2021: Housing Gained, Office Lost

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The folks at Knight Frank India are done crunching the numbers and thus, real estate's 2021 performance report is out. 

The Overall Picture

Home sales across top 8 cities increased by 51% last year when compared to 2020, while the office market continued to decline with gross leasing decreasing by 3% YoY. 

When Compared To 'Pre-Pandemic' 2019. . .

In 2021, home sales increased to 2,32,903 units from 1,54,534 units in 2020, but demand was 5% lower than 2019 pre-pandemic levels.

In 2021, gross office leasing fell to 38.1 million sq. ft. from 39.4 million sq. ft. in 2020, and was much lower than the record 60.6 million sq. ft. leased in 2019. 

Home Prices Spelled Resilience

YoY change in home prices in 2021:

Chennai - 7% 🔼

Hyderabad - 5% 🔼

Bengaluru - 4% 🔼

Mumbai - 1% 🔼

Delhi NCR - 1% 🔽

Pune, Kolkata and Ahmedabad saw no change in prices.