Year-to-Date Sales Surge by 18% as Luxury Properties Gain Popularity

Hyderabad, 20 September 2024: In a remarkable turn for the real estate sector, Hyderabad has witnessed over 54,000 home sales year-to-date in 2024, showcasing an impressive 18% increase compared to the previous year. According to Knight Frank India’s latest report, August alone accounted for 6,439 residential properties registered, valued at INR 4,043 crores—a 17% year-on-year growth.

Growing Demand for High-Value Homes

A significant shift is occurring in buyer preferences, with properties priced above INR 1 crore rising from 9% to 15% of registrations in August 2024. This trend highlights an increasing appetite for luxury homes, evidenced by a staggering 61% year-on-year increase in registrations for high-value properties.

Shifts in Property Sizes and District Trends

Most transactions in August 2024 involved homes ranging from 1,000 to 2,000 sq ft, representing 69% of all registrations. Conversely, smaller properties (below 1,000 sq ft) saw a decline in demand. The district of Rangareddy led the market with 42% of registrations, followed closely by Medchal-Malkajgiri.

Price Increases Reflect Market Demand

The weighted average price of residential properties rose by 9% year-on-year in August 2024. Notably, Rangareddy experienced the most significant increase at 10%. As demand for larger, more luxurious properties grows, the market shows signs of a robust recovery and adaptability to evolving buyer preferences.

Top Transactions Highlight Luxury Market Trends

The month of August featured impressive transactions in Banjara Hills, with several deals exceeding INR 5 crores for properties over 3,000 sq ft. These sales underscore the thriving luxury segment, signaling a vibrant market landscape in Hyderabad.

As the real estate market continues to expand, the trends emerging in Hyderabad reflect a dynamic shift towards higher value and larger homes, setting a promising tone for future growth.