Residential searches increased 14.2%, while listings up 1.9% in January-March 2023, according to the report!
According to a recent report, residential property searches increased by 14.2% in the first quarter of 2023, compared to the same period last year. The report also indicates that the number of listings increased by 1.9% in the same period. The increase in property searches can be attributed to the overall improvement in the economic situation of the country. The pandemic-related restrictions are slowly easing, and people are getting back to their routine lives. The job market is also showing signs of improvement, which is driving people to explore new residential properties.
The report also shows that the number of listings increased by 1.9% in the first quarter of 2023, compared to the same period last year. This is a positive sign for the real estate sector, as it indicates that property owners are more willing to put their properties up for sale. The increase in listings can also be attributed to the increase in property searches. As more people are searching for properties, property owners are becoming more optimistic about finding buyers. The increase in property searches and listings is not uniform across all cities. The report shows that the cities with the highest increase in property searches are Mumbai, Bengaluru, and Delhi NCR. On the other hand, the cities with the highest increase in listings are Pune, Hyderabad, and Chennai.
The report also shows that the demand for affordable housing is still high. The majority of the property searches are for properties that are priced between Rs 30 lakhs and Rs 60 lakhs. This is an indication that the demand for affordable housing is still high, and the real estate sector should focus on developing more affordable housing projects.
In conclusion, the increase in residential property searches by 14.2% and listings by 1.9% in the first quarter of 2023 is a positive sign for the real estate sector. The increase in property searches can be attributed to the overall improvement in the economic situation of the country. The increase in listings can be attributed to the increase in property searches. The real estate sector should focus on developing more affordable housing projects to cater to the high demand for affordable housing. The report shows that the demand for affordable housing is still high, and the real estate sector should take note of this trend.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
