it is approx. INR 5,780/sq. ft. and in the affordable segment INR 4,000/sq. ft.
Tags : budget segments ANAROCK research data luxury homes Hyderabad Bengaluru MMR Chennai price hike properties