Asia-Pacific Real Estate Brokerage Market Trends

Market Trends of Asia-Pacific Real Estate Brokerage Industry

Demand for Residential Segment Driving the Market

• In India, Delhi NCR saw a record-breaking quarter in 2024, with 5,109 high-end housing units sold. Gurgaon dominated the sales, accounting for 79% of the total. The completion of the Dwarka Expressway in Gurgaon played a pivotal role in driving this heightened demand, extending its impact across the city's major corridors.
• New launches in Gurgaon experienced overwhelming demand, with most projects selling out within days. Notably, DLF's Sector 77 project was fully booked within two days of its pre-launch, while Signature Global's Sector 37D project was oversubscribed by 5.4 times during its pre-launch phase. Noida and Delhi also made significant contributions to the high-end sales landscape.
• In Bangkok, market sentiment is on the rise, as highlighted by presales rates exceeding 50% for recent launches. Overall sales have seen a notable uptick, climbing by 20 basis points. Notably, two projects achieved a sell-out in the quarter, nudging the unsold rate down to 3.2%.
• The influx of international buyers is on the rise, helping to offset the limited purchasing power of local buyers. Apartment rental demand is rebounding, driven by a 12% year-on-year increase in tourist arrivals and expats in the first quarter. While the completion of Junit renovations in various projects pushed the vacancy rate to 5.0% in 2024, this growth is viewed as a transient blip, given the robust rental demand.

India Emerging as a Prominent Player with Rising Real Estate Demand

• In Mumbai, homebuyer preferences for spacious homes propelled sales in the high-end category to a new peak. Notably, industrialists, HNIs, C-suites, and entertainment celebrities gravitated toward high-ticket apartments in prime locales like Malabar Hill, Worli, and Bandra.
• Thane emerged as the dominant player, commanding a 21.8% share of the high-end sales, closely trailed by Western Suburbs II and Navi Mumbai. South Central Mumbai and Western Suburbs II witnessed unprecedented sales surges. Noteworthy launches like MICL Aaradhya Avaan in Prime South and Godrej Vistas in the Eastern Suburbs further bolstered these sales.
• Chennai's luxury housing sector saw a remarkable 141% surge in sales from the previous quarter, with hotspots like Kilpauk, Kotturpuram, and Vadapalani, situated in the Central and Off Central submarkets, witnessing heightened activity. Year-on-year, the city's total unit sales also climbed by 25%. This surge in Chennai's luxury housing market is attributed to rising demand for bespoke offerings, global design aesthetics, and top-tier amenities, which resonate with the discerning clientele.