Investing in real estate is a smart investment. We have been in the real estate domain for quite a while, so let us share our thoughts on will property price increase in 2024. As per the market trend, it seems property rates will increase by 15% but demand will remain steady. Let me share more insights on this topic.
Will Property Prices Rise in 2024?
It is highly probable that property prices will increase 10-15% in 2024. This is mainly because the building material costs continue to rise and the demand for homes is also rising steadily. Here is a list of properties that people are seeking:
| Type of People | Property Type |
| People seeking rental accommodation | 2 BHK |
| People seeking rental accommodation | 2 BHK+ homes |
| High Net Worth Individuals (HNIs) and Non-Resident Indians (NRIs) | 3 BHK |
| High Net Worth Individuals (HNIs) and Non-Resident Indians (NRIs) | 3BHK+ |
| High Net Worth Individuals (HNIs) and Non-Resident Indians (NRIs) | 4BHK |
So if you ask me, will property prices go up in 2024, I will say yes. Cities that will witness this hike primarily are:
Tier 1 Cities:
- Mumbai
- Delhi
- Noida
- Bangalore
- Hyderabad,
- Gurgaon, and
- Chennai
Tier 2 Cities:
- Ahmedabad
- Chandigarh
- Indore
- Sonipat
- Varanasi and
- Lucknow
Since 2024 has just begun, it will take a couple of months more to observe the price trend before coming to a conclusion about the exact hike rate.