Sharp rise in prices and demand for India’s luxury homes, plus additional updates

For PropertyGuru’s real estate news roundup, property values in India’s national capital region appreciated by a whopping 49 percent in the past year, thanks to sustained demand for luxury homes. In other headlines, more companies from the telecommunications and aviation sectors will tap coworking spaces for office flexibility in the Philippines. Lastly, the gap between Changi Airport passenger traffic and Singapore visitor arrivals seems to be accelerating as visitor arrivals were the weakest in the last two months of 2024.

Sharp rise in property prices across India’s prime residential markets in 2024: PropTiger Report

Average property values in India’s national capital region showed a whopping 49 percent appreciation in the past year as demand for luxury homes continued to sustain. This comes amid an escalation in the cost of building materials and labour, a new report by digital real estate transaction and advisory platform PropTiger.com shows. As cited in Housing.com, the report, titled “Real Insight: Residential Annual Round-up 2024” by PropTiger.com, claims that property prices increased across cities during the October-December period of 2024, albeit in varying degrees. While price growth slowed in the southern housing market of Hyderabad after nearly a decade of sharp rise, all other cities covered in the analysis showed double-digit annual appreciation.

More telco, aviation firms to tap coworking spaces in the Philippines — IWG

Multinational office solutions firm International Working Group Plc (IWG) anticipates that more companies from the telecommunications and aviation sectors will tap coworking spaces for office flexibility. “With the GDP (gross domestic product) growth rate in the Philippines being as high as it is, and with the many game-changing legislation that has been passed, the question is now, why not the Philippines? The Philippines is the choice we see to a higher and higher degree,” IWG Country Manager for the Philippines Lars Wittig said to BusinessWorld during a recent briefing. The country’s GDP growth averaged 5.8 percent in the first nine months of 2024.

Commentary: Why are Singapore visitor arrival numbers so slow to recover?

The Singapore Tourism Board (STB) has certainly been hard at work to reinforce Singapore’s reputation as a world-class travel destination. However, visitor arrivals have not yet recovered to pre-COVID levels. The gap between Changi Airport passenger traffic and Singapore visitor arrivals seems to be accelerating as visitor arrivals were the weakest in the last two months of 2024. In both November and December, visitor arrivals at Changi were 15 percent below 2019, while for the entire year, they were 9 per cent lower than pre-pandemic figures. CNA notes that this is a concerning trend given Singapore’s massive investment in Terminal 5, which will boost Changi Airport’s capacity from the current 90 million to 140 million passengers per year by 2035. Construction of T5 is set to begin in the first half of this year.

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