Property registrations in Mumbai surge during Navratri 2024, and more stories

For PropertyGuru’s real estate news roundup, Mumbai recorded a growth in property registrations from 3rd to 11th October, a 13.2 percent year-on-year (YoY) growth compared to the same period last 2023. In other updates, Dubai’s real estate market set a new monthly high with 18,038 transactions in September, nearly 900 more than the previous record of 17,139 set in May of this year. Lastly, the number of new apartments in Hanoi in the third quarter of 2024 shot up 95 percent quarter-on-quarter and 178 percent year-on-year.

Mumbai records 5,199 property registrations during Navratri 2024; Up by 13 percent YoY: Report

Mumbai recorded 5,199 property registrations during the nine days of Navratri, from 3rd to 11th October 2024, showing a 13.2 percent year-on-year (YoY) growth compared to 4,594 units registered in Navratri 2023, mentioned a Knight Frank India report.

Additionally, the daily average property registration rate increased from 510 units in the nine days of Navratri 2023 to 578 units in Navratri 2024. Daily revenue also saw a significant boost.

Housing.com details how the festive season sparked renewed sales momentum, leading to a sharp rise in property registrations.

In September, Dubai sold 18,000 property units, a new monthly record

Dubai’s real estate market set a new monthly high with 18,038 transactions in September, nearly 900 more than the previous record of 17,139 set in May, demonstrating the sector’s ongoing growth and confidence.

According to PropertyNews.ae, residential transactions made up over 95 percent of the total sales in September, with 17,151 sales. Market leader Emaar led the off-plan sales, which made up 73 percent of total sales in September. Damac Properties and Sobha came in second and third, respectively.

With the emirate recording an all-time high monthly transaction in September, these real estate market sales in the first nine months of 2024 have nearly equalled those from the previous year.

Apartment supply in Hanoi surges in Q3

The number of new apartments in Hanoi in the third quarter of 2024 shot up 95 percent quarter-on-quarter and 178 percent year-on-year, reaching nearly 5,300 units, and prices remain high, according to a report by property consultancy firm Savills Vietnam.

Unfortunately, the majority of the apartments are coming out of reach for many as they entered the high-end segment, while affordable apartments were essentially “absent”, it said.

Data from Savills showed that apartments priced at VND4 billion (USD160,950) or more accounted for 70 percent of the number of those sold in the first nine months of 2024, a sharp increase from 2 percent in 2020. Apartments priced below VND2 billion made up only 1 percent of the market share. Meanwhile, transactions of products priced at 2 to 4VND billion accounted for 29 percent. The figures reflect a gap in housing supply for low- and middle-income earners.

Given escalating housing prices, Do Thu Hang, Senior Director of Advisory Services at Savills Hanoi, said in VietnamPlus that the shortage of affordable apartments is unlikely to improve in the short term.

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