Record quarterly sales for India’s residential sector, plus more headlines

For PropertyGuru’s real estate news roundup, India’s residential sector witnessed another robust quarter across the leading eight residential markets. In other stories, the value of residential transactions in Saudi Arabia increased by 25 percent year-on-year in the third quarter of 2024. Lastly, Phnom Penh’s property market shows signs of stability and potential growth in various key segments despite a broader slowdown.

India’s residential sector records sale of 87,108 units in Q3 2024: Report

In the latest report on India Real Estate: Office and Residential Market for July-September 2024 (Q3 2024), Knight Frank India revealed that the residential sector witnessed another robust quarter across the leading eight residential markets. According to the report, in Q3 2024, home sales grew by 5 percent year-on-year, recorded at 87,108 units, which is the highest quarterly sales. This brings the total residential sales to 2,60,349 units in the first nine months of 2024, 9 percent higher than 9M CY2023.  Mumbai led with sales of 24,222 units making this the best recorded quarterly sales volume since 2018.

New launches were recorded at 90,479 units, recording a 6 percent YoY growth in Q3 2024. Residential prices grew the most in Bengaluru at 10 percent YoY.

Shishir Baijal, chairman and managing director of Knight Frank India, said in Housing.com, “The real estate market has experienced another exceptional period characterised by robust performance in the residential sector.”

The number of residential transactions in Saudi Arabia rose by 25 percent in the third quarter

In the third quarter of 2024, the value of residential transactions in Saudi Arabia increased by 25 percent year-on-year to USD9.4 billion.

Strong demand in Saudi Arabia’s housing market is reflected in the 12 percent increase in deals, or 45,924, reported by real estate consultancy Knight Frank in PropertyNews.ae.

Riyadh led this expansion, with a 16 percent increase in sales and an astounding 41 percent increase in transaction values over the same period in 2023. This performance reaffirms Riyadh’s position as the nation’s centre of real estate activity.

Phnom Penh’s market stabilised amid slowdown – CBRE Cambodia

The latest Phnom Penh Market Insights Q3 2024 Report from CBRE Cambodia reveals a complex landscape in the capital’s real estate market, showing signs of stability and potential growth in various key segments despite a broader slowdown in construction and muted rent and sales price increases.

Key findings from the report indicate that while new launches have declined, this may ultimately benefit investors by enhancing occupancy rates and returns. The report analyses trends across hospitality, residential, retail, and commercial real estate, alongside macroeconomic factors influencing property demand as 2024 draws to a close.

Kinkesa Kim, Managing Director of CBRE Cambodia, emphasised the significance of these trends, stating in RETalk Asia, “The reduction in residential property supply indicates an ongoing market correction. This shift, coupled with the previous oversupply, suggests that we could see increased occupancy and demand for rentals and resale properties in the near future.”

The Property Report editors wrote this article. For more information, email: [email protected].