Bengaluru’s Property Prices Soar by 57% in 5 Years, Says New Report

Residential property prices in Bengaluru have jumped 57% in the last five years, according to the ‘Bengaluru’s Real Estate – Your Gateway to Opportunity’ report by ANAROCK. In the first half of 2024, about 34,100 housing units were sold, marking an 11% increase over H1 2023.

The city has also seen a surge in office space demand since 2020, reaching an all-time high. Average office rentals in key markets grew by 4% to 8% last year. While the IT-ITeS sector’s dominance slightly decreased, coworking space providers and manufacturing/industrial occupiers expanded their presence by 3% and 2%, respectively.

The average price of residential spaces in Bengaluru rose to Rs 7,800 per sq. ft. in H1 2024, up from Rs 4,960 per sq. ft. in H1 2019. The inventory overhang fell to a record low of 8 months by H1 2024, down from 15 months in H2 2019, with available inventory at approximately 45,400 units, an 11% decrease from H1 2023.

In the first half of 2024, around 32,500 units were launched, a 30% increase from the same period last year. The premium segment dominated new launches with a 39% share, while the luxury segment held a 36% share.