Property prices surged 18.8% YoY and 3.97% QoQ Magicbricks PropIndex Report

New Delhi, January 18, 2024 – Magicbricks, India’s leading real estate platform, released its flagship PropIndex Report OND which observed that property prices across 13 prime cities increased 18.8% YoY and 3.97% QoQ between Oct-Dec 2023. Notably, Gurugram (32.1% YoY), Greater Noida (31% YoY), Noida (26.1% YoY), and Hyderabad (15.8% YoY) exhibited the highest appreciation during this period.

Drawing insights from the behavior and preferences of over 2 crore customers within the primary (first time sale) and secondary (resale) residential real estate market on the Magicbricks platform, the report indicated that while demand (searches) increased 2.0% YoY, it decreased 16.9% QoQ primarily due to rising property prices. The analysis further highlighted that residential supply (listings) reduced 16.9% YoY, with exceptions in Mumbai (4.2% YoY) and Hyderabad (0.4% YoY), where supply increased.

Elaborating on the findings, Abhishek Bhadra, Head of Research, Magicbricks, shared, “The year 2023 served as a pivotal period for the real estate sector, witnessing an exponential surge in residential demand propelled by robust macroeconomic factors and positive customer sentiment. However, constrained residential supply and increasing home loan rates had an inflationary impact on residential prices, subsequently declining demand this quarter. Despite these short-term challenges, we foresee a positive trajectory for residential demand in the medium to long term, anticipating a rebound in supply and moderation in residential prices.”

The report concluded that the affordable housing market flourished in Ahmedabad (62%) and Kolkata (48%) and luxury properties were most searched in MMR (90%), New Delhi (58%) and Gurugram (48%).

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