Mumbai, Bengaluru Among Top APAC Housing Growth Markets

According to a recent report by Knight Frank, Mumbai and Bengaluru have secured positions among the top 10 Asia-Pacific (APAC) markets for housing price growth in the second half of 2023. The report highlights a significant surge in housing prices in these cities, indicating robust demand and market activity. Mumbai, one of India's largest metropolitan areas, witnessed a substantial increase in housing prices, reflecting its status as a key real estate hub. Similarly, Bengaluru, known as India's Silicon Valley, experienced notable growth in housing prices, driven by the city's thriving IT and tech sector. The report underscores the resilience of India's property market amidst broader economic fluctuations. Factors such as urbanization, population growth, and increased demand for housing have contributed to the upward trajectory of prices in these cities. Additionally, favourable government policies and infrastructure development initiatives have further bolstered the real estate sector's performance. The report's findings suggest that Mumbai and Bengaluru continue to be attractive investment destinations for property buyers and developers alike. However, rising housing prices also pose challenges related to affordability and access to housing for the general population. As these cities strive to maintain sustainable growth in their real estate markets, policymakers and stakeholders need to address issues of affordability and housing supply to ensure inclusive urban development. Overall, the inclusion of Mumbai and Bengaluru in the top APAC housing growth markets underscores their status as dynamic and resilient real estate markets in the region.