Top 9 Famous Cities For Expensive Houses: Here is a List of All the Famous Cities if you are Planning for Expensive Houses
Top 9 Famous Cities For Expensive Houses: Should you have any plans to purchase a home, you have probably observed the current surge in real estate values. What causes this, and do you know why? Let’s analyze this using data from the top nine cities in the nation.
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Top 9 Famous Cities For Expensive Houses
Everyone’s goal is to possess their own home. Everyone makes arrangements for this as well. He never stops looking for real estate within his price range. However, the trend in real estate prices has been growing for a while. The data for the October-December quarter alone shows that there has been an annual increase in home values of up to 5.9 percent. Ultimately, what is the reason for the recent surge in real estate costs? Let’s examine statistics from the top nine cities in the nation to better comprehend this.
Examining the situation of real estate in the top nine cities in the nation has been completed by real estate analytic business Prop-Equity. There are fewer unsold residences remaining unoccupied in these nine cities, according to the firm’s research. Numerous additional issues have also surfaced in addition to this.
3 Months later, inventory fell by 7%.
According to the research, there is a constant demand for real estate, which prevents the supply of new real estate from keeping up. As a result, the top nine real estate markets in the nation are seeing a decline in inventory. Inventory in this context refers to homes that are unoccupied and have not yet been sold. The inventory of these homes has dropped to 4.81 lakh during the previous three months, a 7 percent fall, according to the survey. It’s likely because of this supply-demand imbalance that real estate prices are rising sharply.
Which City Has the Most Unoccupied Houses?
PropEquity reports that as of the end of March of this year, there were 4,81,566 unsold homes in the top 9 cities. By the end of December 2023, there were 5,18,868 units in this number. Mumbai, Navi Mumbai, Thane, Bengaluru, Hyderabad, Pune, Chennai, Kolkata, and Delhi-NCR (Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad) are the top nine cities.
Between January and March of 2024, 1,44,656 residences were sold in these nine cities, compared to just 1,05,134 newly constructed units. The unsold houses of the past did the job of filling this gap. Based on statistical data, Pune city has had the greatest reduction in the quantity of unsold abandoned dwellings. It has decreased to 65,788 units, a 13% decrease. Other cities are in similar circumstances.
- There are now 12 percent less unsold houses in Delhi-NCR compared to the December quarter. This number is 27,959 units.
- Similarly, in Mumbai their number has decreased by 11 percent to 48,399 units.
- In Navi Mumbai this number has come down by 11 percent and is now 33,385.
- Unsold houses in Thane have decreased by 5 percent. Their number is 1,06,565 units, which was 1,12,397 units in the December quarter.
- In Bengaluru this number has now reduced to 44,837 units.
- There are 1,10,425 unsold houses left in Hyderabad.
- The number of unsold houses in Kolkata was 23,249 units.
- In Chennai also the number of unsold houses has decreased by 1 percent. Now it is left at 20,959 units.
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